What are the types of Home Loans available?

There are a variety of home loans available in India, offered by various financial institutions like Banks and Housing Finance Companies. They are :-
1) Home Purchase Loan
2) Existing Home Improvement Loan
3) Home Construction Loan
4) Home Extension Loans
5) Home Conversion Loans
6) Land Purchase Loans
7) Bridge Loans
8) Balance Transfer Loans
9) Refinance Loans
10) Stamp Duty Loans
11) Loans to NRIs

Home Purchase Loans: There are the basic home loans for the purchase of a new home.

Home Improvement Loans: These loans are given for implementing repair works and renovations in a home that has already been purchased by you.

Home Construction Loans: These loans are available for the construction of a new home.

Home Extension Loans: Are given for expanding or extending an existing home. For example addition of an extra room, etc.

Home Conversion Loans: Are 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 extra funds are required. Through a 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.

Land Purchase Loans: These loans are available for purchase of land for both home construction or investment purposes.

Bridge Loans: Bridge Loans are 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.

Balance Transfer: Balance Transfer loans help you to pay off an existing home loan and avail the option of a loan with a lower rate of interest.

Refinance Loans: These loans help you pay off the debt you have incurred from private sources such as relatives and friends, for the purchase of your present home.

Stamp Duty Loans: These loans are sanctioned to pay the stamp duty amount that needs to be paid on the purchase of property.

Loans To NRIs: Are tailored for the requirements of NRIs wishing to build or buy a home in India.