Housing Loan

Home Loan is a Secured loan offered against the security of a house/property which is funded by the Bank, the property could be a personal property or a commercial one. The Home Loan is a loan taken by a borrower from the bank issued against the property/security intended to be bought on the part by the borrower giving the banker a conditional ownership over the property i.e. if the borrower is failed to pay back the loan, the banker can retrieve the lent money by selling the property.

Types of Home Loan
There are different types of home loans available in the market to cater borrower’s different needs.
• Home Purchase Loan: This is the basic type of a home loan which has the purpose of purchasing a new house.
• Home Improvement Loan: This type of home loan is for the renovation or repair of the home which is already bought.
• Home Extension Loan: This type of loan serves the purpose when the borrower wants to extend or expand an existing home, like adding an extra room etc.
• Home Construction Loan: This type of loan taken when the borrower wants to construct a new home.
• Land Purchase Loan: It is that loan which is taken to purchase a land for construction & investment purposes.

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