Home loans are the most sought after financial tool for the purchase of a ready-to-move-in house or under-construction home.
Home loans are provided by financial institutions, such as banks and housing finance companies. There are various schemes under which different types of home loans are offered to people -- it is advisable to have a clear understanding of the
different kinds of home loans available in the market and choose the best suitable type as per your eligibility.
The current market tailors home loan offerings to meet unique funding requirements and such varied products benefits all types of borrowers.
Below are the commonly offered loan schemes by most leading lenders in the market presently.
A top-up loan is an additional loan taken over and above one's existing loan amount. These types of loans are given only when the borrowers'
credit profile is favourable and s/he has not defaulted on their previous payments.
This type of home loan lets you shift your outstanding home loan amount from an existing lender to a new lender. Typically, a home loan balance transfer is opted when a borrower finds lower interest rates and a better top-up facility. Bajaj
Housing Finance offers top-up loans worth Rs.1 crore, depending on your eligibility when you opt for a balance transfer home loan.
This type of loan can be applied for by more than one person and repaid by all the members with equal financial responsibility. A joint home loan is availed of when a borrower is looking for a higher loan amount.
It is shared with a co-applicant generally, a family member or friend, where all the applicants share the EMI.
Many lenders also cater to specific professions, by giving them special housing loan packages. There are plenty of home loans for advocates, bank employees, and government employees that are more in line with their finances are tailored to their funding needs.
As the name suggests, a home construction loan is availed of for building or constructing a home. A home construction loan is a short-term loan taken to fund the construction of a home in a residential area.
This is a unique loan given to applicants for the purchase of a plot of residential land for constructing a home immediately or at a later stage.
Home loans are typically given for the purchase of a ready-to-move-in or an under-construction property. Here the loan amount should be strictly used for the purchase of a home.
This is a secured loan, which means the house is mortgaged till the loan amount is repaid. The loan is disbursed in multiple stages based on the construction stage of the house.
This type of home loan is availed of when the applicant wishes to change their existing home loan to a new type of home loan within the same bank.
This type of home loan is specially customized for NRIs so that they can meet the eligibility criteria for availing of a home loan in the country. Various lenders offer attractive features to ease out any hassles of applying for a home loan.
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Last update on 11-Mar-2021
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