Apply for your Home Loan
A home loan is a type of loan taken out to purchase a home. It is a long-term liability that must be paid back over a set period of time, typically 15 to 30 years. Home loans typically come with a fixed or adjustable interest rate, and usually require a down payment of up to 20%. It is important to carefully consider all options when selecting a home loan in order to find the best rate and repayment terms for your individual needs. Additionally, borrowers should be aware of the various fees associated with a home loan, such as closing costs and mortgage insurance.
Types of Home Loan
Home Purchase Loan
This form of loan is ideal for borrowers who wish to purchase already constructed properties or under-construction properties. According to the Reserve Bank of India (RBI) guidelines, a borrower can receive a home loan of up to 75% – 90% of the total property value from a lender. This makes it easier and more convenient for borrowers to purchase their dream home, as they can finance a larger portion of the purchase price.
Home Renovation Loan
Home improvement loans are an excellent way to fund renovations or repairs to your home. The repayment tenure is generally shorter than that of a regular Property Loan, since the amount granted for home renovation is typically lower. However, the interest rate for home improvement loans is usually the same as that of a regular Property Loan. With a home improvement loan, you can easily and quickly finance any necessary repairs or upgrades to your property.