There are a variety of home loans available. They are:
HOME PURCHASE LOAN
This is the common loan for purchasing a home.
HOME IMPROVEMENT LOAN
This loan is given for undertaking repairs, renovations and/or upgradation to your home.
HOME CONSTRUCTION LOAN
This loan is available for the construction of a new home.
HOME EXTENSION LOAN
Home extension loans are given for expanding or extending an existing home. For example, addition of an extra room, etc.
HOME CONVERSION LOAN
Available for those who have financed the present home with a Home Loan and wish to purchase and move to another home for which some additional funds are required. Through a Home Conversion Loan, the existing loan is transferred to the new home, including the additional amount required, eliminating the need for pre-payment of the previous loan.
LAND PURCHASE LOAN
This type of loan is sanctioned for purchase of land for home construction.
The Bridge Loan is designed for people who wish to sell the existing home and purchase another. The bridge loan helps finance the new home, until a buyer is found for the old home.
BALANCE TRANSFER LOAN
Balance Transfer loans help you pay off an existing home loan by availing a new loan from another willing lender institution.
This loan helps you pay off the debt you have incurred from private sources such as relatives and friends, for the purchase of your present home.
STAMP DUTY LOAN
This loan is sanctioned to pay the stamp duty amount that needs to be paid on the purchase of a property.
LOAN TO NRIs
This loan is tailored for the requirements of Non resident indians (NRIs) wishing to build or buy a home in India. These loans are provided by eligible financial institutions in accordance with the guidelines issued by Reserve Bank of India from time to time.
What is an EMI?
EMI (Equated Monthly Installment) is the amount payable to the lending institution every month, till the loan is paid back in full. It consists of interest due as well as a portion repayable towards the principal.