What Type Of Home Loans Are There?

Everyone wants their own house but at times they fail to gather such a great amount of money within a short span of time. Our government has launched several schemes and programs to help people build their own houses. In fact our government has built houses for people who belong to the severe backward section of the society and have a financial crisis. However not everyone gets this benefit. My uncle had availed to build his house and that is when I came to know more about it. Like me, you must also be having the question, what types of home loans are available in India so let me tell you everything I have known. 

There are several types of home loans which are as follows:

• Loans for Land Purchase:

  Availing this helps a buyer to have a land for himself and build a house when his financial status becomes good. 

• Loans for Home Purchase:

  By availing this one can buy a new or pre-owned house.

• Loans for Construction of a House:

  People avail this loan to construct a house as per their wish and do not buy a pre-constructed house. There are some terms and conditions associated with it that you need to check as per the bank states.

• House Expansion or Extension Loans:

  You can avail this loan to renovate your house or to create extra rooms or other things associated with the house.

• Home Conversion Loans:

  People who have availed a loan and bought a house with it but now want to shift somewhere else can go for home conversion loans.

These are some of the most availed loans. Other Home Loans types are:

• Loans for Home Improvement

• Balance Transfer Home Loans

• NRI Home Loans

• Bridged Loans

• Stamp Duty Loans

You must have got an idea about what are the different types of home loans now. 

Now different banks have different kinds of home loans and so does ICICI. Some of them that are not in the above mentioned list are:

• Basic Home Loan

• PMAY- Pradhan Mantri Awas Yojana

My uncle availed Loans for Construction of a House and now has a house of his own.

I hope you have understood the major types of home loans available in India.

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