{"id":553,"date":"2022-10-21T07:31:06","date_gmt":"2022-10-21T07:31:06","guid":{"rendered":"https:\/\/theguardiansindia.com\/blog\/?p=553"},"modified":"2022-12-30T13:28:09","modified_gmt":"2022-12-30T13:28:09","slug":"different-types-of-home-loans-in-india","status":"publish","type":"post","link":"https:\/\/theguardiansindia.com\/blog\/different-types-of-home-loans-in-india\/","title":{"rendered":"Different Types of Home Loans in India"},"content":{"rendered":"\n

Different Types of Home Loans That You Should Be Aware Of<\/h2>\n\n\n\n

Owning a home is everyone\u2019s dream and most Indians use loans to realize this dream of owning a house. In fact, demand for home loans has multiplied several times over the last two decades. As a result, many housing finance companies and banks in India now offer loans to assist you in purchasing a home for a variety of reasons. Here\u2019s a lowdown on the different types of home loans that you should be aware of. <\/p>\n\n\n\n

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General Home Loan:  <\/strong>This is one of the most common types of loans available to home-buyers. Many reputable finance companies\/banks provide them, ensuring that the terms and conditions are extremely flexible and fair so that the buyer (including a self-employed individual) can realize his\/her dream of owning a home.<\/p>\n\n\n\n

Home Construction Loan: <\/strong>If you don’t want to buy a pre-built home and would rather have it built to your specifications, you can get a home construction loan. To be eligible for this loan, you must own or co-own a plot of land. Construction loans are available from a variety of housing finance companies and banks.<\/p>\n\n\n\n

Land Purchase Loan: <\/strong>Many buyers in the country want to buy a property and then build a home brick-by-brick, therefore several housing finance companies and banks offer what is known as a land and plot loan or land-purchase loan to these people.<\/p>\n\n\n\n

Home Extension Loan: <\/strong>The Home Extension Loan is for homeowners who want to expand their existing home because their family has grown. Many financial institutions and banks offer home extension loans.<\/p>\n\n\n\n

Home Improvement Loan: <\/strong>Financial institutions and banks are also known to provide home-improvement loans, which is also referred to as \u2018home renovation loans\u2019. This loan is availed by people who already own a home and want to renovate it.<\/p>\n\n\n\n

NRI Home Loan:<\/strong> NRI home loans are specialized home loans that have been designed to assist non-resident Indians in purchasing residential real estate in India. Most private and public sector banks include NRI loans in their portfolio of housing loans.<\/p>\n\n\n\n

Home Conversion Loan: <\/strong>Existing home loan borrowers who want to move into a new home can avail of this loan to do so. Through this homebuyers can fund the purchase of a new home while avoiding repayment of the previous home loan by transferring the current loan to the new home.
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Different Types of Home Loans That You Should Be Aware Of Owning a home is everyone\u2019s dream and most Indians use loans to realize this dream of owning a house. In fact, demand for home loans has multiplied several times over the last two decades. As a result, many housing…<\/p>\n","protected":false},"author":1,"featured_media":592,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/theguardiansindia.com\/blog\/wp-json\/wp\/v2\/posts\/553","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/theguardiansindia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theguardiansindia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theguardiansindia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/theguardiansindia.com\/blog\/wp-json\/wp\/v2\/comments?post=553"}],"version-history":[{"count":10,"href":"https:\/\/theguardiansindia.com\/blog\/wp-json\/wp\/v2\/posts\/553\/revisions"}],"predecessor-version":[{"id":609,"href":"https:\/\/theguardiansindia.com\/blog\/wp-json\/wp\/v2\/posts\/553\/revisions\/609"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theguardiansindia.com\/blog\/wp-json\/wp\/v2\/media\/592"}],"wp:attachment":[{"href":"https:\/\/theguardiansindia.com\/blog\/wp-json\/wp\/v2\/media?parent=553"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theguardiansindia.com\/blog\/wp-json\/wp\/v2\/categories?post=553"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theguardiansindia.com\/blog\/wp-json\/wp\/v2\/tags?post=553"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}