Various home loans available in Indian financial marketby Finway Capital Empowering People Financially
Everyone knows a thing or two about loans. It is a financial tool that allows you to borrow money from a lender or a lending firm during your hour of need with the terms to repay back the amount in promised time with interest. This definition is just an oversimplification of the actual thing. You have to go through a lot of financial & legal procedures before you could actually get the loan you requested for. Having said that the current economy and the need of the people have made credits much more astute and swift.
The most popular loan among the people of India is but of courses the home loan. The growing GDP is an indication of good financial fortitude of the mass. Hence, people are opting for home loans for settling down in accessible localities or staring out new endeavours on some prosperous stretch. But the banks, the non-banking financial institutions and the lending platforms are getting pummelled under the demand for home loans. In order to make the situation more manageable, the banks and other housing financing firms have implemented the ingenious idea for diversifying the home loan into several sub-categories to fit the bill of different loanees and to assess the type of establishment credit that is generating more profit for these financial bodies.
The different types of home loans available in the present Indian financial market are
1. Loan for land purchase – for buying plots. It is feasible for you if want to build your own home and have a long drawn budget.
2. Loan for home purchase – for buying new our used houses. This is quite popular.
3. Loan for building a house –to cover the expenses of constructing a house from scratch.
4. Loan of house extension – for doing additional construction in your already built house.
5. Loan for home conversion – for transferring the home loan from one property to another.
6. Loan for home renovation – to cover the repairing expenses of your home.
7. Balance transfer – for transferring your home loan form one bank or financial institution to another owing to the lesser rate of interest in the latter.
8. Home Loan for NRI – for NRIs only. Banks rebuff their forex with these loans.
9. Bridge loan – for instalment payment of a new home while searching for a buyer for the existing house. Finway gives loan against property in Delhi for this kind of loan as mortgage is essential here.
10. Loan for stamp duty – to cover the stamp duty cost on purchase of a home.Therefore, if you want to avail low interest home loans in Delhi or a business loan in Delhi against a property then visit Finway for the best consultancy.
Created on Jun 14th 2019 05:46. Viewed 92 times.