Home Loan Overview
Home Loan Overview
Buying a home is a big step. It is a source of anxiety, frustration — and a huge sense of accomplishment. With the zooming property rates, it is difficult a buy a home through our savings entirely.
Having your own house is always a dream come true, buying a home is one of the biggest purchase decisions you’ll ever make. But getting a Home loan doesn’t have to be difficult. Makemyloans.Com helps you find the right home financing with the right lender. Whether this is your first time applying for a home loan, or you’re buying a vacation home or investment property. We at makemyloans.Com have simplified the process of getting a loan for you to own dream home.
We provide tailor-made home loan schemes to support your dream of owning a home. Assisting you at every step to ensure that buying your perfect home is a happy and memorable experience. While owning a house is cherished dream and an achievement, buying a home requires long-term planning, large investment and responsibility. Makemyloans.Com helps you achieve your dream by providing the best-in-class financial services. While you take this momentous decision, we guide towards everything that is best for you.
Most lenders get the property valued independently and provide loans based on their estimated value. It is important to remember, however, that frequently their valuation is significantly lower than the actual cost and hence the requirement of the borrowers goes up. Home loans in Indian Banks are provided up to maximum of 80% of the value of the house. Home loans are repaid using Equated Monthly Installments (EMIs) spread over a fixed tenure. Home loan India can primarily be classified into two categories on the basis of interest rates i.e. fixed rate and floating rate of interest.
Types Of home Loan:
1. Home Purchase Loan
This type of loan is a simple home loan that allows you to purchase a new residential property.
2. Home Improvement Loan
This type of loan is taken for the purpose of renovation or repair of already owned residential property
3. Home Conversion Loan
A home conversion loan is a scheme for those who have already taken a home loan from a bank or housing finance company. Here the loan amount can be transferred to the new Lender. It is also known as Balance Transfer.
4. Construction Loan
This type of loan is taken when the borrower wants to construct a new home on a given plot of land.
5. Land Purchase Loan
This type loans is taken for the purchase of land either for investment or construction purpose.