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Home Loan Types_WC
Home Loan Types
A Home Loan, a type of mortgage loan, is common financial solution that prospective home buyers choose to borrow. It is usually sanctioned by authorised lending institutes, such as commercial banks, Housing Finance Companies, or Non-Banking Finance Companies. Borrowers can choose from more than one kind of Home Loan, depending on their need. Below we have listed the different types of Home Loans one can avail of.
The Different Types of Home Loans Available in India _WC
The Different Types of Home Loans Available in India
An aspiring Home Loan borrower can choose from a variety of Home Loan types to cater to their exact home buying need. Here are the different types of housing loans available in India.
- Home Purchase Loan: It is the most popular type of Home Loan that home buyers seek. This loan sanction facilitates the purchase of a new property (either ready-to-move-in or under-construction) or second-hand property.
- Home Renovation Loans: This loan type caters to home improvement projects or renovation expenses you incur.
- Home Expansion Loans: Not to be confused with Home Renovation Loans, Home Expansion Loans are meant to fund the building cost of your home expansion.
- Home Construction Loans: This loan funds the construction of a new house from scratch and not new constructions on an existing property. Some lenders allow the cost of the plot to be included in the loan amount, provided the plot has been purchased in under a year of seeking the loan.
- Home Loan Balance Transfers: This loan facility allows you to transfer your ongoing Home Loan to a new lender to leverage better lending terms and make possible savings on your current EMI amount. It may come with an added benefit of a Top-up Loan, wherein the sanction amount has no end-use restrictions.
Some other common Home Loan types also include Joint Home Loans, Special Home Loans for Non-Residential Indians, and Professionals. Borrowers are advised to diligently research what market lenders are prepared to offer and how to meet their eligibility criteria to benefit from their Home Loan terms.
Note: This page is for the purpose for generic information. Bajaj Housing Finance does not offer all Home Loan types mentioned in this page.
*Terms and conditions apply
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