Topic: Types of Home Loans in India

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This message was edited 1 time. Last update was at 05/03/2010 13:16:54

In Indian there are a few types of loans clients can get from housing finance companies.

The obvious one is a home loan, that you can get for buying a property, either an under construction property, or one that is already completed. Home loans have become a very popular way of financing a house for the common person. Today, most middle class Indian families have an aspiration to own their own homes. With the reduction in interest rates over the past 10 years, this product has made it possible for families to turn their dreams into reality.

Another type of loan that one can get is a loan against property or LAP. Effectively, what you are doing is raising a loan from a lender against the value of your property, by offering the lender the property as a security or collateral for the loan. This type of loan is popular when you already own your home and want to release some value from the house by raising funds against it. Its cheaper to get a LAP than it is to take a personal loan, so if you need funds, you might want to consider a LAP rather than a personal loan.

You can also get a home improvement loan. These loans are meant for the purpose of structural changes to the home such as say adding an additional bathroom or building another floor.

Finally, you can also get a top up home loan, but you can get this only if you have an existing home loan with a lender. Over time, the value of your home will rise in value. You can get a top up on your existing loan against the rising value of your home. This facility might not be available with all lenders.

For Home Loan Call : Sukesh 9953011221

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