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Types of Home Loans
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Banks and housing finance companies these days offer different types of home loans. Owing to increased home loan demands, banks and NBFCs are offering customers with different home loan schemes.
1. Home loan to purchase house:
It is the most common loan type wherein the customer purchases either a resale property or builder allocated property. In case of a resale transaction, the property is fully constructed. However, in case of builder allotted property, the property may be fully or partially constructed.
2 Residential plot purchase:
Purchasing of plot allows the buyer to either construct a house on it whenever he has funds or retain it as an investment. For plot loans, around 70% of the loan amount can be covered by the financial institutes.
3. Home construction loan:
In this type of loan, the customer owns a land and applies for a loan for the purpose of construction of the house. Under this loan, the disbursement is as per the construction stage and cost. Also, the construction needs to be commenced within 12 months and completed within 36 months of the first disbursement for it to be classified under HL.
4. Home improvement/ renovation loan:
This loan can be used for various purposes such as painting the exterior or interior of the house, plumbing, upgrading electrical system, installing new tiles, waterproofing, etc. A home improvement loan is ideal if the customer would like to renovate his house but currently lack the necessary funds to do so.
5. Home loan balance transfer:
This option can be availed when an individual want to transfer his home loan from one bank to another bank owing to reasons like lower interest rates or better services offered by the other bank. This is done to repay the remaining loan at revised, lower interest rates offered by the other lender.
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Disclaimer: The information contained in this post is for general information purposes only. IIFL Home Finance Limited (including its associates and affiliates) ("the Company") assumes no liability or responsibility for any errors or omissions in the contents of this post and under no circumstances shall the Company be liable for any damage, loss, injury or disappointment, etc. suffered by any reader. All information in this post is provided "as is", with no guarantee of completeness, accuracy, timeliness, or of the results, etc. obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability, and fitness for a particular purpose. Given the changing nature of laws, rules, and regulations, there may be delays, omissions, or inaccuracies in the information contained in this post. The information on this post is provided with the understanding that the Company is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. This post may contain views and opinions which are those of the authors and do not necessarily reflect the official policy or position of any other agency or organization. This post may also contain links to external websites that are not provided or maintained by or in any way affiliated with the Company and the Company does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. Any/ all (Home/ Loan Against Property/ Secured Business Loan/ Balance Transfer/ Home Improvement Loan/ NRI Home Loan/ Home Loan for Uniformed Services) loan product specifications and information that may be stated in this post are subject to change from time to time, readers are advised to reach out to the Company for current specifications of the said (Home/ Loan Against Property/ Secured Business Loan/ Balance Transfer/ Home Improvement Loan/ NRI Home Loan/ Home Loan for Uniformed Services) loan.
