{"id":644,"date":"2022-03-01T12:39:50","date_gmt":"2022-03-01T07:09:50","guid":{"rendered":"https:\/\/www.pyramidlifestyle.com\/blogs\/?p=644"},"modified":"2022-03-01T12:40:33","modified_gmt":"2022-03-01T07:10:33","slug":"home-loans-their-types","status":"publish","type":"post","link":"http:\/\/www.pyramidlifestyle.com\/blogs\/home-loans-their-types\/","title":{"rendered":"Home Loans & their types"},"content":{"rendered":"

It\u2019s quite obvious that we all hope that one day we own a home that gives us freedom from the landlord, freedom from paying the rent, and freedom from all the tension that tags along. There are many types of worries that keep visiting us on a daily basis and pandemic has been one of those visitors who stayed back. It\u2019s more than two years now that we are living in the pandemic era and things have taken drastic turns ever since its arrival in 2020. Whether you call it a boon or a bane, the pandemic has in a way helped the real estate sector grow much bigger than before. It is due to the sops offered by the government to boost the sales during the pandemic and even after two years, these sops are getting the best business. Be it for reduced stamp duty and registration charges, reduced interest rates on home loans and so on, the customers are in for a treat. Speaking of home loans, the customers have the prerogative to choose from a variety of home loans. Yes! Home loans aren\u2019t a singular entity. There are variants in this sector too. Let\u2019s explore.<\/p>\n

Home Loan Types<\/strong><\/h3>\n

In recent years, the demand for home loans has grown manifold and so are the expectations of the people. Therefore, apart from banks, financial institutions have also stepped up to meet the ever-growing needs of home loan needs, and that\u2019s where the variants of home loans emerged. Let\u2019s have a look at different types of home loans offered by lenders.<\/p>\n

Loan for Home Purchase:<\/strong>\u00a0This is one of the most popular types where the customer can own a new or a pre-owned home. Most of the leading banks offer this loan. The interest rates are either fixed or floating depending on the requirement.<\/p>\n

Loan for Land Purchase:<\/strong>\u00a0Many banks offer loans for purchasing land as it is considered to be a flexible option. It is used for the construction of a home later or it can be bought purely for investment purposes.<\/p>\n

Loan for Home Construction:<\/strong>\u00a0This type of loan is provided especially for those who wish to buy each and every construction material themselves and construct the house instead of buying a readymade one. The approval process for this loan takes longer because the cost of the plot is also accounted for. This type of loan is applicable only if the plot has been bought within a year for the loan to be approved. The amount can be disbursed in a lump sum or in installments.<\/p>\n

Home Loans for NRIs:<\/strong>\u00a0This type of loan is designed especially for Non-Resident Indians who wish to own a property in India. The application procedure and duration for approval differ for this type because there is more legal documentation that needs to be verified and checked. This type of loan is offered by most of the leading banks as a product in their portfolio.<\/p>\n

Loan for Home Conversion:<\/strong>\u00a0Those who have already availed a home loan and bought a home using it, and now want to move into a new home, can choose this type of loan. This is quite an expensive type of loan as it offers the convenience of transferring the current loan to your new home and the borrower can fund the purchase of the new home without paying the previous home loan.<\/p>\n

Loan for Balance Transfer:<\/strong>\u00a0If an individual wants to shift from one bank to another bank for reasons like lower interest rates or better services, this type of loan is ideal. This is usually done to repay the remaining loan amount at a revised interest rate.<\/p>\n

Loan for Home Expansion\/Extension:<\/strong>\u00a0There are quite a few banks who offer this loan wherein you are funded to extend your balcony or renovate your kitchen or make your bedroom bigger or need an extra bedroom altogether.<\/p>\n

Loan for Home Improvement:<\/strong>\u00a0You can also avail of a loan for performing some of the major activities at home such as painting, external or internal repairs, construction of an overhead tank or electrical renovation. Very few banks offer loans for this.<\/p>\n

Loan for Stamp Duty:<\/strong>\u00a0This is not a commonly used type of home loan. This loan helps you cover the stamp duty charges that are levied while purchasing a home.<\/p>\n

Bridged Loans:<\/strong>\u00a0These are short-term loans designed for existing homeowners. As the name suggests, it acts as a bridge and aids you to fund the purchase of a new home until you identify a buyer for the existing home. This type of loan requires a mortgage of a new house and is extended for a period that\u2019s less than two years.<\/p>\n

Joint Home Loans:<\/strong>\u00a0When two or more borrowers take a home loan, this type is applicable to them. The co-applicants, in this case, can be your parents, siblings or spouse. They can also avail of income tax benefits, but the condition is, they also have to be co-owners of the property.<\/p>\n

Top-up Loans:<\/strong>\u00a0This type of loan can be availed when you opt for a balance transfer facility. You can avail of a top-up of up to\u00a0`50 Lakh, and you can use the fund for various purposes like weddings, debt consolidation or home renovation.<\/p>\n

At Pyramid Lifestyle, you can choose your home loan from the leading banks at attractive interest rates. With our projects spread across major locations at Wakad, Baner and Bhukum, you can choose the one that\u2019s most suitable for you and our representatives will get in touch with you. If you wish to know more about us or our projects, you can visit www.pyramidlifestyle.com\u00a0<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s quite obvious that we all hope that one day we own a home that gives us freedom from the landlord, freedom from paying the rent, and freedom from all the tension that tags along. There are many types of worries that keep visiting us on a daily basis and pandemic has been one of […]<\/p>\n","protected":false},"author":1,"featured_media":645,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","footnotes":""},"categories":[80,92,33,60,40,55,5,34,32,8,16,17,22,21,173,27,18,26,62],"tags":[203,311,204,165,315,314,188,312,331,161,207,465,167,148,316,367,139,123,45,20,12,190,189,137,329,15,127,330,219,313,328,166],"yoast_head":"\nHome Loans & their types -<\/title>\n<meta name=\"description\" content=\"It\u2019s quite obvious that we all hope that one day we own a home that gives us freedom from the landlord, freedom from paying the rent, and freedom from all\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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