5 Types Of Home Loans You Should Know About
With house prices sky-rocketing, a home loan is the best means to purchase your dream home. Not to mention, a home loan comes with added tax benefits. There are many loan options offered by nationalised & private banks or non-banking financial companies.
Here are 5 home loans you should know about.
1) Land-purchase loan –
Land-purchase loans are for buying a plot for investment purposes or for constructing a house. Banks usually lend up to 80-85% of the price of the plot or land.
2) Home-purchase loan
A home-purchase loan- is the most popular for buying a residential property. Financial institutions generally provide up to 80-85% of the house market value as loan amount. The interest rate can be fixed, floating or hybrid.
3) Home-construction loan-
Individuals who wish to construct a house on a plot owned by them can apply for a home construction loan. The plot should have been bought within a year, for the cost of the land to be included in the loan amount. Otherwise only the estimated cost of construction is considered.
4) NRI-home loans-
Non-resident Indians who are interested in buying residential property in India can avail of specialised NRI-home loans.
5) Home-conversion loans-
Individuals who have taken a house on loan, but wish to move into another property can apply for a home conversion loan to transfer the loan on the new house.
Umang Premiere (Registered with RERA under Registration No. P52100000655 available at website: http://maharera.mahaonline.gov.in) of Kolte-Patil Developers offers pocket-friendly 1 & 2 BHK apartments in Wagholi. Home loans bring you one step closer to owning your dream home. To check out these affordable apartments with modern amenities visit- www.koltepatil.com