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Query: What are the different types of Home Loans are available from various banks & financial Institutions

Category: Finance

Answer: Following are the different categories of home loans are offered by various lenders: - 1. Home Loan for Construction Cost of a Residential Property: - In this version, Home Loans are granted to meet the cost of construction for a newly house to be constructed. Here the cost of construction includes all the civil material, fixed and immovable components but does not include movable furniture & furnishings. 2. Home Loan for Purchase of a new house In this version, Home Loan is granted to purchase a new house property / bungalows / apartment. The cost for financing is taken as cost as per sale deed or stamp value whichever is low. 3. Home Loan for Purchase of a Plot In this version, Home Loan is granted to meet the cost of plot acquired for the purpose of construction of a house property. Here the cost for financing is taken as cost as per sale deed or cost as per stamp value whichever is low. 4. Home Loan for Improvements or Additional Construction In this version, Home Loan is granted to meet the cost of any capital improvements or renovations in the existing house or additional construction like building an additional floor in same house property.

Date Posted 26-Jan-2020
Posted By Kumar Prakash
Views: 268



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