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With the home loan market booming there is increasing competition among the home loan providers. The Housing Finance Companies keep coming up with new innovations to lure clients. This has given rise to various types of home loans to suit the taste of applicants.
Types of home loans
Home Purchase Loan as the name suggests is the basic loan for the purchase of a new home.
Home Construction Loan may be availed to construct a new home on an owned property.
Home Improvement Loan: If you need funds to finance external or internal repairs of a house like water-proofing, painting, plumbing, tiling and flooring etc. Then you can avail this facility after obtaining approval from the relevant building authority.
Home Extension Loan: If you wish to fund the extension or modification of an existing house like making an extra room, you can avail this facility after obtaining requisite approvals.
Home Conversion Loan: If you need extra funds to move from your present house, which has been financed by a home loan, to a new home then you can take a home conversion loan. With this you can transfer the existing loan to the new home including any extra funds.
Land Purchase Loan can be taken to buy land for constructing a home or for investment purposes.
Balance Transfer Loan can be availed to transfer balance of an existing home loan taken at a higher rate of interest to a new loan at the current lower rate of interest.
Re-finance Loan can help to pay-off the debt you have incurred for financing your present home from private sources like friends and relatives.
Bridge Home Loan is designed for you if you wish to finance your new home by selling your existing home but haven’t found a buyer for the old home yet.
NRI Home Loans intend to meet the needs of Non-Resident Indians who wish to buy or invest in residential property in India.
Stamp Duty Loans are tailored to pay the stamp duty amount that needs to be paid on the purchase of property.
These are some of the popular choices available to home loan applicants.
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