Home loans can frequently seem overwhelming to those considering it for the first time, from the extensive financial preparation required to the drawn-out procedure for getting accepted for one. Everybody wants to buy the greatest house they can. But, with property prices that are sky high and soaring, turning the dream into a reality could be a step too far. Here, the good old home loan can come to the rescue.
A house loan is an amount of money, a person loans from a bank or other financial organization to buy residential or commercial property. After that, the borrower must pay the lender the loan balance in Easy Monthly Instalments (EMI)s at a predetermined home loan interest rate.
Benefits of Home Loans
- With house loans, it’s simpler than ever to purchase your own home.
- Your home credits can be repaid over flexible terms of up to 30 years.
- Tax advantages are available for house loans under Sections 80C and 24B.
- The loan can purchase brand-new, previously owned, and under-construction real estate.
Types of Home Loans
Property loans are available from lenders for several different reasons in addition to purchasing a home.
Here are some of the most common house loan types that are offered on the financial market.
1. Loans for the Purchase of Land
2. Construction of a House Loans
3. Loans for Home Purchase
4. House Expansion or Extension Loans
5. Home Conversion Loans
6. Loans for Home Improvement
7. Balance Transfer Home Loans
8. NRI Home Loans
9. Bridged Loans
10. Stamp Duty Loans
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