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What is Home Loans ? |
The need for a house of your own can now be fulfilled by availing of various types of house loans to suit your individual needs at the lowest rates and easy financing. Take a look at the various Banks / Financial Housing Companies that offer you all alternatives for a quick Home Loan.
Housing is the fastest growing sector in the current times. Banks are cashing on this phenomenon by offering easy home loans at attractive rates. Home loans products is offered by almost all banks; right from loans for purchasing real estate to buying a flat, from home improvement to home extension loans. The EMI and rate of interest is arrived at, keeping a number of factors like, the loan amount, market value of the the land or building, tenure of loans etc
Types of Home Loans
a). Home Purchase Loans:
This is the basic home loan for the purchase of a new home.
b). Home Improvement Loans:
These loans are given for implementing repair works and renovations in a home that has already been purchased by you.
c). Home Construction Loans:
This loan is available for the construction of a new home.
d). Home Extension Loans:
This is given for expanding or extending an existing home. For example addition of an extra room etc.
e). Home Conversion Loans:
This is 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 extra funds are required. Through a home conversion loan, the existing loan is transferred to the new home including the extra amount required, eliminating the need for pre-payment of the previous loan.
f). Land Purchase Loans :
This loan is available for purchase of land for both home construction or investment purposes.
g). Bridge Loans:
Bridge Loans are designed for people who wish to sell the existing home and purchase another. The bridge loans helps finance the new home, until a buyer is found for the old home.
h). Balance Transfer Loans:
Balance transfer loans help you to pay off an existing home loan and avail the option of a loan with a lower rate of interest.
i). Refinance Loans:
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.
j). Stamp Duty Loans:
This loan is sanctioned to pay the stamp duty amount that needs to be paid on the purchase of property.
k). Loans to NRIs:
This is tailored for the requirements of NRIs who wish to build or buy a home in India. EMI is the Equated Monthly Installment payable till the loan is paid back in full. It consists of a portion of the interest as well as the principal. Some of the incentives offered by lending institutions are :
i) Some companies sanction the loan without requiring you to identify property as a pre-requisite for eligibility
ii) Free accident insurance
iii) Discounts
iv) Waiving of pre-payment penalty
v) Waiving of processing fee
vi) Free property insurance |
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