Wednesday, 4 April 2018

DIFFERENT TYPES OF HOUSING LOANS IN INDIA



Home loans have become the most preferred option for financing a home purchase as it provides the buyer with the flexibility of realising his dream of a home with the convenience and security of a C backup. Banks and financial institutions have categorised different types of housing loans based on the need and amount.


Here are the 4 major types of housing loans in India

1.   Home purchase loans – The most common type used to buy a ready-to-move-in property, under construction flat or a resale house.

2.   Land purchase loans – For buying a plot for residential or investment purpose.

3.    Home construction loan – For applicants who want to build a house from the scratch.

4.    Home renovation loan – For renovating a property or to do home upgrades. 

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