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Different Kinds of Home Loans based on Your Financial Needs

aditiahuja's picture
Submitted by aditiahuja on Mon, 10/22/2018 - 09:01

Have you heard about ‘A home is where the heart is?’ Yes, home is one of the major needs of a human being and owning one is one of the aspirations we all hold in heart! When you have a home of your own, you get a sense of belonging, financial, emotional and social security.

However, being aspired and actually fulfilling it are two different things! Yes, with home prices skyrocketing in the recent past, buying one has become difficult with your savings and income. However, thanks to the Home Loan, it is still possible as you can avail a Home Loan between Rs.20 lakh to Rs.10 crore at lower interest rates.

If you have a robust Home Loan eligibility, you can easily buy a home with a housing loan. Depending upon your financial needs, there are different kind of Housing Loans that leading banks and non-banking finance companies (NBFCs) offer.

Let’s have a look at different Home Loans available these days!

Home Loan verities at per your Needs!

Depending on your needs, you can easily apply for Home Loan such as:

Home Loan for Home Buying

This is one of the most common types of housing loans available in India. People willing to buy a home on a Home Loan can avail this type of home for purchasing any read-to-move and pre-constricted properties.

Home Construction Loan

Some people don’t want to move into a builder made property and want to build their own houses as per their wish and needs. Such people can easily borrow a home construction loan from leading online and local lenders to fulfill their wish.

Home Renovation and Home Extension Loans

Due to some unavoidable situations and circumstances, some people are unable to build a home as per your preferences and had to move in into ready-to-move homes. However, after some time, they can always avail a loan for home renovation and extension with trendy designs and finishes.

Refinance Loans

Some people may purchase a home with their own savings or income and may want to recover the financial liability. As a result, he/she is eligible to opt for reimbursement of the expenses that he/she has already spent on buying the home, construction or home extension. Although you may be able to grab a Home Loan against this option but leading lenders and banks may have some clauses or terms to meet before granting it to you. Thus, you should be clear of the terms first before availing a loan.

Home Loan Balance Transfer

Sometimes, it may happen that you may have an ongoing Home Loan but may not be happy with the services of the lender, or you may be paying more interest. As a result, you can opt for a Home Loan balance transfer option where you can easily transfer the loan account from one lender to another to enjoy better rates and services. However, you may have to pay some processing fee and other charges to your existing lender for enjoying the facility. Thus, be sure of all the changes that you need to pay before availing such a loan.

Top-up Loans or Home Loans

Under a top-up loan, an amount as higher as Rs.50 lakh is available at a lower rate of interest along with a longer tenor. You can avail such a loan from the same lender you have either your Home Loan account is or have opted for Home Loan balance transfer. You are free to avail a top-up loan for reasons best known to you.

The Bottom Line

Now that you are aware of the different kinds of Home Loan schemes available to help you cover your needs, you can avail one as per your needs and affordability. All the best!