Home Loan Type

Home purchase loan – It is the most common type of home loan. All banks and housing finance companies offer loan for residential properties at different rates coupled with discounts and rebates. It can be availed for both resale properties and builder allocated units.

Land/Plot loan – Banks offer such type of loan to buyers intending to purchase land parcels for constructing their residential units. About 70 percent of the total cost of the land can be availed.

Construction loan – Most common type of home loan availed by a major share of semi-urban population to build a home meeting their requirements on a land parcel you already own. All housing finance companies and banks provide home construction loan.

Home extension/improvement loan – You can also avail loan for any sort of extension or improvement in your house, be it a new room or a new floor. The housing finance companies and banks offer loan for home improvement/renovation purposes such as painting, plumbing, electrical system, interior designing and waterproofing.

Home conversion loan – Such home loan is taken by people who have bought a house on a home loan but would now intend to buy and move to new house. With these loans, applicants can fund the purchase of the new house by shifting the running loan to the new unit.

Balance transfer loan – It can be availed when an applicant wishes to transfer home loan from one bank to another. It is usually adopted to repay the remaining amount at lower interest rates.

NRI home loan – It is designed for NRIs who wish to construct or buy a home in India.