Over the past few years, the demand for home loans in India has increased tremendously. Everyday a large number of people apply for home loans to buy their dream home. The housing loan lenders in India provide home loan scheme not just for purchasing home but also for a variety of other related purposes to cater to the different needs of their customers. Some of the popular types of home loans available in the home loan market are discussed below:
Home Purchase Loan:
This is the most popular and commonly availed variant of home loan. You can avail home purchase home loan to get funds for buying a new residential property of your choice. If you are applying for this type of home loan, you must know that most of the housing finance companies in India provide a maximum amount of 85% of the actual market value of the property. The home purchase loan is usually given at fixed or floating interest rate. If you are availing home loan from Indiabulls Housing Finance Ltd you can get home loan only on floating interest basis.
Non-residential Indian home loans:
As the name suggests, this is a special variant of home loan that is meant only for the non resident Indians. The housing finance companies in India have developed NRI home loan schemes to help the NRIs to buy residential properties in India. The formality for availing this type of loan is pretty similar to usual home loan schemes that are offered to the Indian residents. Today, almost all the public and private sector banks and financial institutions offer NRI home loan. At Indiabulls Housing Finance Ltd we assist you at every step of the loan process to help you make your home buying experience a happy one.
Home Improvement Loan:
Home Purchase Loan:
This is the most popular and commonly availed variant of home loan. You can avail home purchase home loan to get funds for buying a new residential property of your choice. If you are applying for this type of home loan, you must know that most of the housing finance companies in India provide a maximum amount of 85% of the actual market value of the property. The home purchase loan is usually given at fixed or floating interest rate. If you are availing home loan from Indiabulls Housing Finance Ltd you can get home loan only on floating interest basis.
Non-residential Indian home loans:
As the name suggests, this is a special variant of home loan that is meant only for the non resident Indians. The housing finance companies in India have developed NRI home loan schemes to help the NRIs to buy residential properties in India. The formality for availing this type of loan is pretty similar to usual home loan schemes that are offered to the Indian residents. Today, almost all the public and private sector banks and financial institutions offer NRI home loan. At Indiabulls Housing Finance Ltd we assist you at every step of the loan process to help you make your home buying experience a happy one.
Home Improvement Loan:
This type of home is availed mainly by people who already own a home but require funds to improve or renovate their home. You can use the funds to carry out repair works such as plumbing work, waterproofing, and electrical work, external and internal painting work.
Home Construction Loan:
This type of home loan is availed by people who wish to build or construct their own home according their needs. The application and approval process for home construction loan is slightly different from the common home loan. One of the important criteria for availing home construction loan is that the land on which you wish to construct your home must have been purchased within one year so that the cost of the land is also included in the total cost of the property.
No matter the kind of home loan you wish you apply for, it is best advised to do your research well about the lending institution to know if they are offering the scheme. At Indiabulls you would get NRI, home purchase loan and loan against property at the best interest rate.
Home Construction Loan:
This type of home loan is availed by people who wish to build or construct their own home according their needs. The application and approval process for home construction loan is slightly different from the common home loan. One of the important criteria for availing home construction loan is that the land on which you wish to construct your home must have been purchased within one year so that the cost of the land is also included in the total cost of the property.
No matter the kind of home loan you wish you apply for, it is best advised to do your research well about the lending institution to know if they are offering the scheme. At Indiabulls you would get NRI, home purchase loan and loan against property at the best interest rate.
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