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Types of Home Loans

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Types of Home Loans

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  1. Home Loan India

  2. Types of Home Loans

  3. Being a home owner is everyone’s dream. With the increasing demand for a room of one’s own, the popularity of home loans has gone up. • Banks, financial institutes and NBFCs offer a variety of home loans. With low rates of interest, affordable EMIs, manageable tenure and tax benefits, Home Loan India is high in demand. • Home loans are not limited to buying a house or a property; it can be used for home improvement, buying land to build a house of their own design, renovating, expanding, etc.

  4. The types of home loans available to customers these days are as follows: • Land purchase loans Land purchase loans are to be taken when you are buying a plot of land, on which you wish to construct a house. • Banks offer land purchase loans which are up to 85% of the cost of the plot, irrespective of whether it is for residential or investment purpose. • Based on your age, the maximum tenure for this type of loan is 15 years. Anyone, who is above 21 years of age and has a regular income, is eligible to apply for this loan.

  5. Home conversion loans If you have already purchased a house by taking a home loan, but have changed your mind and wish to buy another house, you can choose home conversion loan. • It simply means that you can transfer the current home loan over to the new home, without the need for repaying the loan on the previous home. While extremely beneficial in a rare case, this loan is very expensive and can cost you a lot. • NRI home loans This is a specialized home loan variant, developed to help Non-Residential Indians to buy residential property in India. Even though the formalities and process for NRI home loan application is similar to regular home loan application, the paperwork involved is quite extensive. • [Source: http://blog.loanbaba.com/types-of-home-loans/]

  6. Click to know more on Home Loan India: http://www.hdfc.com/housing-loans/home-loans/for-new-homes-salaried Thank You…

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