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 with 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 Conversion Loan :

It is the loan wherein the borrower has already taken a home loan to finance his current home, but now wants to move to another home. The Conversion Home Loan helps the borrower to transfer the existing loan to the new home which requires extra funds, so the new loan pays the previous loan & fulfils the money required for new home.

Bridge Loan :

This type of loan helps finance the new home of the borrower when he wants to sell the existing home, this is normally a short term loan to the borrower & helps during the interim period when he wants to sell the old home & want to buy a new one, time is given till a buyer is found for the old home.

Home Construction Loan :

This type of loan is taken when the borrower wants to construct a new home.

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