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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

    • review Home Loan
      "Great"
      0.5 4.0/5 "Great!"
      I am having the Home loan with the Saraswat bank limited and the rate of interest is around 8.11%, also the customer service is very prompt. I am very happy with the Saraswat cooperative bank, also am very happy with them till now.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 20, 2018
    • Bank Bazaar Home Loan
      "Easy to get"
      0.5 4.5/5 "Excellent!"
      I have received a mail from bankbazaar on gmail. When i click on the link it will go through bankbazaar website. I applied the credit card page and i have received a call from the customer care executive. It is easy to get a credit card from bankbazaar people. Overall, I'm very much satisfied about the bankbazaar services.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 19, 2018
    • Indian Bank Home Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My housing loan experience was good with Indian bank, the loan amount was based on my requirement and the rate of interest was nominal when compared to other banks. Documents were collected on time and the customer service was good. The tenure for this loan is 20 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 19, 2018
    • RELIANCE HOME FINANCE LIMITED Home Loan
      "Average Service"
      0.5 2.0/5 "Expected more"
      It has been a very good loan experience and they had been given me with a good loan amount and i was satisfied. The interest rate with them had been little high but the process in getting the loan has been easy and there has not been any issues faced so far.
      Was this review helpful? 0
      , surat
      Reviewed on Jun 19, 2018
    • Punjab National Bank Home Loan
      "Very Prompt Service"
      0.5 4.5/5 "Excellent!"
      I have a got loan on time. Everything was done in a smooth process. I'm yet to pay the first month EMI. The people who are working in PNB housing are very prompt and responsive. They have offered me very good interest rate. For the first year, they have offered me interest rate of Rs. 8.4% and from the 2nd year the interest rates will be based on floating price. I have got a separate relationship manager.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 19, 2018
    • Bank Bazaar Home Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      Its is easy to get loan. They have multiple option to choose the best bank. This is the 1st transaction i have ever made. I'm using this website rarely. Whenever i am in need i will use bankbazaar. Through Internet search i came to know about bankbazaar.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 19, 2018
    • Punjab National Bank Home Loan
      "Easy Process and Good Experience"
      0.5 4.0/5 "Great!"
      Documentation process was quite easy. I have got the loan on time. The banking people are very helpful. As per the market standards they have offered me interest rate. Next month i have to pay the EMI. The processing fee is nominal when i compared to other banks. The overall experience is good and I'm very much satisfied about.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 19, 2018
    • ASPIRE HOME FINANCE CORPORATION LIMITED Home Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I got my housing loan form Aspire home finance corporation ltd . Am not satisfied with rate of interest which is too high The customer service and response is good. It took 10 to 15 days for the documentation and approval process. They gave the tenure period of 20 years which i make the payment through ecs .
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 19, 2018
    • ICICI Bank Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been a very good experience with them and the process has taken nearly ten days in getting the loan amount. The loan amount which they had provide had been satisfactory and interest rate also had been okay, where it has been 9.30% initially but now it has been changed to 8.50%. There has not been any issues faced so far.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 19, 2018
    • ICICI Bank Home Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken housing loan from Icici bank , as they have given promising rate of interest while comparing to other banking which available in market There is no processing fees and easy approval process , payments made through ecs process .customer service and customer response is good regarding queries. The tenure period is 20 years .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 19, 2018
    • ICICI Bank Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken housing loan from Icici bank , as they have given promising rate of interest while comparing to other banking which available in market There is no processing fees and easy approval process , payments made through ecs process .customer service and customer response is good regarding queries. The tenure period is 20 years .
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 19, 2018
    • ICICI Bank Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken housing loan from Icici bank , as they have given promising rate of intrest while comaparing to other banking which available in market , easy approval process , payements made through ecs process .customer service and customer responce is best reagarding queries provides solution. The tenure period is 10 years .
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 19, 2018
    • LIC Housing Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I took a housing loan from the LIC housing Finance. The Builder processed the loan for me. The interest rate was 10% initially reduced the rate to 8.% recently. The tenure of the loan is 17 years. There are no additional charges such as part payment charges. Overall it has been a really good experience.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 18, 2018
    • review Home Loan
      "The Service needs Improvements"
      0.5 2.0/5 "Expected more"
      I took a home loan from the CANFIN, The service was also good, I confirmed and reduced the rate after they tried to manipulate my father with incorrect information. The loan amount was 15 lakhs, I got the loan amount with in 1 month, The interest rate was nominal when I took it. Now it seems high because the rates come down. Also they charged me almost 4000 rupees for reducing the interest rate to the current one.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 18, 2018
    • Sundaram BNP Paribas Home Finance Limited Home Loan
      "They have to act on what they have committed to the customer"
      0.5 4.0/5 "Great!"
      Initially, the have copy cat all my documents which i have already provided in banks. They said they will processing the loan immediately like within 15 days. But after that they started my process fresh and asking the documents from me. But the have sanctioned the loan after 2 months. They are not promised their words. They are very diplomatic in handling the things. It is not like their terms and conditions like banks. The interest rate was competitive and better. Initially they said no bank can give fixed interest rates.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 18, 2018
    • Bank Bazaar Home Loan
      "Satisfied with Bankbazaar"
      0.5 4.0/5 "Great!"
      Bankbazaar is providing very good services. I have received a mail from bankbazaar. They have given more option and the executive choose the best option. I have started using this website for 2 months. They have all the documents from my office. The executive very helpful and very Co-operative
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 18, 2018
    • Punjab National Bank Home Loan
      "I'm Satisfied with PNB Housing"
      0.5 4.0/5 "Great!"
      They have given me that the rate of interest rate is 8.5% is applicable for 1 year. After 1 year, the interest rate is depends on the market rate. Process fee is nominal. Processing fee is okay and its like other banks. I have got the loan on time. They executive helped me a lot to sanction the loan quickly. The documentation process was good. I'm paying the EMI of Rs. 35000. I used to make the payment through ECS.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 18, 2018
    • Bank Bazaar Home Loan
      "Very Good Website"
      0.5 5.0/5 "Blown Away!"
      They have suggested me a very good bank for the right time. I can choose the right bank from the options. The follow up also very good after i select the bank. Overall, I'm happy about the services. Much Nationalized banks are not on the list for their home loan. I'm using bankbazaar for 3 years. Mainly i will use to know about the EMI calculator.
      Was this review helpful? 0
      , salem
      Reviewed on Jun 18, 2018
    • Punjab National Bank Home Loan
      "Easy to Get loan"
      0.5 5.0/5 "Blown Away!"
      I have got a on time. I have to wait for sometime on registration. The representative was very helpful. I never called with their customer care. I have applied a loan amount of Rs. 35 lakhs. They charging 2.5 % as processing fee and interest rate of 8.5%. Overall, I'm satisfied with the PNB housing.
      Was this review helpful? 0
      , salem
      Reviewed on Jun 18, 2018
    • HDFC Limited Home Loan
      "Average Experience"
      0.5 4.0/5 "Great!"
      I have got a very good services from HDFC. Documentation was very smooth. Initially they said they are providing 8.35%. The interest rates are as per standards. The processing fee is little high compared to other banks. They charged me around 9000. The customer care services is average. I have paid my 3 months EMI. I used to pay the EMI through ECS. The customer services is not upto mark. If i try to touch with them, they are not available.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 18, 2018
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