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- Types of Home Loans
Types of Home Loans
Let us understand the different types of Home Loans available for different purposes.
Lending institutions like banks and housing finance companies offer different types of home loans for a wide gamut of housing activities. Some of the popular housing loans are:
Home Purchase Loans: There are the basic home loans for the purchase of a new home.
Home Improvement Loans: These loans are given for implementing repair works and renovations in a home that has already been purchased by you.
Home Construction Loans: These loans are available for the construction of a new home.
Home Extension Loans: Are given for expanding or extending an existing home. For example addition of an extra room, etc.
Land Purchase Loans: These loans are available for purchase of land for both home construction or investment purposes.
Bridge Loans: Bridge Loans are designed for people who wish to sell the existing home and purchase another. The bridge loan helps finance the new home, until a buyer is found for the old home.
Balance Transfer: Balance Transfer loans help you to pay off an existing home loan and avail the option of a loan with a lower rate of interest.
Refinance Loans: These loans help you pay off the debt you have incurred from private sources such as relatives and friends, for the purchase of your present home.
Stamp Duty Loans: These loans are sanctioned to pay the stamp duty amount that needs to be paid on the purchase of property.CommentQuote1Flag