Staying in own home is A dream of everybody. People today see visions of owning home in their option, but everyone does not able to pay for that. Nowadays in the nation like India, money is not a barrier of this dream of owning a house. Such loans are especially given to those men and women who wishes to build their own home or buy a house.
Indian banks offer home loan under different categories, these include:-
- Home Purchase Loans – This sort of fundamental loans are being supplied for buying a new home.
- Home Construction Loan: Banks provides this sort of loan for construction of home.
- Home Extension Loan: An individual can find the loan for enlarging or extending his current home.
- Home Improvement Loans: Individuals can avail those loans if they have the requirement for executing repair functions and renovations of the current home.
- Bridge Loans: This Loan is the ideal loan for people who would like to sell his current home and want to buy a new home. Banks help people by providing this loan to fund the new home.
- Balance Transfer Loans: This sort of loan is given to repay an existing home loan and get the option of a loan with a lower interest rate. .
- Home Conversion Loan: Banks provide this sort of loan to those men and women who has already bought home by taking home loan and then needs to move on to another home and he requires some excess money. Under this kind of loan the present loan is being moved to the new residence and the excess amount is to be contained.
- Land Purchase Loans: An individual can avail those dbs home loan for buying land. The bank will provide the loan without checking if the borrower chooses the loan for building his home or using it for a few other purposes.
- Refinance Loans: Those Who have taken loans from their relative or friends to buy their homes, this sort of loan helps them a lot to repay this debt amount to them.
- Stamp Duty Loans: To Buy a property, stamp duty is vital. This sort of loan helps individuals to cover the stamp duty.
Under the fixed rate home loans the interest rate stays fixed for the entire length of the loan. By accepting loan under this class the borrower will find the facility of obtaining a fixed rate of interest. However, in this case they must pay a higher interest rate.