Owning a house is one of the primary human needs and that’s why we develop an emotional bond with our homes. In India, purchasing a house implies that you’ve settled down in life and have an asset that is bound to provide you with financial security. It’s one of the best investments that you can make as the value of your house has the potential to multiply manifold.
Buying a home can be an expensive affair, especially in the metros due to the surging real estate prices. Thankfully, there are a plethora of home loan options available for customers, which greatly alleviates the financial burden that individuals face. This type of credit can be used to buy a plot of land or a house and hence the demand for it is constantly increasing.
There are many types of home loans available to cater to the different housing needs that people have. Let’s discuss some of the different types of these loan offerings in the subsequent paragraphs.
- Loans for Purchase of Land
- Loans for Home Purchase
- Loans for Constructing a House
- House Expansion or Extension Loans
- Home Conversion Loans
- Loans for Home Improvement
- Balance Transfer Home Loans
- NRI Home Loans
- Bridged Loans
- Stamp Duty Loans
1. Loans for Purchase of Land
Several institutions provide loans for the purchase of a plot of land. Owning a plot provides a lot of flexibility to owners, who can construct a house as per their discretion. You can also purchase the land simply for the purpose of an investment.
2. Loans for Home Purchase
This is undoubtedly the most popular variant of Bajaj Finserv housing loans and is used for buying a brand new or a pre-owned house. Your interest rate will be either fixed or floating. Typically, the interest will be between 9.85% and 11.25%.
3. Loans for Constructing a House
This is for people wishing to build their own house instead of buying a pre-constructed one. The plot should be purchased within a year of application to be included in the loan amount. Your loan amount will be based on the approximate construction cost.
4. House Expansion or Extension Loans
Many would like to add extra rooms or a balcony to their house and this loan is perfect for such clients. It’s a type of financial assistance for altering the structure of your house or for home extensions.
5. Home Conversion Loans
This loan can be used by those individuals who are currently paying off a housing loan, but would like to move into a new house. Through the home conversion option, they can transfer their existing loan to the new home.
6. Loans for Home Improvement
Home renovations or repairs can be quite expensive and can make a dent in your savings. This type of Bajaj Finserv Home Loan is designed to take care of internal repairs, electrical renovation, painting and more.
7. Balance Transfer Home Loans
This option allows you to transfer your loan from one lender to another without any hassles. Individuals may choose to move to another lender for better services. Home loan balance transfer can also help you to reduce Home Loan EMI.
8. NRI Home Loans
Indian citizens who reside abroad are known as Non-Resident Indians (NRI). This scheme is specially designed for NRIs who wish to purchase a residential property in India. These loans are commonly provided by many Indian public and private sector banks.
9. Bridged Loans
They are short term loans provided for existing homeowners wishing to purchase a new property. This loan will act as a contingency fund for buying your new house until the old home is finally sold off.
10. Stamp Duty Loans
Relatively unknown among the masses, this variety of housing loans will cover the stamp duty charges incurred while purchasing your new property.
Now that you know about the different types of home loans, you can apply for the one that fulfils your needs and requirements. Always ensure that you educate yourself about the interest rates before you choose your preferred lender.
With Finserv MARKETS, availing a Bajaj Finserv Home Loan online is easy, convenient and completely hassle-free. So why wait? Get your home loan with us today and realize your dream of owning your dream home!
“Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we works towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.”