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List Of Different Categories Of Housing Finance In India
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Housing finance is a pathway to a dream home. It is all about the dream. But, home loan is a commitment to pay EMI for next 20 to 30 years. So, it would make sense to understand housing finance in India well and use it to your advantage. A big part of this information is all about making the most suitable decisions. For example, you will need to know the type of repayment plans for a home loan. Then, you can select the most useful one. This article will explore different categories of home loans in India. You do not need to visit a housing finance company and opt for a home loan. You are at liberty to choose the more customized and most suitable type of loan. It can be a better way to borrow and repay. So, explore the different types of housing loans.
The traditional housing loan has a limited application. It is used to purchase a ready-to-occupy or under-construction property. This is the most common loan for people buying a house for self-occupancy. But, it can be used for buying investment properties too.
Home Construction Loans:
If you own a piece of non-agricultural land, then use this type of housing finance to build a home from the ground up. Rules and regulations for this type of house loan are different and so are the eligibility criteria. This type of loan is used for weekend homes. The tenure is shorter. Interest rates can be a bit higher since money is for an asset that is not yet built. But, this type of housing loan is worth it if you plan to sell it after the construction is complete.
Home Extension Loans:
Several property owners intend to make several changes to their property. Adding a little garage or additional floor can be a costly affair as it involves construction costs. But, it will also increase the value of the property. Strategic extensions can be a great way to improve the total value of cost before selling. Land loans are available for buying the land too.
Home Loan for NRI:
This type of housing finance is designed exclusively for NRIs. NRIs and PIOs have an innate urge to own a home in India. They can use it as residence after their return. In most cases, it can be used an investment too. Either way, this type housing finance is available in India. But, NRIs have to produce an additional set of documents. In addition, rules and regulations for NRIs are different than a resident of India. So, house loan can be tougher to avail and easier to repay. So, gather all the necessary information before making a move.
All the best for your dream home and a suitable type of housing finance.
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