Types of Home Loans in India

Types of Home Loans in India

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Home Loans are one of the popular and important means that helps in buying a house in India. The demand for home loan has been increasing from time to time especially from past two decades. Every day many individuals apply for home loans to own their dream flats in Hyderabad. Home loans also comes with the tax benefit. There are diverse home loan products that help to cater to different customers based on their home loan requirements.

The following are the popular types of home loans that are available in the Indian Home Loan Market.

Loans related to Construction of House – This loan is designed for the people who own the place and want to construct the house rather than buying an already constructed house. The approval of this loan depends on many factors like cost of the plot, income of the individual etc.

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Furthermore, the loan amount may be disbursed at one or in multiple installments.

Home Improvement Loans – As per this, the Loan is provided for Repair and renovation works like internal and external, electrical renovation, painting etc in the house.

House Extension or Expansion Loans – If you are opting for any alteration and house expansion of your current home structure and for any construction of new rooms, some banks do offer Home Expansion Loans and House renovation Loan.

Balance Transfer Home Loans – As per this, if the customer wants to transfer his home loan from one bank to another because of some of the reasons that includes special offers, lower interest rates or better services the balance transfer home loans is done.

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Bridged Loans – As the name itself reflects, this type of Loan serves as a Bridge. These are type of Short Term Loans that are designed for the homeowner who are planning to buy a new property. This Loan helps the buyer by providing the required fund that is used in the purchase of new house based on the existing property. This Bridge Loan requires the mortgage of new house with the bank and the time period is less than two years.

Home purchase Loans – This is one of the popular home loan and it is the provided to the customer on the purchase of totally new or a preowned home. The interest is rate is fixed or floating.

NRI home Loans – This type of loans are designed and developed to support NRI’s ( Non Resident of Indians) who want to buy a residential property in India. The procedure for applying for this loan is different from other Aditya Construction Company Hyderabad

home loans. Almost most of the banks offer NRI Home Loans.

Stamp Duty Loans – These loans are provided during the purchase of the property, to cover the charges related to Stamp duty.

Loans on Purchase of Land – Many banks offer loans for buying land. In this scenario, the buyer can save his funds and construct the houses as per his savings and he can also have land as an investment option.

Home Conversion Loans – This type of loans are designed for the customers who already have a home loan and purchased a new house and want to move in it. This process includes transferring the current loan to the new house.

The customers can also fund the new purchases if any. This type of home loan offers convenience, though this type of loan is little costly when compared to other home loans.

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