When you apply for a home loan in India, you have a plethora of options to choose from. Home loans in India are classified based on the purpose for which they are availed. Based on what you’re looking for, you can choose from these options and pick the best home loan in India.
Here is a list of the various housing loans available in India.
1. For the purchase of residential property
Housing loans for the purchase of a residential property are perhaps the most sought-after home loans in India. These loans are given, primarily, for buying a property that will serve a residential purpose as opposed to a commercial one. If you have already found a competitive home loan interest rate, figure out your precise EMI by using a home loan calculator tool online.
2. For home extension/expansion
A home extension/expansion loan is provided to cover charges for the extension of your house. This housing loan should be availed if you are planning to extend your house’s area, add another room, or build a garage, etc. To get the best home loans in India, you must scour the internet and talk to people within your social circle.
Additional Read – Know What is the Right Time for Your Home Extension
3. For the purchase of land
You can easily avail a housing loan for purchasing a piece of land in India. If you want to construct a house as per your taste instead of moving-in to a pre-constructed property, this is the right option for you. Therefore, invest enough timeto compare several home loan interest rates in India.
4. For the construction of a residential property
You can opt for this housing loan to cover the cost of home construction on your property. Under the PMAY scheme, a credit-linked interest subsidy at 6.50 % is available for 15 years on a home loan in India for eligible candidates. If you qualify the home loan eligibility criteria, you can get the Pradhan Mantri housing loan for construction.
Additional Read- What is Pradhan Mantri Awas Yojana Scheme?
5. For balance transfer
If a more favourable home loan rate is now available to you due to a change in market conditions, you can transfer your housing loans from your present lender to a different one. And, the right lender can offer you a tenure of up to 30 years for a comfortable loan repayment. Before choosing to transfer your loan, use a home loan balance transfer calculator to get an accurate estimate of the EMI.
Carefully evaluate the housing loan amount you require for the desired purpose before you actually apply for a home loan. Since your house is one of the most valuable assets you own, it is wise to go for a lender that has an intimate understanding of your needs. At Tata Capital, we tailor home loans to help you realise your dreams and use the funds just how you want to.
Visit our website today and use our home loan eligibility calculator to design a suitable loan plan for financing your dream home. With our flexible interest rates, you can find an EMI plan to match the tenure of your convenience. Get in touch with us to find out more about our home loan options.