The desire to own a perfect abode for them has many turn to taking up home loans. The home loan segment also over the last decade has grown in a big way. Well it not only lets you accomplish your dream of owning a house but also comes with some tax benefits.
So if you are one of those looking forward to applying for a home loan. We list down different types of home loans provided by PNBHFL .
- Land Purchase Loans
As the name suggests, this particular loan is taken when the borrower wishes to invest in a plot. It is meant to buy a plot to further built a house over it. Banks and other private funding institutions provide about 80% of the price of the plot as loan.
- Home Purchase Loans
These loans are considered when the borrower wishes to invest in an already developed house by a well-known builder. This is one of the most commonly used home loans. The borrower can avail loan for about 85% of the market value of the house.
- Home Construction Loans
This category of loan is considered by those who wish to build a house as per their preferences rather than staying in an already built house. However, the loan sanction procedure for a home construction loan is different from that of the other home loan categories.
- Home Extension Loans
Home extension loans are brought to use when people decide to rework on the house they already possess or reside into. It is to finance the various kinds of expansion and alteration plans associated with the current house.
- NRI Home Loans
This is a special home loan variant created by banks and private funding institutions that comes with a provision for NRIs. It helps the non-residents to invest in the Indian real estate. Almost all public and private sector banks provide NRI home loans.
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