Types of Home Loans

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Types of Home Loans:

If you want to invest in your property or house, there is a multitude of home loan choices available for a wide range of purposes, from purchase to construction to renovation. The housing finance institutions in India now offer different choices to people while shopping for the best home loan in India:

  • Home Purchase Loans: These are the standard forms of loans available for buying a new home in India.

  • Land Purchase Loans: Such types of loans are available for purchasing a land for both investment or construction purposes.

  • Home Construction Loans: These types of home loans are available for constructing a new home. 

  • Home Improvement Loans: Such home loans are offered for important home improvement requirements such as repair works, renovations, or healing an already-purchased home.

  • Home Conversion Loans: This special type of loan is offered to individuals who have an existing home loan, and wishes to buy and move to another home, for which additional funds are necessary. With such loan, you can transfer the existing home loan into a new loan amount that includes the extra fund required and eliminates the pre-payment amounts for the previous loan.

  • Home Extension Loans: If you wish to extend or expand your existing home, this is the best home loan for you.

  • Bridge Loans: Such loans are available for people who want to sell their existing home and buy a new one. The bridge loan offered by home loan banks will finance your new home unless you find a buyer for the previous one.

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