Home Loans FAQ

Home Loans FAQs

What are the types of home loans available?

There are a variety of home loans available. They are:

1. HOME PURCHASE LOAN
   This is the common loan for purchasing a home.
2. HOME IMPROVEMENT LOAN
   This loan is given for implementing repair works and renovations to your home.
3. HOME CONSTRUCTION LOAN
   This loan is available for the construction of a new home.
4. HOME EXTENSION LOAN
   Home extension loans are given for expanding or extending an existing home. For example, addition of an extra room, etc.
5. 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.
6. LAND PURCHASE LOAN
   This type of loan is sanctioned for purchase of land, for both home construction or investment purposes.
7. 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.
8. 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.
9. 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.
10. STAMP DUTY LOAN
    This loan is sanctioned to pay the stamp duty amount that needs to be paid on the purchase of a property.
11. LOANS TO NRIs
    This loan is tailored for the requirements of NRIs wishing to build or buy a home in India