About Home Loan

People often dream about owning a house, but only a few ever make this dream a reality. A home loan, however, can help you fulfill your dream of having your own house.
It is no cheap investment though and requires to have a lot of money to buy a house. It is near impossible to buy a house with just your savings.
You can apply for a home loan with co-applicants too, who are usually the family members.
Home loans are granted not just for personal property but commercial property as well.

What are the Types of Home Loan?

Home Purchase Loans
The most popular type of home loan is the home purchase loan. People take up a home purchase loan to buy a house. A flat, apartment or bungalow, a home purchase loan covers it all.
Home Loan to Purchase a Piece of Land
There are people who think about building their own home or purchase a piece of land for investment purposes. For such purposes, land purchase loan is available. Land loans let you buy the plot of your choice. Land Loans are usually of a high value and flexible tenure.
Pradhan Mantri Awas Yojana
This government scheme also known as PMAY, was earlier known as Indira Gandhi Awas Yojana. In June 2015, the government announced Credit Linked Subsidy Scheme (CLSS) under Pradhan Mantri Awas Yojana which gives every Indian citizen a chance to get his/her dream house. Almost all banks offer loan in coalition with this scheme.
NRI Home Loan
Many a times non-resident Indians, or NRIs want to buy a house in India. This loan allows them to buy the property. However, you will need to submit various documents including passport, VISA and address proof of current overseas address.
Home Improvement Loan
When customers wish to renovate or further construct their house, they can opt for a home improvement loan. This loan helps you cover all the expenses related to repairs or renovations in your home. If you're thinking of giving your home a makeover, choose a home improvement loan.
Home Conversion Loan
Many time consumers change their residence. It can be for any personal or professional reason. But moving into another house doesn't come cheaper either. If one already has a home loan on earlier purchased house and wishes to move into a new house buy getting a new home loan, this type of loan is a savior for them. The home conversion loan helps you to transfer the current loan from your old house to your new house.