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Affordable Housing Finance

7 variants of home loans in India -

10 January, 2018      Home Loans

 

owning a home for financially weaker areas of the general public is absolutely unfeasible until and unless an individual chooses to cite for a home loan depending upon their necessity and requirement.

home improvement loans
 

In a nation like India where the population is continuously growing, owning a home has turned into a need for every last person. however, owning a home for financially weaker areas of the general public is absolutely unfeasible until and unless an individual chooses to cite for a home loan depending upon their necessity and requirement.

Here Home Loan companies in India plays a climacteric role –

Home loan companies in India are those institutions that provides various types of home loans in India through various schemes and attractive interest rates.

Types of Home Loans in India are –

Home purchase Loan | Home construction loan | Home extension loan | Home improvement loan | Refinance home Loan | Top up loan | Home Loan Top up | Home Loan Balance transfer.

1)   Home Purchase loan –

It includes those properties which is either already constructed or under construction and will soon be handed over to the individual. Usually this type of home loan in India are widely used as various builders and brokers also promotes Home Purchase Loan in collaboration with various housing finance agencies in India.

2)   Home construction loan

This type of home loan in India is also carried out in wide demand as a construction loan is a more particular sort of loan, intended for construction where repayment ability may be based on something that can only occur when the project is built. Thus, the defining features of these loans are uncommon observing and rules above ordinary advance rules to guarantee that the undertaking is finished with the goal that reimbursement can be begin to collected.

3)   Home extension Loan -

With the increasing population the size of each family is also increasing, as such bigger families requires bigger home which can be possible either by new home purchase or by extension of existing home. To outrun the higher values of new house purchase, the individual chooses to go for home extension by financing the home extension loan from various housing finance institutions in India.

4)  Home improvement loan –

Home improvement is the way toward remodeling or making increments to one's home. Home change can be those tasks that redesign a current home inside, (for example, electrical and plumbing), outside (stone work, solid, siding, material), or different upgrades to the property (i.e. plant work or carport upkeep/increments).

5)   Refinance home Loan-

Refinancing is the replacement of existing home loan with the new home loans under different terms and conditions. With the rising competition and varying interest rates of various Financial institutions, an individual gets the opportunity to refinance his existing home loan under other financial institution.

6)   Top up loan on home loans | Home Loan Top up –

Under home loan top up, a client can get certain sum well beyond their home loan amount. The client who as of now have a home loan from the same budgetary foundation and requires more fund, can pick Home Top up loan. It can be benefited for any individual reason.

7)   Home Loan Balance Transfer-

Home loan balance transfer enables a customer to transfer home loan from Scheduled financial institution to another financial institution depending upon the schemes and rate of interest provided by another institution.