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Home Loan

A home loan is an amount of money that an individual can borrow from a bank or Housing Finance Companies for buying a residential plot, house, apartment or floor. The property is taken as a security by the money lending company and the borrower have to pay monthly EMI's for the agreed Tenure which can be maximum up to 30 years

Types of Home Loans:

    1. Purchase Loan - This is the loan that one takes for purchasing a residential property.
    2. Improvement Loan - This is the loan given for the expenditure related to major repairs of your home and covers renovation.
    3. Construction Loan - This is the loan given for construction of residential property
    4. Plot Purchase Loan - This is the loan given for purchase of a plot of residential land where the applicant wishes to construct his / her own house.
    5. Home Refinance - This is the loan given as refinance within 12 months of purchase of any residential property.

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