We all dream to purchase our own home at some point of time in our life. But, it is a huge investment so you may not be able to tackle it with your savings. In this case, a Home Loan will be the best solution. Home prices are increasing day by day, but with the help of a Home Loan, it will be possible to get money between Rs.20 lakh to Rs.10 crores at lower interest rates. You just need to fulfill the Home Loan eligibility criteria and submit a few necessary documents and you can easily buy a home with a housing loan. Depending upon your financial needs, there are different kind of housing loans that are offered by the leading banks and non-banking finance companies (NBFCs).
The different types of Home Loans are:
Home Loan for Home Buying
This is the most common type of housing loan available in India, where you avail a loan for purchasing any read-to-move and pre-constricted properties.
Home Construction Loan
If you do not want to purchase a ready-made house or don’t want to move into a builder made property, you can build your own house as per your wish and needs. Then, you can apply for a Home Construction Loan from leading online and local lenders to fulfill the wish.
Home Renovation and Home Extension Loans
Suppose, you are not happy with your existing homes, or it is time to renovate your house, you can opt for reconstruction, home extension or renovation of your house. So, you can avail a loan for home renovation and extension with trendy designs and finishes.
To know the other types of housing loans, read:Different Kinds of Home Loans based on Your Financial Needs
Aman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management.