Get the Tata Capital App to apply for Loans & manage your account. Download Now

Blogs

SUPPORT

Loans For You
Loans for Business
Investment
Insurance
Apply

Quick Links for loans

Quick Links for Insurance

Investment

Offers Quick Pay
Back

New Car Loan

Know More
Back

Equipment Finance

Avail Digital Equipment Loans
up to Rs. 1 Crore

  • Attractive ROIs
  • Customizable Loan tenure
Know More
Back

Equipment Leasing

Avail Leasing solutions
for all asset classes

  • Up to 100% financing
  • No additional collateral required
Know More
Back

New Commercial Vehicle Financing

  • First time user
  • Retail and strategic Clients
Know More
Back

Used Commercial Vehicle finance

  • Repurchase
  • Refinance
  • Top up
  • Balance Transfer
Know More
Menu  
 
Apply Now

Tata Capital > Blog > Loan for Home > Types of Home Loans

Loan for Home

Types of Home Loans

Types of Home Loans

Purchasing a home is a pivotal point in many people’s lives. Personal Finance Expert Suze Orman states, “Owning a home is a keystone of wealth – both financial affluence and emotional security.” However, in recent decades, real estate prices have shot up to exorbitant rates, making it difficult for most to purchase homes in India. This is where home loans come in. They provide you with the assistance needed to build and maintain your dream home. There are several types of home loans, each catering to different requirements. It is essential to research your options before choosing the one best suited to your requirements. Read on to learn more about the types of home loans.

Standard Home Purchase Loan

This basic home loan is one of the most prevalent kinds of home loans in India used for buying a pre-approved or new home, residential property – bungalow, townhouse, apartment, flat, etc. It is a fairly common home loan option with floating, fixed or hybrid interest rates levied on it. Financial institutions can sanction up to 80 – 90% of the current monetary value of the property as the loan amount.

Home Construction Loan

This type of loan is designed to provide funds for those who own or co-own a plot of land and want to construct a house on it. The application and approval procedure for such a home loan is dissimilar to other options as it includes the cost of the plot. Also, the plot should have been purchased within a year. If you meet the home loan eligibility, then the loan amount may be disbursed in several instalments or all at once. You may also consider this option to complete the construction of a partially-built home.

Home Extension Loan

If you feel the need to add space to your existing residence, a home extension loan is perfect. You can avail of this option to build some new rooms, add another floor or simply want to expand your home according to your necessities.

Additional Read: Top Things to Know about Home Extension Loan from Tata Capital

Plot Loan

This is one of the most widely used types of home loans. As its name implies, a land purchase loan helps you to buy a piece of land or a plot on which you can construct later as per your wish. You can also simply keep the land as an investment. Usually, lenders can approve up to 80 – 85% of the market value of the land or plot as the loan amount.

Home Loan Top Up

Top-up home loans refer to a situation where you obtain additional financing in addition to your existing home loans. This can be for any purpose, such as remodelling your house, constructing something on your property, or to fund other expenses. It can also be used to fund personal expenses, such as weddings. To be eligible for home loan top-ups, individuals need to have repaid their EMIs on their existing loans on time.

Home Loan Balance Transfer

You may be having an existing home loan and unhappy with its home loan interest rates or lender’s services. Thankfully, you can always switch from one lender to another through a balance transfer option.

Searching for the best home loan provider? Your search ends here as Tata Capital’s bespoke home loan offerings are perfect for all your home-related needs. With attractive interest rates and home loan tenures up to 30 years, you can also choose the loan amount and home loan EMIperiod as per your convenience.

Our industry-standard services will provide you with a seamless experience to meet your requirements without any hassle.

Apply for Home Loan Online from Tata Capital

After researching the different types of home loans, the next step is to choose the one that best suits your needs. One crucial factor to consider before applying is selecting a reputable lender. If you’re looking for a home loan, consider Tata Capital. We offer a seamless online application process, instant provisional sanctions, and minimal documentation. Our loan terms extend to 30 years, with competitive interest rates and flexible financing options. Whether you want to construct your dream home, purchase a plot of land, or buy a new apartment, we provide financing solutions to help you achieve your goal.

Apply For Home Loan

Say Hello to Your New Home with Our Easy Home Loans!

Apply now
Popular Searches
anyror modt charges 712 utara online gujarat pre emi calculator earnest money deposit Goa Land Record earnest money khasra number meebhoomi Assam Land Record
More About Loans
home loan calculating home loan housing loan rate of interest calculate home loan eligibility documents needed for housing loan quick cash loan housing loan top up home loan transfer home loan with overdraft facility home loan balance transfer calculator home loan disbursement process loan for home extension rgrhcl

FAQs

Which type of home loan is the most stable?

Fixed-rate home loans are considered the most stable. They are more predictable and protect you against hikes in interest rates.

What type of loan is best for buying a house?

The best type of home loan depends on your requirements. A basic standard purchase home loan may be the best option for buying a fully constructed house.

What documents are required for a home construction loan?

The documents required for a home construction loan include identity proof, address proof, and property documents. These could include your Aadhaar card, PAN card, passport, or other documents.

Can I avail a home renovation loan if I don't own the property?

Most lenders only offer loans to property owners. However, you can consult your loan provider to discuss different options for a home loan.
Disclaimer

Most Viewed Blogs

Trending Blogs

Calculator

Personal Loan EMI Calculator

Personal Loan EMI Calculator
Home Loan EMI Calculator

Home Loan EMI Calculator
Business Loan EMI Calculator

Business Loan EMI Calculator
Used Car Loan EMI Calculator

Used Car Loan EMI Calculator
Two Wheeler Loan EMI Calculator

Two Wheeler Loan EMI Calculator
Loan Against Securities Calculator

Loan Against Securities Calculator
Loan Against Property Calculator

Loan Against Property Calculator
More Tools
Our Subsidiaries
Our Private Equity Funds

Useful Links and Resources

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Policies, Codes & Other Documents

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Tata Capital Solutions & Services

Uh oh, something went wrong

Please try again later.