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Home Loan


Various housing loans are offered by financial institutions. Prominent among these are:

a) Home Loans: This is the basic housing loan for the purchase of a new home which covers cost of the flat and parking space, deposits and charges, stamp duty and registration charges.
b) Home Improvement Loans: A Home Improvement Loan is one that is made available for you to do certain external work like structural repairs, waterproofing or internal work like tiling and flooring, plumbing, electrical work, painting etc.
c) Home Construction Loans: For the construction of a new house.
d) Home Extension Loans: A Home Extension Loan is a loan which helps you to meet the expenses of any alteration like extension / expansion or modification of your home. You can avail of a Home Extension Loan, after obtaining the requisite approvals from the Municipal Corporation.
e) Home Conversion Loans: The existing loan on a house is transferred to a new house, including the extra amount required, eliminating the need for pre-payment of the previous loan.
f) Land Purchase Loans: For both home construction or investment purposes.
g) Bridge Loans: For people who wish to sell the existing house and purchase another and need finance for the new house, until a buyer is found for the old house.
h) Balance Transfer: To pay off an existing housing loan and avail of the option of a loan with a lower rate of interest.
i) Refinance Loans: To pay off the debt you have incurred from private sources such as relatives and friends, for the purchase of your present house.
j) Loans To NRIs: As per requirements of NRIs who want to buy a house in India.

Affiliated Banks

Who can apply for a housing loan?

Any person, including Non Resident Indians, with a steady source of income can borrow funds for financing the cost of a flat from housing finance companies and banks.

. How is the rate of interest calculated in India?

Interest rates vary from time to time and from institution to institution. The current trend ranges from about 9% to 11% pa. The interest is calculated either on a daily or monthly reducing or yearly reducing balance.

What is a fixed-rate housing loan?

A fixed-rate housing loan is a loan where the rate of interest is constant through the entire term of the loan period.


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