Amidst of viable housing finance markets of India, it is not a difficult task to buy a house. As there are umpteen numbers of banks and housing finance Corporations in the country which can help you in buying your dream house. The lending institutions offer different types of housing loan according to the varied requirements of every individual. Some of the major home loans are-
Home Purchase Loans- This is the basic housing loan which is available for purchasing a house.
Home Construction Loans- Such loan is granted for constructing a new house. In this case, documents required by bank are different from the ones you submit at the time of applying for a home purchase loan. Depending upon the fact that when you have purchased the land, banks will or will not include the land cost while calculating the property cost.
Home Improvement Loans- This loan is granted for doing renovation or repairing work in such house which you have already purchased.
Land Purchase Loans- Lenders grant land purchase loans for both home construction as well as for investment.
Home Extension Loans- It is granted for extending your existing property.
Bridge Loans- It is a short term loan and it is designed for such people who want to sell the present home and buy another house. It helps in financing the new house until a buyer is found for the existing home.
Refinance Loans- It helps in paying off an existing home loan.
NRI Home Loans- This is tailored to fulfill the requirements of Non-Resident Indians (NRI), who are interested in purchasing any property in India.
Stamp Duty Loans- Such loans are sanctioned to pay the stamp duty amount, which you have to pay at the time of purchasing the property.
