Types of Housing Loans Made Available in India

Posted by shrikantsharma on October 17th, 2018

With a quest to buy your property or house, many individuals who aspire to own a house do fall short in their financial capacity to purchase a property. This leads them to one option of lending from financial institutions. Housing loans in India have always been a popular choice. Through the last decade, home loans have been on an upswing due to the expanding property markets.

Capturing this opportunity where financial institutes can benefit; numerous banking and housing financial companies are diversifying their loan portfolios that cater to different segments. The present scenario offers borrowers to borrow loans for purposes that range from construction to renovation purpose.

Some of the Housing Loans in India are defined below:

Home Purchase Loans

Home purchase loans are most commonly available in any financial institutes. Banks usually approve up to 85% of the overall market value of the house.

The eligibility for acquiring larger loans can be made possible by clubbing as a family and applying for loans, be it, parents or spouse.

Salaried applicants can avail higher loans by showing their salary statements.

Land Purchase Loans

In the event of you wanting to buy a piece of land for investment or for constructing your very own house, you will not fall under the category of home purchase loans. This calls for availing Land purchasing loans.

The maximum loan availability made by financial institutes is 70% of the overall cost of the land.

One should note that the loans for land purchase are solely made available for residential plots only. No commercial property shall be built over it.

Home Construction Loans

The name is self-explanatory. This loan is granted for a set of individuals who wish to build their own customised house. To avail this loan the borrower needs to collate and estimate the total cost that will be required to build the house. Also, the plot where the construction needs to start should be bought in less than a year. This makes the financial institute to calculate the loan to be disbursed including the plot.

If you too wish to build your dream property, you could take the assistance of JM Financial. The private institute has been successfully lending and disbursing loans to an individual who wants to purchase properties; be it houses or lands. Their team of experts will guide you systematically through the procedures and the good practices and ensure that your loan is transacted at a faster pace. Do get in touch with JM Financial by visiting their website and see the offerings they have in store.

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