Here is a list of some of the commonly taken types of home loans in India.
Home Purchase LoanThis 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 LoanFor 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 LoanConstructing 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 LoanMaintaining 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 LoanIf 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 LoanIf 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 LoansIf 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.
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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.
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