Different Types of Home Loans in India
Post by : favouritehomes
In India, buying a property or a home has become synonymous with taking a home loan against it. It is a more convenient way to finance your biggest life investment and allows you to buy a home even when you don’t have the capital required. To further help customers in their quest for home loans, banks have gone one step ahead and are providing multiple beneficial schemes to suit the specific requirements of their customers. There are even specific home loans created just for women or farmers. Here’s a look at some other types of home loan plans:
This is the most popular type of home loan for buying new or pre-owned homes. The interest rates can be floating or fixed and the best part is that the bank pays 80-85% of the total amount required.
With growing family needs, you might need to extend your built-up area. Many banks offer Home Extension loans to assist you in achieving this alteration project.
After a decade or so, most homes need to be upgraded with internal and external repairs and the addition of new features. Many banks offer loans specifically meant for home repair and renovation.
Some people prefer to build their homes from scratch instead of buying a home outright. Special bank loans for construction of homes conveniently include the cost of the plot too.
Several banks offer loans for buying plots and can finance up to 85% of its total cost.
When people with homes purchased with a home loan want to move to a new home, they can easily get the bank to convert the same loan to fund their new home.
Transfer of Loans
Most banks offer the convenient option of transferring their home loan from a bank to another. This is in case the second bank is offering better interest rates or services.
Loans for NRIs
Most public and private banks offer home loan services to their existing NRI customers. The application formalities are a little different from the norm, however.
Unknown to many, most banks also offer stamp duty loans to cover the somewhat heavy stamp duty charges incurred during the change in ownership deeds.
Getting the right type of home loan that caters to your own unique requirements is essential so you need to take the time out to go with the bank that offers the best EMIs and interest rates to suit your pockets. Prestigious builders like Favourite Homes have a number of classy villas and apartments available in Trivandrum.