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If you think, a home loan is a home loan... Think AGAIN! There are multiple TYPES of home loans you can consider to suit your needs! If you are considering getting one, check these out:
ЁЯЪЬ Home construction loan: As the name suggests, you can take this type of loan to build a house. This can include the cost of the plot as well as the cost for constructing the house. The cost of the plot is only included if the loan is taken within one year of purchasing it.
ЁЯз╛ Home purchase loan: To purchase a new or used flat or bungalow you can apply for this. In case of new property, banks fund up to 90% of the cost of the house for a repayment period of up to 30 years.
ЁЯЫая╕П Home extension loan: If you as a home owner, at a later date, wish to extend the usable space of the existing house, you can take a home extension loan. This usually involves structural changes to the house to create more space.
ЁЯЫБ Home improvement loan: If your existing house requires repairs, painting or renovation, you can get a home improvement loan. Some banks consider extension and improvement under a single category of home loan.
ЁЯМЙ Bridge loan: If you buy a new property while selling an old one, you can get this type of loan is granted for the period till the you can sell the existing property. This loan can help you bridge the funding gap that may arise for the time taken for sale of the existing property. A bridge loan is typically a short-term loan that is granted for up to two years.
Also, age, income and credit score are the three major factors that affect sanctioning of home loans. An existing home loan can also be enhanced through a top-up loan to fund additional work!
So, before applying for a random тАЬhome loanтАЭ, consider what you will be using it for, and you may be able to find a better match for you!
Tell us in the comments if youтАЩre considering applying for one and which one youтАЩll take on!