Home loan is a thing which is required for everyone at least once in their life to fulfill the wish of owning a house. Borrower always wishes to get the loan at less rate of interest and at the same time the company also wishes to get the profit. Now coming to the home loan there is not only one type of one form where a borrower will get a loan to purchase a home. There are other various forms of home loan where a borrower can get a loan as per their requirements. The requirement varies borrower to borrower, for example, one borrower will need loan for purchasing the home where another borrower will ask for a loan to renovate his house. In this 21st century building a home is not everybody’s piece of cake but there is always a way for a will hence home loans provide you the way to own a house.
Many people are used to considering the home loan as a loan with the help of which we can purchase a house. But let me correct you guys who have this misunderstanding. You need to know we can get the loan for various purposes. The list below will tell you the forms of home loans
- Land purchase loan-
A land is used as a base to build the house. It is a property where the only land is presented and not the whole house. In this case, you are taking a loan only for a land on which you are going to build your house. Land purchase loans are given by banks or non-banking companies. It is not restricted to a person that a land should use only for building a house on it, you can also purchase is an investment.
- Home purchase loan-
In this form of a home loan, you can actually take a loan for purchasing a well-built house. The interest rate varies company to company for this type of home loan. Axis bank home loan provides this type of home loan.
- Home construction loan
This type of loan is applicable where you have your land or co-owned land and on which you are going to construct the house. The loans are given for overall construction of the house and not for the land or ready-made house. The borrower needs to predetermine the cost that will need to construct a house.
- Home extension loan
Extension basically means extend the thing which you already have. And hence increasing the area of your house is called an extension of the home. These form of the loan are provided for suck kind of extension. Most banks consider this as the home improvement loan.
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- Home improvement loans
Owning a home is the first step but after some years what if you want to renovate your house? For this home improvement, you have a home improvement loans at your service. This form of the home includes overall cost required to reconstruct or renovate your home
- Home loans for NRIs
Why only Indians??? Don’t worry if you are NRI and you want to purchase home in India. Indiabulls bank home loans makes it available for you to buy a house in India. The structure of this home loan is similar to the regular home loans but paperwork can be exhaustive.