There are different kind of Loans available choose the one on your priority. Most of the People choose Home Loan Because A home loan not only provides funds to buy a house at interest rates, but also provides tax benefits by making an attractive proposal for home buyers.
Almost Every one of us Has a desire to buy a house of dreams in our life. To Fulfill our dream house, we need to have some things to be with us i.e. Money, documents, enough time and most needed money are needed. These days prices of properties are touches the Sky, If Anyone wants to purchase any home or Land he/she Must take a loan. It is not Easy to buy a house without obtaining a loan. The Type of loan depends on your requirement.
Home Purchase Loans We are usually referred to as a 'home loan' to buy a new residential property or resale house, these loans can be obtained at a fixed rate or at a floating rate of interest, the lender usually Provides up to 85% of the market value of the property and the income tax deduction can be claimed on such taxes. All major banks and financialinstitutions provide such loans. If the loan for the construction of the house, instead of selecting a building, if you want to make your own house, you can apply for a loan. You must estimate the cost required for construction and only after the investigation of all aspects the lender will decide to lend.
The cost of land will be considered in the calculation of the total value of the house, only if the land has been purchased in a year, such banks provide such loans to UCO Bank, Bank of Baroda and Canara Bank. Home renovation Loan If you already have a home but there is a shortage of money to rebuild it, you can take advantage of home improvement loans.
Almost Every one of us Has a desire to buy a house of dreams in our life. To Fulfill our dream house, we need to have some things to be with us i.e. Money, documents, enough time and most needed money are needed. These days prices of properties are touches the Sky, If Anyone wants to purchase any home or Land he/she Must take a loan. It is not Easy to buy a house without obtaining a loan. The Type of loan depends on your requirement.
Though these are different categories, they are collectively considered as 'home loans' for tax considerations, which allow maximum taxrebates on principal amount. Loans for buying a plot, this type of loan is used exclusively to buy the land on which you will build your house. Interest on home loan is equal to home loan but you cannot claim tax deduction on interest on such loans. There are some banks offering land purchase loans from HDFC Bank, Axis Bank and ICICI Bank.
In India, the demand for domestic credit has increased rapidly since the last decade. We already know about banks who offer us loans to buy our new home. In our country there are So Many Banks i.e. SBI, HDFC, DHFL, AXIS, Piramal group, and ICICI …etc. offers Some Decent loans.
In India, the demand for domestic credit has increased rapidly since the last decade. We already know about banks who offer us loans to buy our new home. In our country there are So Many Banks i.e. SBI, HDFC, DHFL, AXIS, Piramal group, and ICICI …etc. offers Some Decent loans.
Home Purchase Loans We are usually referred to as a 'home loan' to buy a new residential property or resale house, these loans can be obtained at a fixed rate or at a floating rate of interest, the lender usually Provides up to 85% of the market value of the property and the income tax deduction can be claimed on such taxes. All major banks and financialinstitutions provide such loans. If the loan for the construction of the house, instead of selecting a building, if you want to make your own house, you can apply for a loan. You must estimate the cost required for construction and only after the investigation of all aspects the lender will decide to lend.
The cost of land will be considered in the calculation of the total value of the house, only if the land has been purchased in a year, such banks provide such loans to UCO Bank, Bank of Baroda and Canara Bank. Home renovation Loan If you already have a home but there is a shortage of money to rebuild it, you can take advantage of home improvement loans.
Rebuilding such as an overhead water tank, construction of external and internal paintings, major repairs, electrical renewal, etc. are included in this type. Some of the banks providing special home improvement loans include Union Bank of India, Vijaya Bank and ICICI Bank. Home Expansion Loans If you are planning to expand the house such as building a balcony or additional floor, loan is offered by HDFC Bank, Bank of Baroda.
Some banks include it in Home Improvement Loans, while some take it as a separate category 6 Home Conversion Loans If you have already bought a house by getting a loan, but now want to create a new home, you can opt for Conversion Loans. Under this scheme, you can fund the purchase of a new home by transferring the current loan in your new home. This type of loan is relatively expensive and provided by HDFC Bank.
NRI Home Loans This is a special type of home loan and especially for NRIs. This helps in arranging finance to buy a house in India. All the processes involved are similar, except for the documentation section, which is a bit broad. NRI can take advantage of income tax benefits related to home loan, if they have Indian income Stamp Duty Loan If you are having trouble paying stamp duty on the purchase of your property, so you can apply for the loan.
This type of loan is not popular in India Balance Transfer Loan Is your current lender charging higher interest rates? Are not you satisfied with the services of your lender bank? If so, you can opt for a balance transfer loan, in which the loan is transferred from one bank to another. This facility is done by ICICI Bank, Kotak Mahindra Bank and Deutsche Bank etc.
Bridged Loan If you already have a home and want to buy a new one, you can borrow a spare part for a short term until you find a buyer for your old home. When your old house is sold then you can repay the loan. In this case you must mortgage your new home with the lender. Branded loans are offered to Vijaya Bank, HDFC Bank etc.
Banks not only provide home loans to buy homes, but for various related purposes, before applying for a home loan, you should know about various types of home loans available in the Indian market.
Article source:- https://www.proptiger.com/guide/hi/post/10-types-of-home-loans-every-homebuyer-should-know-2
Article source:- https://www.proptiger.com/guide/hi/post/10-types-of-home-loans-every-homebuyer-should-know-2
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