Everybody has a different approach to getting their own home. Some are happy to buy an existing property and make it their own by living there. Others have an image that they want to bring to reality, so they choose to construct it. There are specific home loans that cater to these different needs, so that whatever your idea of home is, you can work towards with the correct financial assistance.

Here is a list of some of the commonly taken types of home loans in India.


Home Purchase Loan

This is a loan that allows you to buy a property outright. You can find a house, apartment or flat for sale and finance your purchase through a home purchase loan. Depending on your budget and the type of property you are looking to buy, you can come to an agreement with the bank or financial institution you are borrowing from

Land Purchase Loan

For those who want to construct their home in the future, but want to secure the location, the land or plot purchase loan is ideal. When you come across a plot that you think is ideal, take a land purchase loan and seal the deal!

Home Construction Loan

Constructing a home is something that allows you to give your new home a strong personal touch. With home construction loans, you can avoid compromising on things that are important, and build your home the way you imagine it.

Home Repair Loan

Maintaining a house, especially one that has been in the family for generations, can be difficult. Home repair loans allow you to do crucial repairs that can increase the life of the house.

Home Improvement Loan

If you are looking to add something to your home, whether it is new roofing or fresh interiors, a home improvement loan will help you cover the costs.

Home Extension Loan

If you decide to make your home more spacious by constructing another room or wing to the house, then a home extension loan is what you need. This loan is often clubbed together with home improvement loans by banks and finance companies.

Home Conversion Loans

If you are looking to move into a bigger, or otherwise better house, then a home conversion loan will allow you to bridge the gap between sale value of your old home and the purchase price of your new home.

Click here to apply for a home loan.

DISCLAIMER

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.



Trending Articles

Article Links

Flat Interest Rate

Home Loan Interest Rate

Home Loan Tax Benefit

What is Home Loan

What is Pradhan Mantri Awas Yojana

Latest Articles

home-finance
home-finance

5 Different Types of Home Loans Available in India

Read More
Posted on 10 February 2020
home-finance
home-finance

All about calculating interest on home loan

Read More
Posted on 10 February 2020
home-finance
home-finance

Factors to Consider to Qualify for Home Loan

Read More
Posted on 08 February 2020