pnb housing
August 22nd, 2022

What are the Different Types of Home Loans in India?

At some point in their lives, everyone wishes to purchase a home. Because owning a home is regarded as a sign of a settled life, everyone strives to obtain one. With rising real estate prices, not everyone can afford to buy a home. This is why they obtain a Home Loan in order to realise their dreams. Financial institutions provide a variety of Home Loans to meet the needs of different applicants.

For example, one person may require a loan to purchase a home, while another may require a loan to renovate it. As a result, financial institutions have provisions for various types of home loans.

If you want to apply for a Home Loan, read this blog to find out which Home Loan type is best for you:

Here are the Different Types of Home Loans Offered in India

You can select from various housing finance options based on your needs and budget. Remember that before applying for a Home Loan, you must be aware of the Home Loan eligibility and Home Loan documentation requirements.

Home Loan Purchase

A home loan can unlock your dreams of owning a spacious flat, row house, or bungalow. This loan gives financial aid to those wishing to purchase a new or a pre-owned home. PNB Housing finance ltd offer attractive interest rates starting as low as 7.99%* per annum for salaried and self-employed applicants. 

Must Read: What is Home Loan? Everything You Need to Know About Housing Loan

Home Construction Loans

As the name suggests, a Home Construction Loan is for individuals who want to construct their home rather than buy a pre-built one. PNB Housing offers Home Construction Loans tailored to applicants’ budgets and construction needs. With this loan, you can build your house with complete financial freedom and repay it within a flexible tenure of 30 years. 

Home Improvement Loans

Home Improvement Loan is popular among different types of home loans as this can be taken for renovation, repairing, or refurbishing a house. This usually involves coverage for a complete renovation, upgradation, exterior and interior paint or repairs, tiling, flooring, plumbing, electrical work, woodwork, etc.

Home Extension Loan

As your family grows, you extend your love, time, and even your budget. But what about your home? You might need more space in your existing house for your child, their study room, or your library. You can take a Home Extension Loan to extend your house in such a case.

Plot Loan

Plot loans allow you to finance a residential plot. PNB Housing financed around 70-75% of the plot’s price. However, the interest rates on plot loans are slightly higher than house loans for purchase. 

Must Read: How Much Time Will It Take For A Home Loan To Get Approved?

NRI Home Loan

Non-residential Indians (NRIs) and Persons of Indian Origin (PIOs) can also opt for a home loan to buy a new house or repair the old one. The applicant must have legal proof of their Indian origin or status as an NRI. Also, they should have a work experience of at least one year in a foreign country.

Conclusion

A Home Loan is a loan that allows you to realise your dream of owning home. PNB Housing provides a variety of Home Loans to meet all of your housing needs. With a Pan-India branch network, doorstep services, quick approval and disbursement, dedicated teams, transparency, and competitive interest rates, PNB Housing Finance ltd makes it simple and quick to get your dream home.

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