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Types of Home Loans that you can take! A new house is no more just a dream!

in Finance / Loans by Rugved Agarwal on 07/31/2017

Owning a house is synonymous with progress in our society. Not everybody has a corpus to buy a big property in one go. This is when taking a loan for your new home comes into play. Listed below are the various types of home loans that you can opt for to realise your dream of becoming a home owner:

Loans that you can use to Purchase a Land

Banks and loaners give up to 85% of loan on your land. If you wish to have a house which you build from scratch, then this is a great option. You can also choose this option when you are considering saving up more money and then building your dream house.

Loans designed for straight up Home Purchase

If you are looking for home loans, this loan is apt for you. It is made to provide you funds for buying a new property or a second-hand property. It is floating or fixed in nature, depending on the loan provider that you have opted. There are various competitors in the market offering a loan for home purchase. You just need to find which one suits you the best.  

Loans for you to construct the house the way you want

If you do not wish to go for a pre constructed house and want to build a house from scratch, then go for this loan. It is basically for consumers interested in the construction of a house as per their wish and requirement. Please note the approval process is quite different as compared to the remaining options on the list as the entire construction cost is taken into consideration.

House Extension and Expansion Loans

Although there are very few players for this particular category of loans in the market, there are still lenders who have the provision of loan. If you need to expand the space of your house for a new bedroom or wish to add a garden or a children‘s room, then this is a great category to consider.

Various other home loans are listed below, out of which you can opt one as per your requirement:

1) Home Conversion Loans

2) Loans for Home Improvement

3) Balance Transfer Home Loans

4) NRI Home Loans

5) Bridged Loans

6) Stamp Duty Loans

You can find out about the loans mentioned above from your lender and analyse which one fits you the best. All of the loans mentioned above serve different purposes and to make sure that you can realise your dream of having a property in your name.

About The Author

There are different types of home loans available in India. These loans can greatly help you choose a deal that perfectly suits your need. To know more about various types of home loans visit Grihashakti website which provides flexible housing loans that can turn your dream of owning a home into reality.

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