Types of Home Loan in India
A home is everyone’s ultimate dream for a happily ever after. This is not only significant for shelter but also to improve social value today. That is why opting for a hands-down property in India is becoming the need of the hour. But did you know that there is an assortment of home loans?
Yes. If you are new to purchasing a home loan, you might not know enough about their types in India. That is why we have created this comprehensive list to provide the ultimate convenience you need. So, why keep waiting? Let us get into it.
1.Loans For Purchase Of Land
This type of home loan is provided by an assortment of banks across India. In most cases, acquiring land is quite a flexible process. Today, buying land is as easy as ever. The buyer has the potential to save up on a lot of funds and get the home of their dreams. This is possible whenever he has enough finances to make that happen or to make an investment. With this unique financing option, you can always inch closer to your dreams and acquire the loan that safeguards your future like never before.
2. Loans For Home Purchase
This one is the most popular type of home loan that people keep obsessing over. Most of the time, when people refer to home loans, they wish to opt for this type of loan. What is most intriguing is that these loans are quite commonly available too. That is why several types of banks may avail them in an assortment of variations. In this type of loan, you will either find a fixed interest rate or a floating one. So, you need to be careful and analyse as per your preference. You will also be surprised to note that several banks deliver nearly 85% of the entire amount as loans. If you need extra help, do not forget to refer to a home loan document list too.
3. Loans For Construction Of A House
Now, in this type of loan, the plot cost will also be taken into consideration. If you are hoping to construct a home as per your requirements or buy a pre-constructed home, this type of home loan is best for this purpose. But if you think you have any complications or queries related to it, do not hesitate to seek assistance from an expert. They will help you on time. Also, keep in mind that the plot we are talking about here is purchased within a single year. This is when the plot estimation will become inclusive of the loan amount.
4. House Expansion
Also known as extension loans, these loans can come to your rescue whenever in need. So, whether you want to expand your balcony or extend your room to another one, these loans will arrive at your recovery for all the right reasons. Apart from this, if you want to change the home’s structure a bit or want to construct a new room inside your home, you can use these loans without thinking twice. That is why we wish for you to focus on them for the best experience.
5. Home Conversion Loans
If someone has already bought a new home but is looking to buy another one, this may fall under the category of home conversion loans. So, in this process, the loan will be transferred into the new home where the borrower can make the most of it without any inconvenience. So, borrowers can fund the purchase of their latest property and repay the previous loan without any worries. However, keep in mind that this type of loan may be highly expensive. So, only opt for it when you have enough finances for the same.
6. Loans For Home Improvement
If there are any renovations or repairs you might want to conduct on your existing home, you can opt for home improvement loans. This may apply to any type of home improvement, including electrical renovation, overhead water tank, repair, painting, and so much more.
These are the main types of home loans we have wanted to discuss with you. If it helps, make sure you study them properly and opt for the one that serves you best. We promise; it will help you. You can avail Housing loan up to Rs 35 crore from Standard Chartered Bank. They offer at attractive rates & lower charges which will help you in fulfilling your dream of buying a house.