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    Home Loan Types

    In India, settling down has become synonymous with owning a home. In this busy world, everyone dreams of owning a perfect abode where they can find solace at the end of the day. Buying a home is also becoming a Herculean task these days owing to the mounting real-estate prices. A home loan is an easy way to fund your house purchase given that it is not a wise idea to burn your entire savings to buy a land or a home.

    Banks and other housing finance establishments offer different types of home loans these days. The demand for Home Loan has increased manifold in recent years and people have different expectations when it comes to a home loan. To cater to the requirements of different sections of society, a lot of banks have come up with this concept of introducing different home loan schemes. To quote a few, several banks offer specially crafted home loans for women, agriculturalists and loans exclusively for purchase of land.

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    Types of Home Loan:

    Lenders offer home loans, not only for buying a house but also for a variety of other purposes. Some of the popular types of home loans available in the financial market are described below.

    • Loans for Purchase of Land

      Several banks offer loans for land purchase. Purchasing a land is a flexible option, the buyer can save funds and construct a house whenever his finances allow or just have the land as an investment. Up to 85% of the cost of the land is given as loan by lenders like ICICI Bank and Axis Bank.

    • Loans for Home Purchase

      The most popular type of home loan is the loan for purchase of a new or a pre-owned home. This loan is also commonly available and is offered by many banks in different variants. The interest rate is either floating or fixed and generally ranges anywhere between 9.85% and 11.25%. Also, 85% of the total amount is offered as a loan by many banks.

    • Loans for Construction of a House

      This loan is specially designed for people who want to construct a place according to their wishes rather than buying a pre-constructed house. The approval process for this type of loan is different for it takes into account the cost of plot also. The most important clause when applying for a home construction loan is that the plot must have been purchased within a year for the plot cost also to be included in the loan amount. The loan amount is decided based on a rough estimate of the construction cost. The amount may be disbursed at one go or in multiple installments. Popular home construction loans include the schemes offered by Bank of Baroda, UCO Bank and Canara Bank.

    • House Expansion or Extension Loans

      Want another balcony or an additional bedroom? No worries, some banks also offer loans for house expansion including alteration of current structure and construction of new rooms. HDFC Home Extension loan and house renovation loan offered by Bank of Baroda are popular in this category.

    • Home Conversion Loans

      People who have already availed a home loan and have purchased a house with it but want to move to a new house can opt for home conversion loans. By transferring the current loan to new house, borrowers can fund the purchase of the new home and also need not repay the previous home loan. Though it offers convenience, this segment of home loan is also very expensive.

    • Loans for Home Improvement

      Renovation and repair works like external and internal repair, painting, construction of overhead water tank and electrical renovation certainly will make your house look better. But if you lack the finances for repair and renovation, banks like Union Bank of India, ICICI Bank and Vijaya Bank offer specialized home improvement loans.

    • Balance Transfer Home Loans

      This option can be availed when an individual wants to transfer his home loan from one bank to another bank owing to reasons like lower interest rates or better services offered by the other bank. This is done to repay the remaining loan at a revised, lower interest rates offered by the other lender.

    • NRI Home Loans

      Specially designed to support non-resident Indians in buying a residential property in India, the formalities and application procedure for this type of loan is different from the others. Generally, most of the private and public sector banks offer NRI loans as a product of their housing loan portfolio.

    • Bridged Loans

      Bridged Loans are short term loans that are designed for existing homeowners who are planning to purchase a new property. It aids borrowers to fund the purchase of new house until a buyer is identified for the existing property. This type of loan usually requires the mortgage of new house with the bank and is extended for less than two years. Several banks like Vijaya bank and HDFC Bank offer bridged loans.

    • Stamp Duty Loans

      Not a widely known segment of home loans, stamp duty loans are offered to cover the stamp duty charges during the purchase of a property.

      With home loans becoming the norm of the day when it comes to purchasing a home, it also becomes equally important to identify your requirement and apply for the right type of home loan. Not only will it reduce the paperwork and simplify the loan approval process, it will also allow you to enjoy a loan at reduced interest rates. Also, make sure you use an home loan EMI calculator to know your amortization schedule and plan the finances better.

    Types of Home Loan Reviews

    • IIFL Home Loan
      "THEY R CHEATER AND VERY VERY BAD SERVICE"
      0.5 0.5/5 "Unacceptable"
      I purchased a flat in greater noida in april 2017 and i took a home loan ammount 20Lakh from koushambi branch ghaziabad, they did not give me PMAY subsidy at that time they told me that they dont have any subsidy, afetr taken loan i have known that they have PMAY subsidy, i talk to branch but very time they give me excuse after, they are giving me excuse from last 4 month, and his service also very bad, after getting my 12 lakh demand draft they have hold my demand draft, now i am live in mumbai they telling me that now again they want my cheque, very bad service, guys dont take any type of loan from IIFL, many good bank r available in the market. IIFL dont deserve even 1 star
      Was this review helpful? 0
      , noida
      Reviewed on Mar 27, 2018
    • HDFC Limited Home Loan
      "Transfer existing home loan"
      0.5 4.0/5 "Great!"
      I want to transfer my existing home loan to DHFL but the excutive and the Manager does not do this because my property in grampanchayat. DHFL service is good so I recommend DHFL to other for any type of loan. I really had a good experience with them.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 04, 2017
    • Bank Bazaar Home Loan
      "loan option"
      0.5 4.5/5 "Excellent!"
      Bank Bazaar is the best if you are confused with selecting loan option. so from now I will always give first preference to Bank Bazaar for selecting bank for any type of loan which clear all the doubt about all type of bank loan with all the banks.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 03, 2016
    • Bank Bazaar Home Loan
      "Suitable site"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar is best suitable site for comparison of all types of research work when it comes to any type of loan be it personal, housing loan even it comes to FD and everything. To be honest, I just made an inquiry at bankbazaar where I had not finalized the property. Later, after finalizing the property I had approached HDFC LTD directly it was at that time I was confirmed by the HDFC LTD executives that the request is already in place as you have already approached Bankbazaar and this made my work even more simpler and this was my history of taking my housing loan through bankbazaar.
      Was this review helpful? 1
      , kolkata
      Reviewed on Aug 27, 2016
    • DHFL Home Loan
      "Good response & clear communication"
      0.5 4.0/5 "Great!"
      I availed a Composite loan for Rs.20 Lakhs which is a type of Home loan from DHFL at an interest rate of 11.75%. The first 3 years it follows the fixed rate and later on a floating basis. I took it for 10 years. It was quite a smooth loan process and the documentation was the standard and the clearing took about 15 days. It was for a land with the construction value.
      Was this review helpful? 5
      , chennai
      Reviewed on May 23, 2016
    • Bank Bazaar Home Loan
      "Informative and unique"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar website is very informative and unique. I feel that for any type of loan processing this site will be easy. I am very comfortable in using the site for all my financial needs. They make all the information easily accessible to all the customers through the website.
      Was this review helpful? 0
      , new delhi
      Reviewed on Dec 12, 2015
    • Bank Bazaar Home Loan
      "Definitely would recommend.."
      0.5 4.5/5 "Excellent!"
      For any type of loan definitely I recommend bankbazaar. Service is very excellent and superb customer support. I like bankbazaar because it is a dynamic website as it have different options. Portal is fine to access. Just enter the phone number as the customer relationship officers call immediately and guide for require documents. Processing is very fast. I found this site through google.
      Was this review helpful? 0
      , pune
      Reviewed on Sep 22, 2015
    • Bank Bazaar Home Loan
      "Good!!!"
      0.5 5.0/5 "Blown Away!"
      It is good and easy to search any type of loan or insurance policy with BankBazaar. The comparison of the banks, insurance companies with their details and to choose the best one among all is the good part. the website is very useful for everyone. BankBazaar service was good. The queries in the initial part when I apply for loan, I feel it is too loan process entering many details. I feel that it can be reduced..
      Was this review helpful? 0
      , delhi
      Reviewed on Sep 01, 2015
    • Bank Bazaar Home Loan
      "Fair!!!"
      0.5 5.0/5 "Blown Away!"
      I would like to thank BankBazaar very much helped me process my home loan. It is a one root solution to get any type of loan like car loan, home loan etc. I am quite happy with their services. The website is good. We can compare the loan amount, processing fee at once hence it is good. I am happy with BankBazaar.
      Was this review helpful? 0
      , nagpur
      Reviewed on Aug 22, 2015
    • review Home Loan
      "Do Not go For GIC Housing Finance For any Loan .... "
      0.5 0.5/5 "Unacceptable"
      All People be careful before u apply for a Home Loan in GIC its a money making company where the agents demand 3% commssion on the loan amount which is taken by the agent,and forwaded to senior officers in GIC, as GIC never entertains people directly,everything is done thru an agent , i will say to all the people do not go for Any type of loan at GIC .
      Was this review helpful? 27
      , mumbai
      Reviewed on Jul 04, 2015
    • Punjab National Bank Home Loan
      "Average"
      0.5 4.0/5 "Great!"
      I had not taken the home loan from Punjab National Bank housing finance as they did not approve me for loan. The reason was the type of loan which I had purchased. Apart from this it was a quick response and also the executive had contacted me immediately.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 02, 2015
    • Bank Bazaar Home Loan
      "Faster response and good customer service"
      0.5 4.0/5 "Great!"
      Bankbazaar.com is good. The website gives a clear comparative analysis of various banks. All the requirements of various loan types are available in one roof. The response was very fast and the overall customer service was good. I strongly recommend the website.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 27, 2014
    • Bank Bazaar Home Loan
      "Amazing"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar is having all the banks detail with interest rate, loan amount, EMI info, etc. We can easily get any type of loan from any banks through bankbazaar website. The website is very user friendly and quite informative. I strongly recommend the website.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Sep 23, 2014
    • Bank Bazaar Home Loan
      "Excellent"
      0.5 4.0/5 "Great!"
      The Bank bazaar website is good to know about different rates of interest of different banks. Even if someone has no idea on taking the loan this website would help him to understand and apply for any type of loan. The website it is user friendly and the response was quick on time.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 25, 2014
    • Allahabad Bank Home Loan
      "Valuable for feedback for home loan"
      0.5 1.5/5 "Bad"
      Allahabad bank home loan is ok in the sense like the working environment is not very good its not good sense any type of loan they have to improve the customer support a lot of Nationalized banks are there maintain good reputation they are very slow in process as per the standard its a competitive environment as soon in case of home loan that is my feedback there is a lot of slow documentary work for home loan customer rhas to follow up with the bank so we are less interested to apply
      Was this review helpful? 3
      , kolkata
      Reviewed on Aug 08, 2014
    • Bank Bazaar Home Loan
      "Review number: 4474"
      0.5 3.5/5 "Pretty good"
      its a good planner to take any type of loan
      Was this review helpful? 0
      , faridabad
      Reviewed on Sep 06, 2012
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