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Home Loan

Home Home Loan

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Overview

What is Home Loan ?

Any amount of money borrowed from a bank or an NBFC for the purchase, expansion, or construction of a home at a certain fixed or floating rate of interest, payable in EMI or Equated Monthly Instalment over an agreed period, is termed as a Home Loan. The property remains as security with the lender for the term or period of the loan. You may avail a home loan for purposes such as:

Purchase of Residential Property

Acquisition of Land

Home Construction

Home Expansion

Home Renovation

Home Transfer

Home Loan Types

Different Types of Home Loan for Your Varied Needs

A vast array of institutions offer you the best home loan rates at the most competitive rates and affordable EMIs.
Types of mortgage and home finance are discussed in brief below

Home Construction Loan

A type of loan specifically designed to finance the construction of a new home or property. It provides funds in stages as the construction progresses, ensuring the borrower has the necessary finances to complete the project.

Home Extension Loan

This loan is meant for individuals who want to extend or expand their existing home. It provides funds to cover the costs associated with adding extra space, such as additional rooms, floors, or structural modifications.

Home Improvement Loan

Designed to help homeowners renovate, repair, or upgrade their existing home. It provides funds to enhance the aesthetics, functionality, or energy efficiency of the property, covering expenses like remodeling, painting, flooring, or installing new fixtures.

Home Loan Balance Transfer

This option allows borrowers to transfer their existing home loan to another lender offering better terms, interest rates, or repayment options. It can help reduce monthly payments, save on interest costs, or consolidate multiple loans into a single loan.

Composite Home Loan

Also known as a combination loan, it combines two or more types of loans to finance different aspects of homeownership. For example, it may include a portion for buying the property and another portion for home improvement or renovation.

Home Conversion Loan

This loan is suitable for individuals who wish to move from one property to another. It allows borrowers to finance the purchase of a new home while converting their existing home into a rental property or selling it.

Pradhan Mantri Awas Yojna

It is a government scheme in India aimed at providing affordable housing to economically weaker sections of society. It offers subsidized interest rates and other benefits to eligible individuals, making homeownership more accessible.

NRI Home Loan

Specifically designed for Non-Resident Indians (NRIs) or Persons of Indian Origin (PIOs) living abroad who want to buy property in India. It caters to the unique requirements and financial situations of NRIs, enabling them to invest in residential properties in their home country.

Process

Steps To Acquire A Home Loan

  • 1

    Enter your details in the Home Loan Application Form

  • 2

    Pay Home Loan Processing Fee

  • 3

    Your Home Loan Application and Documents will be inspected and verified

  • 4

    Your Home Loan Application will be queued and sent for approval or sanction

  • 5

    Your lender will visit the property you intend to purchase for a legal check.

  • 6

    After approval, your Home Loan Amount will be disbursed to your Bank Account

Get In Touch

LoanBits Financial Solution LLP,
C213 Tower no.2, Vashi Stations, International Infotech Park, Vashi, Navi Mumbai - 400703. Maharashtra India

Info@loanbits.co.in sachin.patil@loanbits.co.in

9920839916 / 8779962592

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