Articles
Various home loans available in Indian financial market
by Finway FSC Empowering People FinanciallyEveryone
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.
Sponsor Ads
About Finway FSC 
Empowering People Financially
24 connections, 0 recommendations, 99 honor points.Joined APSense since, September 25th, 2018, From New Delhi, India.
Created on Jun 14th 2019 04:46. Viewed 352 times.
