Home Loan, for many, is the loan availed for the purchase or construction of a new home. But, in reality, home loans are available for virtually everything from construction and renovation to extension, land purchase, and even the stamp duty. The different types of home loans issued by banks in India are described below.
Home Purchase Loan: This is the conventional home loan that we all know. It is meant for the purchase of a New Flat, New Independent House, Old Flat, Old Independent House.
Home Extension Loan: This home loan is for funding any alteration to an existing home. For approval of this loan, however, one might have to get the approval from the concerned municipal authorities.
Home Construction Loan: Do not confuse it with Home Purchase Loans. This is for the construction of a new home on an existing property. Its terms and conditions are also widely different from Home Purchase Loans.
Land Purchase Loans: This is for funding the purchase of land for investment/construction purposes. One of the most availed type of loan scheme.
Loan against Property: Mortgage loan on existing self occupied House Property for Personal / Business Needs / Children's Education / Marriage / Foreign Travel.
Balance Transfer + Top up Loans: If you already have a housing loan with another institution at a higher rate of interest, it can be re-financed & top-up loan is also possible depending on property value.
Loan for NRI's: Construction / Purchase of New / Existing House / Flat. Extension to Existing House. Renovation / Repairs to Existing House / Flat. Purchase of Residential Plot allotted by Statutory Authorities.
Loan to Professionals: Loans to Doctors / Architects / CA's for Construction / Renovation of Office / Nursing Home / Clinic.
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