What are the different kinds of home loans available nowadays?

Q: What are the different kinds of home loans available nowadays? Discuss the benefits of taking home loans..

Srinivas , Chennai

12th August 2015

Home Loan in Chennai

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kinds of home loan

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There are different kinds of home loans available; one can apply for any kind of home loan according to his/her demand.
Different types of Home loans:
1) Home Purchase Loans
2) Home Construction loans
3)Home Improvement loans
4)Home Extension loans
5)Home Conversion loans
6)Land purchase loans
7)Bridge loans
8)Balance transfer loans
9)Stamp duty loans
10)NRI home loans

If you are planning to apply for any one of them and want to get further insights of each one of them please visit Bajaj Finserv.

Nitinarora, Hyderabad

20th November 2015

Comment

Home loans are basically helps you to buy your own home. you have to pay the instalments in place of rent which decreases your burden and makes it easy for you to buy your own home. But deciding to take suitable policy is quit tricky. Here -- http://www.homeloans.com.au/interest-rates/ is the list of different types of home loans and its interest Rates... Choose the one which is convenient for you and makes your payment easy!

MadhavJha, Mumbai

31st August 2015

Comment

Thanks Madhav, I really like your post and advice , keep it up!!

Rama Naidu, Chennai

14th September 2015

The loan amount sanctioned depends on a host of factors. Primarily, it depends on your income and repayment track records. But besides that, the cost of the property to be purchased is also a deciding factor. So, while you are looking for a home loan lender, simultaneously make concrete efforts to identify a property. Your ability to repay your housing loan is based on your income and expenditure pattern.

Sakshi Dhawan, Chennai

21st August 2015

Comment

Thank you very much for your guidance.I will be happy if anybody share me more information. I am earning rs 45000 per month what is my loan ability under housing loan.

Devendra, Chennai

28th August 2015

What factors impact your home loan eligibility?please, discusse...

Harish, Chennai

13th August 2015

Comment

Home loan eligibility is the maximum amount of loan a person can avail for buying a home. It depends on certain factors that are considered by banks before sanctioning or approving a loan..
1. Stability of income
2. Profession
3. Age of the loan seeker
4. Credit Score
5. Attributes of the property

Rangaraju, Chennai

13th August 2015

Hi Appreciate your responses but I think income status maybe the most important factor that determines your home loan eligibility. Higher your income, higher is your chance of paying the liability back to the bank.

Devendra, Chennai

13th August 2015

Hi, when I have taken Home loan bank deduct LTA, HRA and medical allowances you get from the company from your annual take-home salary before deciding the amount of loan you are eligible for.In some cases, the bank may consider monthly incentives or annual bonuses you get from the company that has been stable over a period of time.

Girish KS, Chennai

13th August 2015

Profession is another factor which is taken into account before sanctioning a loan. Banks look for people who have a stable income.Age of the home loan seeker determines the number of earning years left with the individual to repay the loan.

Rangaraju, Chennai

13th August 2015

@ Kiran,
Following documents are required by financial institutions to process the loan application:
1. Age Proof
2. Address Proof
3. Income Proof of the applicant & co-applicant
4. Last 6 months bank A/C statement
5. Passport size photograph of the applicant & co-applicant.

S Subramanium, Chennai

13th August 2015

Comment

What documents are required to process the Home loan?

Kiran Kumar, Chennai

13th August 2015

Comment

Bridge Loans is a short term loan, also referred as swing loans where the borrower can make use of money till the time he has not sold his present house. Bridge loans are short term loans wherein the loan is expected to be returned in 1-36 months.

Raghav TK, Chennai

12th August 2015

Comment

Thank you friends. I will be happy if anyone gives a few suggestions about home loan. I want to take a home loan for buying a new house. Let me know what is the maximum period of tenure that I can avail.

Priya Sharma, Chennai

12th August 2015

Comment

The maximum repayment time period varies from bank to bank. It also depends upon the scheme you choose. If you are an Indian resident, then you can avail the tenure period of 5-30 years. Non-Resident Indian can avail the loan for a maximum period of 7 years.also it depends upon applicant age.

Pavan kumar, Chennai

12th August 2015

I have little bit knowledge about Home Construction Loan. This kind of loan is granted when the proceeds are used to finance the construction of a newly purchased/under construction house. It is better to get an estimate of your total amount before submitting the documents with the bank.Few factors can help you make an estimate:
a) Design of the house
b) Location of the house
c) Total Construction cost

subramanya, Chennai

12th August 2015

Comment

Thank you very much for your guidance.but what is the difference between Home purchased Loan and Land purchase Loans?

Ravi Kumar, Chennai

12th August 2015

Land Purchase loans are used by customers who wish to purchase a plot may be residential or commercial. In this the bank can loan a minimum of 85% of the total cost of the land for a maximum of 15 years.

Pavan kumar, Chennai

12th August 2015

Home purchase Loan is a loan to buy under construction house. You can avail a home loan of up to 80% of its market value of the total cost of the property. Here you also have an option to add to the loan amount by including an earning co-applicant with you.

subramanya, Chennai

12th August 2015

Hi Srinivas,
There are various kinds of home loans available nowadays which customized to meet your customer needs. Some of them are as follows:
1) Home Construction Loans
2) Home Purchase Loans
3) Land Purchase Loans
4) Bridge Loans
5) Home Improvement Loans
6) Home Extension Loans

Pavan kumar, Chennai

12th August 2015

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