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Applying for home Loans - Learn about Different Home Loan Plans First
Buying a new home is a pricey affair and never everyone can afford this expensive financial choice. However, the dream of buying a brand new house just isn't an unimaginable task either, thanks to the country’s flourishing housing finance market! A countless number of banks and financial housing companies have designed attractive property mortgage plans as per the necessity of each individual and vast gamut of housing actions. A number of the home loan categories are listed below:
1. Home Purchase Loans
That is the most fundamental class of home loans for the purchase of a new home. Whether you would like to buy a flat in a nicely-developed society or planning to spend money on an already built house, housing finance companies or banks will sanction you home purchase loans to support your investment.
2. Home Construction Loans
As the identify suggests, these loans are rendered to the particular person for the development of homes. Though the paperwork required for the home building loans are barely completely different from the home purchase loans.
3. Home Extension Loans
These loans might be utilized for expanding or extending your already constructed home. As an example, the addition of an extra room and parking area are a few of the examples of home extension. But before you apply for this mortgage, seek requisite approvals from the related municipal corporation.
4. Home Improvement Loans
Apply for home enchancment loans, if it is advisable to implement repair works and renovations in your current home. This type of a home mortgage plan might be asked for external works like waterproofing, structural repairs or inside works like flooring, plumbing, tiling, painting, electrical work, and many others.
5. Land Purchase Loans
Land purchase loans are given in case you are buying a land for home construction or merely for investment purpose. You will get this mortgage, even when you don't plan to construct a constructing on it anytime quickly.
6. Balance Transfer Loans
These loans allow you to repay an existing home loan and let you choose one other loan option with a lower curiosity fee. You're allowed to switch the balance loan amount either to the identical housing finance firm (HFC) or to a unique HFC.
7. Bridge Loans
Bridge loans assist finance the new home and are designed especially for individuals who wish to promote a new home by promoting their existing one.
8. Refinance Loans
For the acquisition of a new home, you may need taken some debt from private sources like mates or relations. These loans are specially designed to pay such debt.
9. NRI Home Loans
This can be a particular home loan plan for non-residential Indians (NRIs). If an NRI wishes to assemble/buy a home or buy a land in India, he/she will seek for the sort of mortgage.
These are some of the commonest home loan schemes offered by the highest banks and housing finance companies of the nation. Seeking any one among them as per your necessities and housing actions will free you from the worries of arranging for finances.
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