Home Loans in India by Prahlad Kumar
It is the dream of almost everyone to be able to purchase their own home, but most people find that they will have to get a loan if their dream is to come true. There are many different kinds of home loans in India, just as there are in other countries but the most basic of all home loans is called the home purchase loan. This is the one that most people avail themselves of when they want to purchase a home.
However, there are others that could suit you better, depending on just what you want to do. If you have a home that needs to be extended, then a home extension loan would be more appropriate for you. Approval for such extensions must be obtained from relevant municipal bodies first. Similarly a home improvement loan could be the one that you need. Each one is slightly different so should be examined to see which is most suitable.
If you have a home already which you are paying off and you wish to purchase and move into another home, but do not have sufficient funds to do so, then the home conversion loan would be the one to ask for. This loan will allow you to simply transfer your present loan to the new home, along with the addition of more funds to cover the extra.
However, if you wish to purchase land either for building on or for investment purposes, then a land purchase loan is the one to seek.
Other loans to do with home purchase are: -
Stamp duty loans – to pay for the stamp duty on the purchase of your home.
Bridge loans for when you want to sell one home and purchase another. The bridge loan will allow you to buy your new home before the old one sells.
Re-finance loans to take advantage of lower interest rates.
Non-resident Indians (NIR) who wish to buy a home in India should seek the special NRI home loan.
Apart from home loans, small business loans are also one of the difficult loans to procure if at all you are a start-up or getting into a new venture.
