Home Loan Tips: Banks provide 5 types of home loans, know which one will be beneficial for you..
In today's time, people take the help of banks to get loans easily. Banks provide loans to people based on their CIBIL score. A home loan is a long-term loan. Banks provide home loan facilities to people to buy and build houses. Banks provide home loan facilities to people in five ways. A person takes a loan from the bank according to his needs.
Banks provide home loan facilities in five types (Five types of home loans). Let us tell you on what basis banks provide five types of loans to people. All government and private banks provide loan facilities to people.
Home loan for building a house
The bank provides loans in the name of a Home Construction Loan to build a house. Through this loan, people can build their own house. With this loan, a person can build a plot and a house. The price of the plot is included only when the loan is taken within one year of buying it.
Home loan for buying a house
The loan taken to buy a new flat or house is called Home Purchase Loan. If you are buying a new property, then you can get up to 90 percent loan from the bank (Home loan news). Banks easily give up to 80 percent of loans. The loan period can be from 20 to 30 years.
Loan to expand the house
The bank provides Home Extension Loans to people to expand their home loans. People use this type of loan to expand their house.
Home loan for home renovation
The bank also provides Home Improvement Loans to people to get their houses repaired. With this type of loan, people can get the work of repair, painting or renovation done.
Bridge Home Loan
The bank also provides home loans to people for a short period (Short term home loan). Through this loan, a person helps to bridge the money gap arising from the time taken for the sale of the purchased property (bridge home loan). Banks give this loan for a maximum of two years.
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