To meet every requirement Financiers including Banks and NBFCs offer different type of home loans to home buyers based on the property he/she is buying, below is the type of home loan available in India:
Home Purchase Loan
This is the most common type of home loan taken in India for the purchase of a residential property. A residential purpose property can be:
- A ready or an under construction apartment
- A ready or an under-construction Independent Property Bungalow etc
- A ready or an under construction row house
All the home loan lenders in India like HDFC, SBI, Axis Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, Citibank and others are providing this type of home loan for property purchase.
Home Construction Loan
This loan is available for construction of a new residential property. Home Construction loan can be funded by a housing finance company for construction of a bungalow, row house etc. SBI, HDFC, ICICI, Axis Bank, IDBI Bank, PNB, Andhra Bank and many others are offering this type of house loan. This type of home loan is also called Self Construction Home Loan.
Home Improvement Loan
This type of loan is provided to repay, upgrade and or renovation of an existing residential property.
Home Extension Loan
This type of home loans are given for expanding or extending existing residential property or for adding an extra room, etc.
Balance Transfer Home Loan
This type of home loan helps you to pay off an existing home loan by availing another loan from a different mortgage lender.
Balance Transfer Home Loan with Top Up
This type of home loan is provided by banks to balance transfer or refinance a borrowers existing home loan with an addition top – up (cash-out) which may be used for extension of your residential property, home renovation, furnishing your house or other personal use. Leading financers offering Balance transfer home loan with Top Up facility includes- Axis Bank, ICICI Bank, HDFC, Standard Chartered Bank, Citibank, Kotak Mahindra Bank, DBS Bank, Yes Bank, Aditya Birla Housing Finance, Tata Capital. These banks can offer you a top up amount up to 70 percent valuation of the current market valuation of the property.
Land Purchase Loan
This type of a home loan is provided by banks/NBFCs for the purchase of a land for building a bungalow.
Refinance Home Loan
A refinance home loan helps you to pay off another debt you may have taken to purchase/ build a house. You refinance a housing loan to pay off the other non-home loan.
NRI Home Loan
This type of home loan in tailored for Non-Resident Indians (NRIs) planning to purchase/build a house in India. If you are an NRI check best rate for NRI home loan at vservfinancial.com. Leading banks for NRI Home Loan in India are Axis Bank, ICICI Bank, SBI, Citibank, Standard Chartered bank, DBS, HSBC, Bank of Baroda (BOB), Kotak Mahindra Bank and HDFC Limited.
