Home loam can be provided for the following purpose:
Home Purchase Loan: This is the most common loan for purchasing a home.
Home Improvement Loan: Implementing repair or renovation works can be done using this loan.
Home Construction Loan: This loan is made available to construct a new home.
Home Extension Loan: These are provided if you want to either expand or extend your existing home. For example, addition of an extra room etc.
Home Conversion Loan: This type of loan helps If you have financed your present home with a home loan and wish to purchase and move to another home and you need some additional funds. Through a home conversion loan, the existing loan is transferred to the new home, including the additional amount required, eliminating the need for pre-payment of the previous loan.
Land Purchase Loan: It is solely sanctioned for purchasing a land.
Bridge Loan: It is designed for people who wish to sell the existing home and purchase another simultaneously.
Home Loan Balance Transfer: It helps you to pay off an existing home loan with a higher interest rate, and avail another loan with a lower rate of interest.
Home Loans to NRIs: NRIs wishing to build or buy a home in India can reap benefits of this loan.