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Are you planning to follow a home loan? Here are 5 types of Home Loans in India

By: f2cpvtltd

With the rising uncertainty due to the covid-19, people understood the value of their own home and started looking for it immediately. According to Sudhir Pai, CEO of Magic Bricks, the demand for ready to move in home and under construction has already exceeded the pre-covid period. You can also say that reduced home loan interest rates, reduction in stamp duty, and discounts and deals offered by developers have made home-buying an attractive proposition in the country.

Since the demand for homes is on the rise, so are home loans. In India, Home Loan is something that fulfils the dream of Indians of buying a new home. Getting a home isn’t only a status symbol but also refers to the fact that you’ve settled down. Keep following to know more about the types available of home loans in India.

  • Basic Home Loan

It’s the standard home loan you can opt to buy a property of your choice. Depending on your financial standing lender approves 75%-90% of the property’s cost, and the rest you need to manage via savings. Once you get the disbursal, you get the option to repay in easy monthly instalments. 

  • Home Construction Loan

In this case, if you already possess a piece of land and are planning to make your dream home, you may opt for a home construction loan. Instead of making a lump sum, your lender disburses funds in terms of instalment based on your home’s construction progress. The construction cost decides the approval amount. 

  • Home Extension/Improvement Loan 

If you’ve already got ready to move in home and want to improve or add rooms/floor, you may opt for a home extension or improvement loan to renovate your home. 

  • Home Loan Balance Transfer

You’re already following along with home loan but come to know that another lender is offering a comparatively lower rate of interest, ease of convenience, better customer service. You can transfer your existing home loan from one lender to another lender. 

  • Pradhan Mantri Awas Yojna (PMAY)

If you’re buying a home for the first time, you can get a home loan subsidy and save as much as Rs 2.67 lacs on home loan interest. Only lenders registered under this credit linked scheme can offer you this facility. 


Apply for a home loan in Delhi-NCR

You should choose the right Home Loan in Delhi-NCR for your needs now that you know the various forms of Home Loans. Since you’ve decided on the best form of loan, you should apply it with a reputable lender.

Top lenders now allow you to apply for Home Loans in Delhi-NCR online. However, review the qualifications and identification conditions before applying to ensure you are eligible for the loan and have all the required paperwork. It’d make it easier for you to get loan acceptance and move closer to realising your goal of being a homeowner.

Get the best rates on home loan in Dehradun

Since Covid-19 has arrived with more force, it isn’t advisable to visit multiple banks & NBFCs. But this doesn’t mean that you can’t get a home loan in Dehradun. Hire a professional home loan consultant comes into the picture. Fair Fincorp helps ensure you get a home loan in Dehradun while you enjoy coffee sitting in your home. All you need to do is to make a phone call or send an email. 

Secure an Affordable Home Loan in Meerut 

Fair Fincorp has tie-ups with all the central banks and NBFCs in Meerut too. You can get the best possible interest rate and a reduced processing fee. Reach out to Fair Fincorp to get quick approval for your home loan in Meerut

You can also get a Home Loan in Saharanpur by sitting right into your home

Are you residing in Saharanpur, no problem! Fair Fincorp also helps you get the best home loans in Saharanpur. No need to visit the premises; call Fair Fincorp financial advisors, let them know your requirements, and upon analysis based on it, they’ll suggest you the amicable solution.

One Phone Call Help You Get Amazing Home Loan in Haridwar

Haridwar residents don’t need to get upset as Fair Fincorp is quite familiar with your region and the market. Therefore, Fair Fincorp has been offering outstanding home loans in Haridwar for the last 14 years. 

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