Skip to main content

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.

Comments

Post a Comment

Popular posts from this blog

Avail Loan Against Property At Lowest Interest Rates

In loan against property , the loan is given in lieu of the market value of the mortgaged property (normally the amount given is 60-70% of property estimate). Though the property remains mortgaged to the bank, the owner is allowed to utilize it for private or business requirements.   Loan against property is a better option when compared with alternatives like personal loan because the rate of interest is far less in its case. Loan against property is very popular in India and is easily available with the increase in the number of banks and NBFCs in the country.                      Loan Against Property Eligibility Both salaried and businessmen can avail loan against property. The loan against property eligibility criteria are:   ·          The applicant must be an Indian citizen. ·          The a...
Post a Comment
Read more

Migsun Roof Ghaziabad - Buy 2BK Flats @Just 13.65 Lacs

When it comes to buying a home in metro city, it seems like a dream for a middle & lower class family. It is not possible to buy land and then construct it according to your architect in simple budget. Migsun Group makes it possible and launched Migsun Roof high rise tower apartments in Raj Nagar Extension Ghaziabad, which started from INR 13.65 Lacs onwards. As it is launched under pradhan Mantri Awas Yojna which means the registration amount will be get reverted in terms of subsidy.  The project is under construction with possession date of 2022-23 and having 1 BHK, 2 BHK and 3 BHK flats. You are not required to one time payment. Migsun roof payment plan includes small installment of total cost as per the construction update. It is located on NH-58 and well connected to Delhi and Noida routes. The amenities at Migsun Roof Ghaziabad includes swimming pool, power backup, gymnasium, security system, hospitals, educational institutions, public park, shopping mall, local ma...
Post a Comment
Read more