A home is where the heart is! Many people want to build or move to their own homes, but don’t have the financial backing to do so.

Thanks to housing finance, it is now easier to accomplish your wish of buying or moving into your own home.

But, when it comes to financing for homes, there are many types offered by leading banks and housing finance companies (HFCs).

And you need to understand each of the home loans options before considering which one is best for you. Read on this post and get to know quick inputs on the types of home loans available in India!

 

A quick look at home loans available in India:

 

1) Home Loan

A home loan is taken by people who are looking to purchase a residential property. Get a home loan up to Rs 3.5 crore based on your eligibility criteria with Bajaj Housing Finance Limited at an attractive interest rate, with benefits like easy balance transfer, top-up loans, and more.

2) Home Loan Balance Transfer

Home loan balance transfer offers you the option of reducing your EMIs by shifting your outstanding loan from other banks and financial institutions to Bajaj Housing Finance Limited. You can benefit from better terms on your loan, our additional top-up loan facility and features such as a long repayment tenor and an attractive interest rate.

 3) Home Construction Loan

Funding institutes like banks and HFCs also provide users with the home construction loan who are looking to build a home on a plot owned or co-owned. Convenient and affordable, Bajaj Housing Finance Limited Home Loans are designed to fulfill all your mortgage financing needs. In this kind of loan, the approval process is different from the conventional home loans in ways like:

• You need to make an average estimation of the overall cost incurred for the building of the house
• If you don’t include the price of the plot in the loan amount, only the estimates for the home construction gets to be considered

4) Home Extension Loans

This type of housing finance is available for those individuals who are looking to extend or expand their existing home. Many funding partners differentiate this loan on the purpose of the expansion plan of the current home. Most financial agencies include this type as part of their housing improvement loans.

5) Home Improvement Loans

Home improvement loan facility is provided by lenders who own a home but don’t have money to undertake renovations. Renovation covers painting, wall digging, waterproofing, electrical wiring and repairs to existing homes.

You are now aware of the most common types of home loans available in India. You can make the most of these housing finance facilities as per your needs. It is a dream for people to build or move into a home. No matter what your need is, you will be able to fund your housing needs by choosing a preferable home loan type in India.

From finding the right home to getting in-person assistance for site visits, to availing a loan and getting documentation assistance, Home Loan by Bajaj Housing Finance Limited (BHFL) helps you to do it all.