LOANS FOR HOMES


The person takes Loan for Home for satisfying his desire of having own home. This is because, due to high inflation, the prices of the property are also increasing. The person cannot afford to buy a home or property from their accumulated wealth or savings; therefore, the customer has to arrange funds from various sources. The person can avail home loan from various sources, i.e. banks, housing finance companies, NBFCs and financial institutions. The lenders provide loan at low interest rate around 10% to 16% depending upon the loan amount and customer’s profile. The person can avail Home loan for various purposes for purchase of property or plot or land or house, for construction of the house, for renovation of the house, for extension of the house, for repair works of the house, etc.
The person can avail various types of home finances according to their requirement.
The various types of home loan are:
  1. Home Purchase Loan
This finance is avail most commonly, as many people avail this finance for purchasing the new flat or individual house.

Home Improvement Loan
    The person takes this home finance for the repair works or renovation of the house. This home finance increases the value of existing home.
    1. Home extension Loan
    The person takes this home finance for the extension of the existing house, i.e.

    the customer want to build first floor or want to make new room or want to modify kitchen, etc. This home finance also increases the value of the existing house.
    1. Land purchase Loan
    The person takes this home finance for the purchase of new plot or land.
    1. Home Conversion Loan
    If the person has taken a loan for the having the new house, suddenly his mind comes on the other house for living then person can shift his loan from old house to the new house. The person can also avail more funds in this case.
    1. Bridge Loans
    The person can avail this home finance when the person has existing house and want to have a new house and want to sell the old house. The person can purchase a new house with this loan and wait for the selling of their old house.
    1. Stamp duty Loans
    The person can avail this home finance for paying the stamp duty of the house.
    1. Refinance or balance transfer
    The person can transfer the balance from one bank to other bank. In case, the person feel interest rate is high from the prevailing rates in the market and even for getting top up on the existing home loan.
    1. NRI Home Loans
    The customer who is living in abroad but is an Indian citizen can avail this loan.