Different Types of Home Loans in India Apply Now for best Interest rats and No.1 flexible plans - Money Bugs

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Sunday, August 9, 2020

Different Types of Home Loans in India Apply Now for best Interest rats and No.1 flexible plans

loan


When you are considering buying a home or financing home related requirements, it makes sense to consider applying for a loan. After all, a loan is one of the best options considering the flexibility and affordability it offers. But what counts is taking a loan according to your specific needs. 

Check tenure, loan amount, value-added features, and then choose one of the types of home loans that perfectly suits your requirements. In this way, you can make your loan experience easier on your pocket and more satisfying too!


Different Types of Home Loans in India


Home loan

A home loan is an obvious option when you want to buy a residential property. You can also use a home loan to build a home on property you already own. Plus, you can even buy land and build a home with a high-value mortgage, or use it to rebuild or renovate a home. With benefits like a supplemental loan and an EMI vacation, this option is certainly a good option.


Home loan balance transfer

When interest rates drop, your existing home loan provider may not pass on the price benefit. Instead of continuing with the existing loan, you can transfer it to a lender that offers a more affordable home loan. This helps you take advantage of lower interest rates and better add-on features, like a refill loan. Transferring the balance of a mortgage loan is most profitable during the initial years of the term, when the interest component of your EMI is the highest. When you carry out a transfer towards the end of the term, the benefits you accumulate are negligible.


Land purchase loan

As the name suggests, a land purchase loan allows you to invest in land. So if you are getting a good deal, you can take this loan and make a worthwhile investment. You can then choose to build on the land, when you have the funds available to do so or when you feel the need to. Also, you can choose to buy only the land without any intention of building on it.

There are also other types of home loans, such as NRI home loans, stamp duty loans, bridging loans, home conversion loans, and home expansion or extension loans that you can consider. In fact, it's best to evaluate all of these options before selecting one. Also, be sure to use a home loan EMI calculator to assess loan affordability in advance and plan for payment.


Home construction loan

If you are looking for a loan to help you build your dream home from scratch, a home construction loan is ideal. The disbursement of the loan amount can be made in installments or in part, depending on the terms of the lender. It is essential to remember that when you take this loan, the amount is based on rough estimates of the cost of construction.


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