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Home / Mortgage Loans :
    Home / Mortgage Loans:
     What is Home Loan? What are the advantages of? & more...

What's an average Indian's most cherished dream? A world trip with Aishwarya Rai would seem to be the answer as seen from the various episodes of Kaun Banega Crorepati (KBC)! Jokes apart, moving into their dream house would rank among the top three things on the wish list of most people. After all, there's nothing like having a roof, particularly one's own, over one's head. All that house hunting every few years, grumpy landlords, killing rents would be a thing of the past. Hey, you even get to use nails to hang your favorite paintings and pictures.

Taking a home loan nowadays has many advantages :

Added to this, the RBI has been regularly slashing interest rates, with the result that housing finance loans that came at an interest rate of 16.5% to 18% four years ago are now available at 11.5% to 13% or lower. Each year the Finance Minister's largesse during the Budget seems to be solely concentrated for the housing sector and construction sector.

The Budget 2000's allowed interest payment upto Rs 1 lakh and principal payment of Rs 20,000 to be exempted from income tax. To top it all, the Housing Finance Companies (HFCs) are aggressively wooing customers. When EVERYTHING seems to be on a roll, make the best of the situation.

There are different types of home loans tailored to meet your needs. Here’s a dekko of some of them:

Home Purchase Loans:
This is the basic home loan for the purchase of a new home.

Home Improvement Loans:
These loans are given for implementing repair works and renovations in a home that has already been purchased by you.

Home Construction Loan:
This loan is available for the construction of a new home.

Home Extension Loan:
This is given for expanding or extending an existing home. For eg: addition of an extra room

Home Conversion Loan:
This is available for those who have financed the present home with a home loan and wish to purchase and move to another home for which some extra funds are required. Through home conversion loan, the existing loan is transferred to the new home including the extra amount required, eliminating the need of pre-payment of the previous loan.

Land Purchase Loans:
This loan is available for purchase of land for both construction or investment purposes.

Bridge Loans:
Bridge loans are designed for people who wish to sell the existing home and purchase another one. The bridge loans help finance the new home, until a buyer is found for the home.

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