Home Loan Products: Available at Just a Click!

Loans are available for a wide variety of purposes. It could be to finance your new car, for educational purposes, for purchasing a new home, for purchasing commercial vehicles, etc. There are many banking institutes and Non-bank financial companies (NBFCs) which are known to offer various types of financing options for people to make use of.

Usually, purchasing your first house is often one of the biggest investment decisions that you will make in your life. However, you may not have sufficient funds, at such a time and may often depend on various financial options for such purposes. Here, is where banks and other non-bank financial companies come into the picture.

Housing loans or home loans are the most ideal financing option for people who want to buy a new house or renovate it. There are many different home loan products that are available in the market. Some of the popular ones include 'home purchase loans', 'home construction loans', 'home extension loans' and 'home improvement loans'. All of these products are available to meet the various requirements of people.

Most of the banks and NBFCs which offer these loans have a pan India branch network. They offer a robust service delivery model, i.e. they offer door to door services thereby ensuring easy and quick approval of the loans. Besides this, they are known to offer a variety of repayment options, which are also known to be flexible.

It is very easy to apply for these loans online, where people can download the application forms from the bank's or NBFC's website. Here, they can read about the features of the various home loan products.

Moreover, there are plenty of portals that are available online where people can compare the products offered by these banks and NBFCs, where they can compare their interest rates. This way, they get a deeper insight as to what is available in the market and can make a far more informed decision.

 Many of the websites belonging to these banks and NBFCs have a set of frequently asked questions, which people can read through so as to understand the loan process. Besides this, they can also find out the essential documents that are required, terms and conditions and the various options which are available for NRIs residing in the country.

While NBFCs are regulated by the NHB (National Housing Bank), they are exempted from the requirement of registration by the Reserve Bank of India (RBI). On the contrary, the RBI serves as the primary regulatory and supervisory body for all the banks in India.