Everyone wishes to possess a dream home of our own choice. With some saving amount, it won't be possible for us to purchase a dream home that requires a huge investment. Now, Home loans are the best way to finance our dream home.
In today's world especially in India, money is not a barrier to owning a home cause now private and commercial banks offer Home Loans. These loans are given now with ease to those looking to build their own home or purchase a home.
In India, Home Loans are provided under these categories:
- Property purchase Loans - for purchasing properties
- Home construction Loans - for construction
- Home Extension Loans - for home extension
- Home Improvement Loans - for home repairing
- Bridge Loans - Sell your existing home and wish to buy a new home.
- Balance Transfer Loan - pay off the existing home loan and avail loan on lower interest rates.
- Home Conversion Loan - These loans are for those who have taken a loan and purchased home and are looking to move to another home for this some extra money is required. In this criteria, the existing loan is being transferred to a new home and the extra amount need to be paid off.
- Land Purchase Loan - for purchasing land.
- Refinance Loan - a loan taken from their friends or relative to purchase a home.
- Stamp Duty Loans - buy a home through legal terms and conditions using stamp duty.
Banks or NBFCs companies provide home loans against fixed or floating interest rates. Fixed rates tend to be always high and remain same throughout the period specified. Whereas in floating rates keep fluctuating as per the market trends. Here the lender enjoys lower interest rate but due to market risk, he can end up paying higher interest rates.
Lender tends mostly to repay the home loan using Equated Monthly Instalment (EMI). Each individual gets different rates depending on their application filled.
As today everyone aware of the internet, Home Loan Online facility has become much easier for a lender to hunt for. The lender gets reliefs from the following:
- - visiting the lenders
- - seeking the best home loan offers
- - undergo a long process of formalities and attempt for the long paper works process.
Dreaming to achieve your own home can come true with a home loan. Homebuyers are recommended to search for home loan providers and gather lots of information as possible, so they can be compared and can take a proper decision where and how to get the best home loan and fulfill their dreams.