Purchasing a new house or purchasing land to construct a new house is so difficult in today’s generation. Home loan is the type of loan by which you can purchase a house on time as house and land rates are increasing day by day. Many banks provide this service against some interest. Home Loan is the type of loan availed for the purchase or a construction of a new home. The different types of home loans issued by banks in India are described below.
Land Purchase Loans: This is the loan availed for the purchase of land for investment/construction purposes..
Home Purchase Loan: This is the conventional home loan .By this loan you can purchase new apartment.
Home Construction Loan: This loan is for the construction of a new home on an existing property. Its terms and conditions are also widely different from Home Purchase Loans
Home Extension Loan: This home loan is for any modification to an existing or old home. Before approval of this loan it is very urgent to get the approval from the concerned municipal authorities.
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