7 types of Home Loans every Indian must know

Every aspiring buyer must know this 7 types of Home Loans available in India

Majority of us achieve our dream of buying a home with the help of a home loan. There is an every increase in demand of buying a Home Loan.
Many housing finance companies and banks offer variety of Home Loans. Listed below are some of the important types that you must know before opting for a Home Loan.

Home Loan

This is a generic category most of the common people opt for while buying a Home Loan. Majority of all the major Housing Finance Companies/Banks provide this type of Loans for both salaried and self employeed people.

Land or Plot Loan

You can avail this Loan category if you wish to buy a piece of Land for buying your dream House.

Home Construction Loan

Have a plot already, and want a Loan to build your dream House? This category of Home Loans allow you to do so, you can opt for this loans at any Housing Finance Companies/Banks.

Home Extension Loan

You can opt for this category of Loan if you wish to add more rooms to your existing Home or change the flooring, or internals such as plumbing, upgrading electrical system, installing new tiles, waterproofing, etc. This is ideal if your wish to renovate your House.

Home Loan Balance Transfer

If you are unhappy with interest rate of your current Home Loan, or if you are unhappy with the services provided by your current Finance Company/Bank you can get your Home Loan transferred to another Finance Company/Bank to avail for lesser EMI and better services.

Composite Loan

A varient option, this category provides a combined Loan for buying plot as well as building that dream house.

Besides the above categories, there are a tonnes of different things that you need to look out for while opting for a Home Loan, contact us here, or chat with our experts by clicking the Online window in the bottom right of the screen.
With an experience of over 15 years our experties can help in getting you the best deal for buying your Dream House.

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