3 Types Of Property In India - Home Loan Blog - Tata Capital

Top 3 Types of Property in India

Mar 08, 2017

Buying property in India is a huge investment and with different types of loans available for the buyer, it has become easier to own a property. While there are many types of properties in India as well as the kinds of loans for each property type, here are the top 3 players that rule the real estate market.

Residential Properties

This type of property in India is by far the most prominent one with most buyers looking to invest in residential properties. The residential property market is exponentially growing, be it single family houses, duplexes, condominiums, villas or apartments. Whether you are buying a new residential property or a resale property in India from its previous owner, you can get a home loan easily to finance the purchase.

Plots or Vacant Lands

Plots or vacant lands are purchased for various reasons including construction of residence, business facility or simply for resale purposes to get better return on investment. To buy property in India, one can conveniently avail a home loan and in case of plots, various financial institutions offer loans for buying land for a maximum term of 15 years. The borrower should be of at least 21 years of age with a regular income and the retirement age is also taken into account as per lender's rules. If the buyer intends to construct a building on the land, he can also avail a loan for that purpose only.

Commercial Properties

This type of property in India includes either a plot for commercial use or an existing business building/buildings such as offices, retail premises, industrial buildings, leased residential buildings, hotels, parking space, etc. Availing a commercial loan for buying property in India is very easy via quick online processing available with most financial institutions.