9 Types Of Home Loans That You Can Avail In India
When it comes to India, home loans are a basic necessity if one is willing to buy the abode of his dreams. But there are many things you need to take care of when you decide to go for a home loan apply. Be it the terms and conditions, the procedure, or the entire application, it might be hectic and confusing.
Therefore, just to make it easier for you, we have dived deep into the matter and brought up a bunch of ideas that will be a great asset for buying your dream house.
All You Need To Know About The Best Home Loans In India
Are you ready to be a pro regarding home loans? We will provide you with all the needed information regarding the best home loan in India. Let’s get started!
Home Purchase Loan
If you are planning for a home loan apply, you need to know that banks offer a wide range of home loans all over India. So, first, you have to know what kind of loan you are willing for. If it is for purchasing a new or old place from its current owner, it is called a home purchase loan.
All significant banks, including SBI, PNA, HDFC, ICICI, and Axis Bank, provide the best home loans in India. Maximum home loan proceeds are between 75 and 85% of the house’s worth.
Home Construction Loan
If you talk about the best home loans in India, it doesn’t only mean the fund provided to buy your desired abode. A home loan apply will secure your cost for construction as well. That’s where we come to the topic of construction loans.
This is provided only when you have already purchased the plot where you want to build the house too within one year. The fund is somewhat similar to all the other categories.
Land Purchase Loan
This is another one of the best home loans in India. Almost all banks in India offer this fund to provide you with a chance to buy land. Be it for construction or residential purposes, the facility is entirely identical. However, the amount offered is nearly 60-75c/o of the entire cost, meaning you must spend the rest.
Home Conversion Loan
Home conversion loans are an easy escape from the prepayment of any existing loan amount. When you have already bought your desired property with a home loan, and now you want another home loan to buy another property, that is when you need this. But, it is safe to say that in this case, the interest rate might be higher than the formal one.
Stamp Duty Loan
If you are willing to transfer your property to another person, then the loan you should opt for is a stamp duty loan.
Balance Transfer Loans
If you are not satisfied with the service of your concerned bank regarding your home loan, you can opt for this which will allow you to tie up with another bank or company, and the money will be transferred accordingly.
This is the best deal for you if you want to buy a new home selling out the old one. Unlike the other loans, this will help you with the expenditure of the new house until you find a buyer for the old one.
NRI Home Loans
NRI home loans are the exclusive deal for the NRIs willing to buy a property in India.
Home Improvement Loans
If you are willing for a home loan apply, not for being a property or constructing a house but for Extending or renovating it, then home improvement loans are your deal. The amount you provide will be 80-90℅ of the total expenditure.
So, with that, we wrap up this article with the belief that you are now capable of choosing the desired loan type among the best housing loans in India.
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