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Explaining the Various Kinds of Home Loans Available in india

· home loans

Most of us are familiar with the saying ‘Home is where the heart is’ and this is after all not without reason because most of us feel the most secure and comfortable. This is one of the biggest reasons why people tend to invest in a piece of real estate as soon as they can. A home also provides a sense of belonging and financial security.

However, over the years property prices in India have skyrocketed which has made it increasingly difficult for individuals to purchase a house using solely their savings and salary. This is why home loans were introduced. What was initially being offered by a select group of institutions is now being provided by a wide range of financial institutions including NBFCs (Non-Banking Financial Companies). The best part about these loans is that they are of high value, long repayment tenor, and low interest rates and as a result the repayment does not become a burden.

Further, home loans have now been transformed into various categories depending on the needs and requirements of the applicant. You should aware with all available different types of home loans in India, a few of which are as follows -

For Buying Homes

This is the most common and obvious category and is availed the most by people in India. This can be used for purchasing any kind of property irrespective of whether it is ready-to-move in or under-construction.

Home Construction Loan

There are many individuals who do not wish to purchase a house being built by a developer and instead want to make a dream house on their own terms and conditions. A home construction loan is for such kind of individuals to help them realise their aspirations.

Home Renovation Loans

With time our homes constant upkeep whose costs can swell to a great extent if the size of our property is large. Many times we also need to expand our property to accommodate for the growing members of our family. In both these cases, be it that of renovation or extension, loan are available which many people do not know about. These are very beneficial and help ensure that our savings are not strained.

Home Loan Balance Transfer

There have been several instances wherein the applicant is not happy with the services of the lender from whom the home loan had been sought. This can arise due to a number of reasons including the high interest rates being paid. In such a case, you can very easily change your lender by opting for what is known as a home loan balance transfer. You can thus benefit from the low interest rate of the new lender.

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