Home loans

As the name suggests, these loans are meant for purchase of a house. These include loans for:

• Purchase of a new apartment, row house or bungalow from a developer or a development authority.
• Purchase of resale properties.
• Construction of a house on a plot of land.

House Renovation Loans

A beautiful house exudes good feelings and creates a positive environment for both – the residents and visitors. If you already own a house, you can renovate it to create a fresh and vibrant ambience. House Renovation Loans help you enhance your home in many ways such as changing tiles, painting or redoing the flooring and interiors of the house.

Home extension loans

Over a period of time, as your family grows, you may need a bigger house to comfortably accommodate the requirements of all the members. A home extension loan could be useful in such situations. You can get a home extension loan to fund the cost of adding more floors or rooms to your existing house.

Plot loans

If you want to construct your own house, you ought to invest in a residential plot of land. It’s easy to obtain a plot loan, which is available for purchase of new and resale plots of land.

Short-term bridge loans

Most of us sell our existing house to buy a bigger or a better house. During such times, if you come across a suitable property, you may be very keen to purchase it right away. The only thing which may hold you back is the dearth of funds in case your existing house isn’t sold on time. In such situations, you can avail a short-term bridge loan to get the funds required to purchase the new house while you await the sale of your existing property. By availing a short-term bridge loan, you neither have to worry about missing the opportunity to purchase your shortlisted house nor do you have to make a distress sale of your existing property.

Rural housing finance

These loans are specially offered to farmers, agriculturists, planters and horticulturists for purchase of a residential property in rural and urban areas, construction of a house and improvement or extension of existing house property. Rural housing loans are also available for salaried and self-employed individuals for purchase of a property in their village.

Balance transfer loans

You can get your existing home loan transferred to another lender who may offer lower interest rates, better repayment terms or enhanced services.

Reach home loans

These loans are meant for individuals who work in the unorganized sector. Reach loans can be availed for purchase of new or existing property, construction of a house on a freehold or leasehold plot or on a plot allotted by a development authority, or for extension and enhancement of existing house property.

As seen above, a variety of housing loans are available to serve the varying needs of people. All individuals – including NRIs – can apply for home loans, house renovation loans, home extension loans and plot loans. However, short-term bridge loans,rural housing finance and reach loans are only available for Indian residents. To be eligible for a housing loan, you need to have sufficient earnings and a healthy credit profile. Lenders will evaluate your earnings to judge your ability to repay the loan, while your credit profile will indicate your willingness to repay debt in a timely manner. Despite good income, lenders may reject the loan application in case the credit profile is tainted. Therefore, it’s imperative for you to repay all your dues on time.