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A home loan is an amount of money that an individual can borrow from a bank or Housing Finance Companies for buying a residential plot, house, apartment or floor. The property is taken as a security by the money lending company and the borrower have to pay monthly EMI's for the agreed Tenure which can be maximum up to 30 years
Types of Home Loans:
Purchase Loan - This is the loan that one takes for purchasing a residential property.
Improvement Loan - This is the loan given for the expenditure related to major repairs of your home and covers renovation.
Construction Loan - This is the loan given for construction of residential property
Plot Purchase Loan - This is the loan given for purchase of a plot of residential land where the applicant wishes to construct his / her own house.
Home Refinance - This is the loan given as refinance within 12 months of purchase of any residential property.
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