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Home Purchase Loan

These types of home loans are provided for purchasing a constructed residential property like apartments, bungalows, villas, and freehold houses. The amount of loan you can avail of depends on the current value of the property that will be evaluated by the lending authority i.e., banks or NBFCs. The papers of the property will serve as collateral in this case and will be returned when the complete loan is repaid. To get a home loan, one needs to fulfill the eligibility criteria set by the lending authority.

Home Construction Loan

These types of home loans are given for constructing a house on land owned by the borrower. Thus, a home construction loan is best when you already own a piece of land. The amount of this loan is decided based on the size of the land and its value. The loan approved depends on the approximate cost of the construction. Besides this, unlike a home purchase loan, a construction loan is disbursed in installments as per the construction progress of the home. Here also you can repay the loan in easy EMIs over a period of time.

Home Improvement Loan

Everyone loves to have a well-maintained home and for that, timely maintenance is necessary. So, if you are looking to renovate your home or planning to refurnish, opt for a home improvement loan. These loans are best for both internal and external repair work, and they are popular for having lower interest rates and easy repayment. With this type of home loan, you can also expand, make structural changes, and do the necessary repair work. The best part of this type of home loan is easy eligibility criteria and quick disbursement.

Balance Transfer Home Loan

Sometimes, we pay a higher interest rate for a home loan than other banks are charging. In such cases, we can choose a bank with a lower interest rate and take a home loan balance transfer facility. With a balance transfer home loan, one can choose a bank with a lower home loan interest rate and transfer the balance loan amount at new interest rates. These loans ensure fast processing, easy eligibility criteria, flexibility, and more importantly, better interest rates. Here, you can also choose a comfortable repayment tenure.

Plot Loan

Some people believe in buying land and then constructing a house as they are not comfortable with apartments. In such scenarios, a plot loan is best. As the name suggests, these loans are sanctioned for buying land. With this loan, you will be able to build your dream home exactly as per your choice and needs. The amount sanctioned for this loan will depend on the size of the land you are looking to buy, its location, and its current value. You need to submit the papers of the land to the lending authority as a security. Once the complete loan amount is repaid, you will get the papers back in your custody.