Types of home loans in India

Home Loan, for many, is the use of loans for the purchase or construction of a new home. But in fact, home loans are available for virtually everything from construction and renovation of extension, land acquisition, and even the stamp duty. Different types of home loans issued by banks in India are described below.

Home Purchase Loan: This is the house that we all know conventional loan. It is meant for the purchase of a new apartment.

Home Loan Extension: This is home loan for the financing of any alteration to a house. For approval of this loan, however, one might have to obtain approval from municipal authorities.

Home Construction Loan: Not to be confused with the Home Purchase Loan. This is for the construction of a new home in an existing property. Their terms and conditions are also very different from Home Purchase Loans.

Land Acquisition Loans: This is for financing the purchase of land for investment / construction. One of the most widely used type of loan system.

Ringer Loan: To pay the stamp duty.

Bridge loans: This type of loan is used by those who want to sell your current home and buy a new one elsewhere. The loan is used for the purchase of the new house, while the old house waiting for its new owner.

Other types of loans are home loans Refinance, Home Loan conversion, NRI Home Loans, and balance transfer loans. For more information on home loans, visit the home of the main websites of banks in India.