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Home Finance Options

  • Construction loan

There are many varieties of home loans. Home construction loan or home loan is the most common one. This is given by the lender for the purchase of a house.

  • Home improvement loan

If a homeowner wants to undertake repairs or home improvements, he can approach a bank for a home improvement loan. He can undertake the repairs and renovations with this money. Plumbing, painting, electrical jobs and wood work come under this category.

  • Site loan

This loan can be availed for the purchase of a site. Some banks insist that you construct a house on it within a stipulated timeframe.

  • Balance transfer loan

This helps you pay back an existing home loan that charges a higher rate of interest, and avail a loan with a lower rate of interest.

  • Bridge loan

Some people sell their house to purchase another one. A bridge loan helps finance the new home, until a buyer is found for the old one.

If you need money for home improvement, extension or for purchase of a piece of land, you can approach a bank. The money lent out for these ancillary needs will be lesser and the tenure is shorter when compared to home loans. If you have already taken a home loan from the lender, getting these other loans sanctions will be easier.

There are special loan packages for NRIs too.

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