Home Loans FAQ
Home Loans FAQs
- Last Updated on Thursday, 13 August 2009 18:13
- Published on Wednesday, 07 January 2009 14:55
- Hits: 6234
What are the types of home loans available?
There are a variety of home loans available. They are:
- HOME PURCHASE LOAN
This is the common loan for purchasing a home.
- HOME IMPROVEMENT LOAN
This loan is given for implementing repair works and renovations to your home.
- HOME CONSTRUCTION LOAN
This loan is available for the construction of a new home.
- HOME EXTENSION LOAN
Home extension loans are given for expanding or extending an existing home. For example, addition of an extra room, etc.
- HOME CONVERSION LOAN
Available for those who have financed the present home with a Home Loan and wish to purchase and move to another home for which some additional funds are required. Through a Home Conversion Loan, the existing loan is transferred to the new home, including the additional amount required, eliminating the need for pre-payment of the previous loan.
- LAND PURCHASE LOAN
This type of loan is sanctioned for purchase of land, for both home construction or investment purposes.
- BRIDGE LOAN
The Bridge Loan is designed for people who wish to sell the existing home and purchase another. The bridge loan helps finance the new home, until a buyer is found for the old home.
- BALANCE TRANSFER LOAN
Balance Transfer loans help you pay off an existing home loan with a higher interest rate, and avail of a loan with a lower rate of interest.
- REFINANCE LOAN
This loan helps you pay off the debt you have incurred from private sources such as relatives and friends, for the purchase of your present home.
- STAMP DUTY LOAN
This loan is sanctioned to pay the stamp duty amount that needs to be paid on the purchase of a property.
- LOANS TO NRIs
This loan is tailored for the requirements of NRIs wishing to build or buy a home in India
- Next >>