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.

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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.

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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.

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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.

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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

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

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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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To know about Home Loan click on Learn more below.

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