The Types Of Home Loans

Home Loan, for a lot of, is the loan availed for that purchase or construction of the new home. But, the truth is, home loan programs are readily available for virtually from construction and renovation to extension, land purchase, as well as the stamp duty.

Home Purchase Loan: This is the conventional home loan that people all know. It is intended for purchasing a new apartment.

Home Extension Loan: One can apply online for funding any alteration to an existing home. For approval of this loan, however, one may need to obtain the approval from the concerned municipal authorities.

Construction Loan: Don’t confuse it with Home Purchase Loans. To the making of a new home with an existing property. Its terms and conditions will also be widely different from Home Purchase Loans.

Land Purchase Loans: To funding purchasing land for investment/construction purposes. One of the most availed type of loan scheme.

Stamp Duty Loan: For make payment on stamp duty.

Bridge Loans: This kind of loan is availed by people who wish to sell their present home and buy a new one elsewhere. The loan amount is used to purchase the brand new home while the old home waits for its new owner.

Other types of home loans are Refinance Loans, Home Conversion Loans, NRI Mortgage loans, and Balance Transfer Loans. For more info on mortgage loans, go to the home websites of major banks in India.


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