Home loan is the sum of money borrowed from a bank or financial institution to purchase/construct a house/flat/ villa.
TYPES OF HOME LOANS
HOME PURCHASE LOAN
This loan is taken for purchasing a flat,house or villa.
HOME CONSTRUCTION LOAN
This loan is taken when the plot is already purchased, and funds are needed to construct a house.
This loan is taken to purchase a plot and to construct a house thereafter.
HOME IMPROVEMENT LOAN
This loan is taken to cover the expenses related to repairs of a house/flat/villa or even for renovation of the same.
HOME EXTENSION LOAN
This loan is taken when a customer intends to make some additions to his/her home by adding an additional floor, room, bathroom or kitchen.
HOME LOAN BALANCE TRANSFER
This loan is beneficial to shift the outstanding loan amount to a different lender on better terms and conditions and lower rate of interest.
Mortgage loan is also known as loan against property and is raised by an individual against the property owned by him/her. This property can be residential or commercial. The end use of the loan can be to fund educational expenses, marriage expenses, medical expenses, business needs, debt consolidation, purchase of new property, etc. The loan raised cannot be used for any speculative purpose.
Project loan is a loan raised to start a new manufacturing or service enterprise against the security of residential or commercial property.
This loan is raised to meet the working capital needs of a business with a satisfactory operational record, against the security of residential or commercial property.
Lease rental discounting is a term loan which is offered against the rental receipts derived from the lease contracts with a corporate tenant. The loan is offered to the lessor based on the discounted value of the rental receipts and the property value.