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What are the Different Types of Home Loans?


There are numerous home loan options available in the market by non-banking financial companies and national or private banks in India. To know which one will better suit your needs, it is imperative to understand each of the choices available:

Home-purchase Loan

A home-purchase loan is taken to procure a residential property: flat, house or bungalow. The financial institutions generally offer up to 80-85% of the market value of the house as a loan amount. The interest rate on such type of loan is either fixed, floating or hybrid.

Home-construction Loan

A home-construction loan is taken to cover the expenses relating to construction of a new house on a plot owned or co-owned by them. The home-construction loans application and approval process are different in certain aspects than from the easily available housing loans. This includes:
The concerned land or plot should have been purchased within a year
If the cost of the plot is not included in the loan amount, then just the estimation for construction of the house is taken into thought.

Home-extension Loan

A home-extension loan is taken to build extra rooms or extend home by both; current and new customers. Few banks distinguish this loan based on the idea of expansion of the existing house. Majority of them consider this type of loan as part of their home-improvement loans.

Home-improvement Loan

A home-improvement loan is taken by individuals who own a house but lack funds to either renovate the current home in certain ways such as internal and external plaster, waterproofing, tiling and flooring, painting, etc.

Home loan for NRI/PIO

A home loan for NRI/PIO is taken to aid the NRIs interested in buying the residential property in India. The process of this home loan is almost similar to the regular ones, only the paperwork is a bit more exhaustive.

IndiakaLoan.com provides the opportunity to compare various home loans from private/public sector banks. Moreover, the loan parameters are helpful in receiving free quotes instantly.

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