Different Types of Home Loans in India

Acquiring a home of their own is the dream of many. Once they settle in life, with a career and get married, the next item many people aspire for is owning a home. This being a plan which needs sizeable funds, they cannot meet the expense from their own resources. Inevitably they need outside help, financially. Here comes the option for availing a Home Loan.

You will find there are assorted home loan plans online, if you visit popular Insurance Consultancy, which is also arranging for different types of Loans to its customers.

You can get professional advice from the experts in this Agency, by resorting to their help, in identifying the best suited Home Loan for you; which Bank or Financial Institution you should approach; and how to select the advantageous Terms and Conditions of the Home Loan etc.

  • Basically, you can get a Home Loan for the following purposes –
  • Home Loan for purchase of a vacant site. Some Banks provide their offer to sanction 85% of the land-value. You can build a house on that site, when you find convenient and can get a fresh Home Loan for that purpose. Mostly the land will be mortgaged with the Bank as Security.
  • Home Loan for construction of a house – This is the most commonly prevalent type of loan availed by many. The plot for construction must be possessed by the barrower; and the cost of the plot is also included in the proposed Loan amount. The loan amount mostly will be disbursed stage by stage of construction of the building.
  • Home Loan for purchasing a house – either from another owner or a new house constructed by a Promoter. The interest rate on the Home Loan will be either fixed or floating. EMIs are calculated according to the tenure of the Loan, from 5 years to 20 years at best. 
  • Home Loans for improvement or extension of the existing home are provided, according to the Terms and Conditions followed by the concerned Bank. 
  • Home Loans are also provided for cases, where the barrower wants to transfer the Home Loan, from one Bank to another (for reasons of lower Interest rates etc.) The Bank repays the Loan got from the previous Bank in full, and transfers the right on the property in their name.
The experienced experts in the field advise that Home Loans are bigger in borrowing an amount, unlike the online used car loan India. Therefore utmost caution should be exercised, while borrowing Home Loans, with regard to the Terms and Conditions; Interest Rates; Repayment Period and processing time etc.

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