7 Types of Home Loan

#1 Land Purchase Loan

Under home loan you can get loan to just purchase only land also.

#2 Home Purchase Loan

You can buy a flat, under construction, constructed building with this type of home loan. You can buy the home in a joint name of your partner or relative. If you are buying your first property, you can avail loan subsidy by central government. 

#3 Loan for Construction

In case you already have land and you just want to construct home on top of it, you can avail loan.

#4 Home Loan Extension [Top Loan]

If your plans have changed and you want to construct one more floor or something extra after some time you can avail some more loan depending on your eligibility. 

#5 NRI Home Loan

Home Loan scheme designed for Non Resident Indians.  You need to have a work permit and other required documents to avail home loan.

#6 Balance Transfer Loan

For some reason you dont like the current bank from where you have availed home loan, you can process to transfer the home loan to another bank. New Interest rates according to other bank will be imposed. 

#7 Bridge Loan

Bridge loan allows you to buy a new property while waiting for the old property to get sold. You can avail loan on small amounts like down payment and repay it once your old property is sold out.  Bridge loans have a higher interest rate approximately 10% and 2 years of repayment window.