In India, owning a home is the dream of every person in the family. But the financial situation of the people varies. There are ways when one can still have a home. Multiple home loans are offered by banks/lenders to make the process smooth. You can plan the budget, amount of loan, interest & other benefits you can attain from bank loans or lenders. We are here to throw some light on types of Home loans that suit your requirements and explain the process for clarity.
Are you looking to buy a home? You can buy a dream home with a home loan. The house could be newly constructed, or buy a new home if applied for a home loan. Home loans are usually high-value loans for 10 to 30 years.
Home Renovation Loan
A beautiful home is most important for owners & visitors. Home renovation is necessary as people want to live in a beautiful home but lack it due to no proper loan guidance. Renovating a home makes it more comforting to accommodate guests or organise any occasion. People have an option to apply for a Home renovation loan. This loan is applicable for painting, reconstructing, changing titles or interiors, etc.
Home Extension Loan
Are you planning to extend a balcony, a room or one more floor to your villa? Banks are there to offer home Extension loans, and the process for Home Extension Loan is the same as other loans. For loan approval, one must estimate the overall house construction cost. Such loans are typically dispersed in a single instalment as construction proceeds.
Balance Transfer Loan
People have paid higher interest on home loans for years, but there is a way when one can manage the same loan but with lower interest charges. It is usually known as a Balance transfer loan. This loan is customised as per the amount. The bank or lender clears the entire amount with the first party & customer gradually makes the payment to the bank or lender but with a lower interest rate. It helps reduce the buyers’ burden on existing home loans.
Short Term Bridge
People always dream of owning a bigger house than their current one. The short-term bridge allows you to meet current obligations by providing immediate cash flow. It helps to manage your finances & payments without losing the chance to get a new home. These loans are generally extended for 12 months. The borrower will have to repay the loan by paying equated monthly instalments or paying interest until the loan is repaid within 2 years.
Rural Housing Finance
This loan option is offered to farmers, agriculturists, planters & horticulturists. They can avail of loans for purchasing, renovating or extending existing house properties. Rural housing loans are also available for salaried & self-employed individuals for the purchase of a property in their village.
As the demand for homes has gradually increased over the years, Stead Realty Advisory is one of the finest companies that supports you in finding a home, getting guidance, home budget negotiations etc. Many people also decide to have a second house as an investment or a holiday home. You don’t have to wait for long for any of your dreams to be fulfilled now. You can apply for a loan that offers you good benefits. For a seamless home loan experience, connect with Stead Realty Advisory. It is a one-stop solution for all real estate problems.