Types of Home Loans

The biggest dream of a person is buying his dream house. Getting a dream home is never easy. Taking a home at once is not a good idea. As this can hamper you budget for other works.

Getting a housing loan is solution to this which can lower your burden and help achieve dream home.

So, what are the types of home loans you can take?

The most common type of home loans taken are:

Land Purchase Home Loan: This type of loan is available for purchasing land for home construction and land for investment purpose.

Home Construction Loan: This type of loan is available for construction of house on a particular property.

Home Improvement Loan: This type of home loan is available for the home improvements like floor tiling, water proofing, internal structure repairing.

Home Extension Loan: This type of home loan is available for extension or expansion of home like addition of an extra room.

Home Conversion Loan: This type of home loan is available when one has to shift to a new home with the existing property on loan. In this case, the existing loan is transferred to the new home loan with added extra amount.

Bridge Loan: This type of loan is designed for those who wish to sell the existing property and buy new one. This bridge loan helps finance the new home until the borrower is found of old home.

Balance Transfer Loan: This type of loan is available for the transfer of the balance of an existing home loan availed at a higher rate of interest to lower rate of interest.

For more detail you on eligibility, document requirement please visit https://m.rbi.org.in/scripts/FS_FAQs.aspx?Id=77&fn=2