What are the types of home loan?

Home Purchase Loan:- This loan is ideal for those who have to buy a new or existing house or property. Home loans can be availed at a fixed or floating rate and the repayment tenure can be extended up to 30 years.

Pre-approved home loan:- This is a loan that is meant for prospective home buyers who have already passed the primary level constraints for creditworthiness, income requirements and financial stability imposed by the bank.

Home Construction Loan: If you are planning to build a house or a residential unit on some piece of land, then a home construction loan is the ideal option for you. You can avail this loan for a maximum tenure of 15 years.

Plot Loan:- Plot loan is a type of home loan which is specifically meant for buying a plot of land for the construction of a house. The loan amount disbursed under this loan will depend on the value of the plot you wish to buy and your credit profile, among other things.

Top-up Loan:- A top-up loan, as the name suggests, is a loan that a borrower can avail in addition to his existing home loan. This loan can be used to meet personal needs

Home Extension/Renovation Loan This is the ideal home loan for those who want to renovate their existing property, or want to extend it.

Home Loan Balance Transfer The outstanding home loan balance is transferred from an existing lender to a new lender, usually with more favorable terms such as a lower interest rate, or a longer repayment tenure.

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