6 Types of Housing Loans As Per Your Financial Need

A home loan is not just about financing your purchase for a new ready to move in the house or for construction of a new house. There are various types of housing loans available, fulfilling specific housing finance needs. Check out their list below: 

1. Home Loan:This is the popular and most common type of home loan. This loan is availed to buy a ready-to-move-in property or an under-construction property using funds availed through bank or NBFC. The loan amount depends on the value of the property.

2. Home Loan for Construction:If you have a vacant plot of land, then you can avail loan to construct your own house. The funds acquired will be used to cover the construction cost. The loan amount depends on the cost of construction.

3. Home Improvement Loan: You can avail loans to make improvements in your existing home as well as renovation, furnishing, or altering the structure of the house.

4. Land purchase loan: You can also avail a loan for purchasing a plot of land. The loan amount will depend on the cost of land, and it's not necessary that you have to construct the house on it.

5. Top-up Home loan:If you already have a home loan and require some additional funds. You can avail this loan for any personal need as well.

6. NRI Home Loan:Home loans offered to NRIs to construct or buy their own house in India.

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