These are a range of Home Loans available:
• Home Purchase Loans: for the purchase of a new home.
• Home Improvement Loans: for implementing repair works/renovations in a home that you have already purchased.
• Home Construction Loans : for the construction of a new home.
• Home Extension Loans: for expanding/extending an existing home.
• Land Purchase Loans: for purchase of land for home construction/investment purposes.
• Home Conversion Loans: for those who have financed the present home with a home loan and wishes to purchase/move to another home for which some extra finances are required. In Home Conversion Loan, the existing loan is transferred to the new home including the extra amount required, eliminating the need for pre-payment of the previous loan.
• Balance Transfer Loans: helps you to pay-off an existing home loan and avail the option of a loan with a lower rate of interest.
• Bridge Loans: for people who wish to sell the existing home and purchase another. This loan helps you finance the new home, until you find a buyer for your old home.
• Refinance Loans: helps you pay off the debt you have incurred from private sources like relatives/friends, for the purchase of your present home.
• Stamp Duty Loans: is sanctioned to pay the stamp duty amount that needs to be paid on the purchase of property.
• Loans to NRIs: to build/buy a home in India. EMI is payable till the loan is paid back in full. It consists of a portion of the interest as well as the principal.
Some of the incentives offered by banks are :
• Loan sanction without requiring you to identify property as a pre-requisite for eligibility.
• Free accident/property insurance.
• Waiving of pre-payment penalty/processing fee.