Home Loan, for many, is the loan availed for the purchase or construction of a new home. But, in reality, home loans are available for virtually everything from construction and renovation to extension, land purchase, and even the stamp duty. The different types of home loans issued by banks in India are described below.
Home Purchase Loan: This is the conventional home loan that we all know. It is meant for the purchase of a new apartment.
Home Extension Loan: This home loan is for funding any alteration to an existing home. For approval of this loan, however, one might have to get the approval from the concerned municipal authorities.
Home Construction Loan: Don't confuse it with Home Purchase Loans. This is for the construction of a new home on an existing property. Its terms and conditions are also widely different from Home Purchase Loans.
Land Purchase Loans: This is for funding the purchase of land for investment/construction purposes.
Stamp Duty Loan: For paying the stamp duty.
Bridge Loans: This type of loan is availed by those who wish to sell their present home and buy a new home somewhere else. The loan amount is used to buy the new home while the old home waits for its new owner.
Other types of home loans are Refinance Loans, Home Conversion Loans, NRI Home Loans, and Balance Transfer Loans. For more info, visit the home websites of major banks in India.
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