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Home Loan is a mortgage facility offered by lenders to borrowers for various housing needs such as purchase of a new home, under-construction home, land or plot for building a house or renovating an existing home. Housing is one of the most basic needs for humans along with food and clothing. Every youngster strives to build a house and makes it the first priority. Housing is a major investment in that allows a family to cut down on much other expenditure.
Owning a plot or home is the dream of every man. It also provides financial stability as well as emotional security. In India, there has been great demand for loans. When it comes to loans there are many categories that includes:
Home Construction Loans:Home loans are given to those people who are likely to build a new house in the way they desire instead of buying a property that has been already constructed. The process in which home construction loans are obtained is slightly different from that of the common loans provided for housing. When applying for home construction loans the borrower must have an idea of the cost that will incur and apply for the loan accordingly. House construction loans in most cases are easy to obtain once the borrower provides the necessary documents to support his claim.
House Purchase LoansOne of the most popular and commonly availed loans would be home purchase loans. These loans are used when a person buys a property from another owner. It is also necessary to take adequate care in buying properties from another owner. The loans are given on both fixed and floating interests or even as hybrid loans. These kinds of hybrid loans are the ones which include floating interests and fixed interests combined in an ideal way. Almost all the banks give out home purchase loans. This loan includes a little elaborate process when compared to home construction loans.
House Improvement LoansHouse improvement loans are those that are provided when a property has to undergo renovations and other repair works. The kind of expenses that are covered under this includes painting works, repair works both internally and externally, electrical work, plumbing works, waterproofing the house and also when constructing underground tanks or overhead tanks.
NRI Home LoansFor the application of NRI loans the applicant must be of a minimum age of 25 years and the age limit would 60 years. The loan is provided for a maximum of 15-20 years of tenure
Plot Purchase LoansAs the name itself mentions, Plot purchase loans are provided in order to buy plots. These loans are provided for both investment purpose and also residential or housing purpose.
