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Types of Home Loans:
There are a variety of home loans available. They are:
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| 1) |
HOME PURCHASE LOAN |
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This is the common loan for purchasing a home. |
| 2) |
HOME IMPROVEMENT LOAN |
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This loan is given for implementing repair works and renovations to your home. |
| 3) |
HOME CONSTRUCTION LOAN |
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This loan is available for the construction of a new home. |
| 4) |
HOME EXTENSION LOAN |
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Given for expanding or extending an existing home. For example, addition of an extra room. |
| 5) |
HOME CONVERSION LOAN |
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Available for those who have financed the present home with a Home Loan and wish to purchase and move to another home for which some additional funds are required. Through a Home Conversion Loan, the existing loan is transferred to the new home, including the additional amount required, eliminating the need for pre-payment of the previous loan. |
| 6) |
LAND PURCHASE LOAN |
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Sanctioned for purchase of land, for both home construction or investment purposes. |
| 7) |
BRIDGE LOAN |
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The Bridge Loan is 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. |
| 8) |
BALANCE TRANSFER LOAN |
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Balance Transfer loans help you pay off an existing home loan with a higher interest rate, and avail of a loan with a lower rate of interest. |
| 9) |
REFINANCE LOAN |
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This loan helps you pay off the debt you have incurred from private sources such as relatives and friends, for the purchase of your present home. |
| 10) |
STAMP DUTY LOAN |
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This loan is sanctioned to pay the stamp duty amount that needs to be paid on the purchase of a property. |
| 11) |
LOANS TO NRIs |
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This loan is tailored for the requirements of NRIs wishing to build or buy a home in India. |
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