Walk Through the Lanes of Home Loans
In the era of sky touching prices of real estate, home loans is the best medium to realize the most aspiring dream of a common man. Over the last decade demand of housing loans has increased manifold. To avail home ownership, many people apply for home loans every day. It is a fact that home loans come with extra advantages with the toppings of tax benefits that serve as icing on the cake.
Home loans are not only provided for buying homes but also for different other purposes. Catering the different needs of the individual borrowers, banks have come up with an array of different loan products. Following are the offerings by Indian housing finance market-
Home Purchase Loans
It is the most popular and most commonly available loan product. These loans provide finance for purchase of new home or old home from previous owners. You will get up to 85% of the market value of the residential property. It can be availed for either of the interest rate types. Doing aftermath you can chose any of the options from fixed rate and floating rate loan. This type of loan can be availed almost from all the finance lending companies and banking institutes.
Land Purchase Loans
Buying a plot is the first step towards accomplishment of your dreams. These loans can be availed to buy a land parcel. For land purchasing also you will get 85% value of your property. No matter whether you are buying it for investment purpose or residential purpose, all the prominent banks provide this loan.
Home Construction Loans
It is taken by the individuals who want to construct their home as per their choice and designs. Availing process of home construction loan is different from other housing loans. The land parcel on which the construction is to be started must have been bought within a year so that its value can be included as component while calculating the total price of the property. If your land parcel has been purchased more than a year ago, then this part will not be pertinent. Moreover, you should make a rough approximation for the construction of the house and then apply for that expected loan amount. Lender then analyses the application and decides whether it should be sanctioned or not. After approval, loan amount is either laid out in single payment or in installments as per the progress of construction.
These days market is buoyant with the various home loan offers provided by various financial organizations. SBI Home Loan is available at lower interest rate with exclusive benefits. It is the most preferred loan provider in India with solid foundation of trust and transparency.
Home loans are not only provided for buying homes but also for different other purposes. Catering the different needs of the individual borrowers, banks have come up with an array of different loan products. Following are the offerings by Indian housing finance market-
Home Purchase Loans
It is the most popular and most commonly available loan product. These loans provide finance for purchase of new home or old home from previous owners. You will get up to 85% of the market value of the residential property. It can be availed for either of the interest rate types. Doing aftermath you can chose any of the options from fixed rate and floating rate loan. This type of loan can be availed almost from all the finance lending companies and banking institutes.
Land Purchase Loans
Buying a plot is the first step towards accomplishment of your dreams. These loans can be availed to buy a land parcel. For land purchasing also you will get 85% value of your property. No matter whether you are buying it for investment purpose or residential purpose, all the prominent banks provide this loan.
Home Construction Loans
It is taken by the individuals who want to construct their home as per their choice and designs. Availing process of home construction loan is different from other housing loans. The land parcel on which the construction is to be started must have been bought within a year so that its value can be included as component while calculating the total price of the property. If your land parcel has been purchased more than a year ago, then this part will not be pertinent. Moreover, you should make a rough approximation for the construction of the house and then apply for that expected loan amount. Lender then analyses the application and decides whether it should be sanctioned or not. After approval, loan amount is either laid out in single payment or in installments as per the progress of construction.
These days market is buoyant with the various home loan offers provided by various financial organizations. SBI Home Loan is available at lower interest rate with exclusive benefits. It is the most preferred loan provider in India with solid foundation of trust and transparency.
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