Types of home loans in India-a brief overview

Buying your dream house with a loan Planning to buy a luxury 2BHK home but worried about high prices? Apply for a home loan now and purchase the house that you had always dreamed of. You definitely feel like buying a new house whenever a new residential project is launched. Owing a brand new house with the latest amenities and luxuries is the dream of almost every Indian. Since the last few years, due to inflation, it has become difficult for the middle and low income groups to buy a flat, row-house or even build a bungalow of their dreams. The Indian banking sector with its innovative loan products helps people buy the home of their choice. Inflation has not stopped builders from constructing amenity-featured, luxurious residential properties. As the per capita income and financial positions of the residents is fast improving, they are able to invest in new properties. Some people purchase a new house as investment while most others buy them to fulfill their basic needs of owning a place to live. Types of home loans in India Over the past few years, to suit different lifestyle needs and home-purchase requirements of residents, the banking sector have come up with different types of home loans in India. Some of the popular home loans offered by the banks in India include home loan, home construction loan, home improvement loan, land purchase loan and home extension loan. • Home loan-A loan of up to 80% of property is given by the bank to people who want to buy a new home. • Home improvement loan-A loan of up to 85% of the cost of renovation is given by the bank to the Indians who want to renovate their house or undertake repairs. • Home extension loan-A loan of up to 85% of the cost of extension is given by the bank to residents who want to expand their existing homes. • Land purchase loan-A loan of up to 80% of the cost of new land is financed by the bank for residents who want to buy a new land. The land might be bought just as an investment or for constructing a new house. • Home conversion loan-A unique loan is offered by the Indian bank to residents who want to purchase a second home. Applying for a home loan online To simplify the process of applying for a loan, banks offer all types of home loans in India through their websites. Applying for a home loan online is simple due to the following reasons: • You have information about all kinds of loans available at your finger tipsrn• Comparing the features of home loan products is simplern• Applying for a suitable loan and submission of required documents is simplified with hassle free proceduresrn• Loan approval is fastrn• Sharing personal data while applying for a home loan is safe and secured at the banks websitern