Staying in own home is a dream of
everyone. People see dreams of owning home at their own choice, but everybody
doesn't able to afford that. Nowadays in the country like India, money is not a
barrier of the dream of owning a home. Because all the government and
on-government banks in India offer Home loan. These loans are specially given
to those people who wants to build-up their own home or purchase a home.
Indian banks offer home loan under
different categories, these include:-
Home Purchase Loans - This kind of
basic loans are being provided for purchasing a new home.
Home Construction Loan: Banks
provides this kind of loan for construction of home.
Home Extension Loan: One can get the
loan for expanding or extending his existing home.
Home Improvement Loans: People can
avail these loans if they have the requirement for implementing repair works
and renovations of their existing home.
Bridge Loans: This loan is the best
loan for those people who wants to sell his existing home and wish to purchase
a new home. Banks help people by giving this loan to finance the new home.
Balance Transfer Loans: This kind of
loan is given to pay off an existing home loan and avail the option of a loan
with a lower rate of interest..
Home Conversion Loan: Banks provide
this kind of loan to those people who has already purchased home by taking home
loan and then wants to move on to another home and for that he requires some
extra money. Under this category of loan the existing loan is being transferred
to the new home and the extra amount is to be included.
Land Purchase Loans: One can avail
these loans for purchasing land. The bank will give the loan without checking
whether the borrower taking the loan for construction his home or using it for
some other purposes.
Refinance Loans: Those who have
taken loans from their friends or relative to purchase their homes, this kind
of loan helps them a lot to repay that debt amount to them.
Stamp Duty Loans: To purchase a
property, stamp duty is essential. This kind of loan helps people to pay for
the stamp duty.
In India, banks provide home loans
against fixed and floating rate of interest. Under the fixed rate home loans
the interest rate remains fixed for the whole period of the loan. By taking
loan under this category the borrower will get the facility of getting a fixed
interest rate. But in this case they have to pay a higher rate of interest. On
the other hand, under the floating rate loans the rate of interest fluctuates
accordingly. The borrower will get the facility of getting a low interest rate.
But the interest rate can rise any time and the borrower has to pay a much
higher interest rate than the fixed rate of these loans. The repayment of home
loans are to be given through Equated Monthly Instalment (EMI). The home loan
EMI depends on the amount and the repayment period one takes.
In this age of technology, one can apply
for the home loan Online. By applying online one gets relief from the lots of
hassle like visiting to the lenders, seeking for the best home loan deal, do
the huge formalities and fulfil the long paper works. By availing these loans
online one just has to sit on a Internet enabled computer, make a search for
the best home loan deal and after choosing one just has to fill a form, that's
it. By doing some simple procedures you dreams can come true.
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