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5 Different Types of Home Loans Available in India

Explore home loan options for new purchases, renovations, and NRIs in India in 2024. Learn about eligibility, application procedures, and FAQs to realize your homeownership dreams.

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5 Different Types of Home Loans Available in India

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  1. 5 DIFFERENT TYPES OF HOME LOANS IN INDIA LEARN MORE

  2. Loan for New House New home loans can be used for purchasing brand-new homes or real estate properties. Lenders usually finance between 70% and 90% of the property's value. Interest rates are subject to change depending on your credit profile, with a typical starting point of 8% per year.

  3. Loan for Home Renovation Homeowners without renovation funds can apply for a home improvement loan. Renovations may involve repairs, repainting, adding fixtures, or extending the home. Borrower estimates costs, lender confirms with a contractor, and payments go directly to the contractor based on progress.

  4. Home Loan Balance Transfer Home loan balance transfer allows moving your current loan to a new account with a lower interest rate. If dissatisfied with current lender's terms, one can opt for a home loan balance transfer.

  5. Home Loan Top-Up If you have an existing mortgage but require additional funds for repairs or renovations, you can opt for a home loan top-up. The benefit lies in the absence of end-use restrictions, allowing you to use the money for various financial needs. It operates similarly to an interest-only personal loan.

  6. Loan for Home Construction A home construction loan is designed for individuals opting to build their own homes instead of buying existing ones. Investkraft offers home construction loans tailored to applicants' needs and budgets. With this loan, you can construct your home and repay it over a flexible 30-year term, providing total financial flexibility.

  7. THANK YOU THANK YOU FOR READING Investkraft.com

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