Home Loan is a major source of support for majority of the Home buyers in India. The demand for home loans has been increasing from time to time especially for the past two decades. Every day many individuals apply for home loans to own their dream flats in Hyderabad. Home loan also comes with a considerable tax benefit. There are different types of home loans to cater the needs of customers based on their requirements.
The following are the popular types of home loans that are available in the Indian Home Loan Market.
- Loan related to Construction of House – This loan is especially for the people who own or co-own the plot in which the construction of the house is planned. The approval of this loan depends on many factors such as cost of the plot, income of the individual etc. Also, the loan amount may be disbursed at once or in multiple installments depending on the requirements and approvals.
- Home Improvement Loan – This Loan is mainly for Repair and renovation works such as internal and external modifications, electrical renovation, painting the walls etc.in the existing owned house.
- House Extension or Expansion Loans – If the customer is going to build an extra floor or an annexe for the current house structure, House Extension or Expansion Loans perfectly suits your loan requirement.
- Balance Transfer Home Loan – This loan is for the customer who wants to transfer his home loan from one bank to another because of the reasons such as special offers, lower interest rates or better services.
- Bridged Loan – These is a type of Short Term Loans that are designed for the homeowners planning to buy a new property. This Loan helps the buyer by providing the required fund that can be used in the purchase of new house based on the existing property. This Bridge Loan requires the mortgage of new house with the bank and the time period is less than two years.
- Home purchase Loan – This is the most popular house loan and it is provided to customer on the purchase of totally new or a pre-owned home. The interest rate can be fixed or floating.
- NRI home Loan – This loan is designed and developed to support NRI’s ( Non Resident of Indians) who are interested in buying a residential property in India. The procedure for applying for this loan is almost same despite the tedious paper work involved in it. Almost all of the banks offer NRI Home Loans.
- Stamp Duty Loans – These loans are provided during the purchase of the property, to cover the charges related to Stamp duty.
- Loan on Purchase of Land – Many banks offer loans for buying land. In this scenario, the buyer can save his funds and construct the houses as per his savings and he can also have land as an investment option.
- Home Conversion Loan – This type of loan is designed for the customers who already have a home loan and purchased a new house for moving in. This process includes transferring the current loan to the new house. Customers must also pay the existing House Loan in addition to the Existing Home Loan. This type of home loan offers convenience, though this type of loan is little costlier when compared to other home loans.
Discover Luxurious projects at Aditya Constructions company Hyderabad and to own your Dream house in our prestigious projects please feel free to contact us on +91-40-4569 5555 or enquiry@adityacc.com.
Introducing Aditya Empress Towers
The Best Luxury Apartments in Hyderabad
