Owning a dream house is secure and safest thing for many Indians. They invest their hard-earned money to buy a dream home. Achieve all your goals and aspirations; with the right kind of help, exactly when you need it. Now a days It’s difficult to arrange whole money to buy a home, due to home loan rates are high, but you can Get home Loan up to 80% (may be 90%) based on the customer repayment capacity, home loan tenures allow easy repayment options to the borrower. Banks provide home loans for 30 Years subject to the age of retirement. You just arrange 20% of property cost as down payment. There are many banks/ housing finance companies in India that offer different types of home loans, other than just purchasing a home.
Here is the list of different types of home loans.
House Purchase Loans
Home Purchase loans are used to finance the purchase of a new residential property or an old house from its previous owners. Get loan amount up to 80 percent of the value of the property. These loans are provided either on fixed interest rates or floating interest rates.
House Construction Loans
House construction loan used to finance the construct a home according to your wish, the process of loan approval is different from normal new purchase loan to constriction home loan.
Home Improvement Loan
Home Renovation/Home Improvement loan is used to finance if you already own a home but lack the funds to renovate your home, a home improvement loan can help. With this loan, you can improve your home like repairs, replacement, painting etc.
Home loan Top Up
Top up loans are taken in order to finance take additional amount on existing home loan during the repayment tenure based on your eligibility. You can avail this option any time during the tenure.
Home Loan Balance Transfer
The Transfer of an outstanding loan from one Bank to another is called Balance transfer. It can be accessed with minimum documentation and does not take time to procure as compared to secured loan.
Land purchase loan
This is one of the most widely used types of home loans. A land purchase loan helps you to buy a piece of land or a plot on which you can construct later as per your wish. You can also simply keep the land as an investment. Usually, lenders can approve up to 80 – 85% of the market value of the land or plot as the loan amount.
What type of home loan you opt for will depend on your needs, take loan according to your plan and enjoy your in your dream home.