Know More about Home Loans in India

Posted by Bella Linton on January 21st, 2020

Buying one’s own home is a dream come true for many. This dream is an expensive one and as a result of this, most people have their houses financed with the help of a home loan. Home loans in India have become increasingly popular in the last few years. Home loans are offered by most banks and non-banking financial companies as well. There are many types of home loans as well and you can customize them as per your convenience. Associating with one of the leading real estate developers may help you avail home loans for your dream project. 

Now let us discuss the various types of home loans that are available in India:

  1. Home loan:

    This is the most popular type of loan and is availed by most customers. This type of loan is also given by most organizations. Reputed home builders in Kerala like Skyline Builders will help you own the house of your dreams with their elegant designs and meticulous hard-work they put into each of your projects, you’ll need loan approval before you can proceed if you’re not having the capital all at a given point of time. The advantage with reputed builders is that since their projects are all pre-approved by Housing Finance Companies, you won’t have to struggle your way all throughout the process to get your home loan approved and the same can be achieved within a smaller time frame. To get a home loan sanctioned, you should go to some well-reputed Bank or Non-banking Financial organizations. Make sure you read the terms and conditions carefully and also ensure that they have transparent procedures and affordable interest rates. Most people in India work in unorganized sectors or their own business. These people can also obtain home loans as per their needs. 

  2. Plot loan or Land loan:

    This is a different type of home loan which you can obtain to buy a piece of land. After this, you can buy land and get your house constructed in any way you like. It is always advised to find the best builder who can deliver quality services when it comes to construction in Kerala and ensures that they always deliver on time. They also envisage sustainable development and build environment-friendly homes. If you buy a plot, house building can become smoother and flexible because everything is built from scratch.

  3. Home construction loan:

    Financial institutions like banks and non-banking financial companies issue this type of loans to those customers who own (or co-owners) a piece of land and want to build their home there. However, there are a few criteria that should be fulfilled in order to obtain this type of loan. Firstly, the land should be bought recently, and that too, within a year. Secondly, the customer (or borrower) has to make an estimate of the costs of the construction of the house. Thirdly, if the cost of the land is excluded in this estimate, then only the construction costs will be taken into account. 

  4. Home extension loan:

    This is a special type of loan. It might happen that the customer or borrower might want to make a few changes like adding a new room or adding a new floor to enlarge their present home as their family is growing or maybe they simply want to extend their house. For such concerns, the borrowers can obtain a home extension loan from any housing finance company or any of the banks which they desire. Reliable builders are well equipped to help you with this purpose, and they can create designs as per your choice and you can extend your home any way you want. 

    Also read, the Types of Home Loans in Kerala
  5. Home improvement loan:

    A home improvement loan is a unique type of loan. This is also at times known as a renovation loan. This type of loan can be used for numerous purposes such as painting the outside or even the interior of the home. It can also be used for plumbing or improvement of the electrical system, or even installation of new tiles, waterproofing the surfaces and multiple other things. A home improvement loan is perfect if the borrowers want to renew their homes but presently lack the necessary amount to do the needful.

  6. Home loan balance transfer:

    Occasionally it so happens that the present home loan interest rates can be very high for borrowers. It might also happen that borrower might not be satisfied with the amenities accessible by the present housing finance organization or banks. In such situations, borrowers have a choice to transfer the loan to another creditor who gives less home loan interest rates and improved facilities. Certain housing finance organizations or banks in India also give a selection of an additional loan other than the home loan sum which will help to get more money to achieve any other monetary requirement that borrowers have.

  7. Composite or Combined Loan:

    This is another variation of home loan and also comprises of a possibility of a collective loan for purchasing a plot as well as obtaining a loan for the construction borrower’s dream house. In addition to the above-mentioned kinds of loans, persons can also obtain other alternatives of housing loans, for example, an NRI housing loan (this is only for NRI customers), housing conversion loans, etc. You must contact only reputed home finance companies, banks or organizations which are in India to make create your dream home.

Home loans are easy to obtain these days and come in different variations of Home loans in India are available to suit your needs. It is very easy to get your dream house as soon as you want. Find the perfect partner for your requirement if you want to buy flats or apartment for sale in Kochi or Gurgaon, or Kolkata or any other Indian cities. The best builder can bring the epitome of luxury to Kerala’s realty sector. They have always respected the trust and faith of their customers and strive to provide them with the very best in the real estate sector. Once you avail your home loan and pick the kind of services you want, you can contact the builder you trust to transform your dream into reality. 

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Bella Linton

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Bella Linton
Joined: November 30th, 2019
Articles Posted: 3

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