Home Loan: Banks provide 5 types of home loans, know which one will be beneficial for you
Home Loan: Banks provide 5 types of loans. Customers can take home loans according to their needs. Home Loan: We all have a dream of having our own house. Many times people take loans from banks to buy houses. Financial advisors say that knowing about different homes is a profitable deal because you take home loans according to your needs and are able to save a lot. So let's know the 5 types of home loans and their benefits.
Types of Home Loans
- Home Purchase Loan: Taken to buy a house.
- Home Improvement Loan: Taken for repair/renovation of the house.
- Home Construction Loan: Taken to build a new house.
- Land Purchase Loan: Taken to buy a plot to build your own house.
1. Home loan for house construction- If you want to build your own house, you can take a home purchase loan. It can include the cost of the plot as well as the cost of building the house. The price of the plot is included only when the loan is taken within a year of buying it.
2. Home loan for buying a house- The loan taken to buy a new flat or house is called a home purchase loan. If you are buying a new property, you can get up to 90 percent loan from the bank. Banks easily give loans up to 80 percent. The loan period can be from 20 to 30 years.
3. Home loan to expand the house- If a person wants to increase the size of his existing house, then he can take a loan from the bank for this. This loan is called home extension loan.
4. Home loan for house repair- If a person wants to repair, paint or renovate his existing house, then he can take a loan from the bank for this. Banks offer home improvement loans for this.
5. Bridge Home Loan- This home loan is given for the period until the owner sells the existing property after buying a new property. This home loan helps in bridging the money gap arising out of the time taken for the sale of the existing property. Bridge loans are generally for a short period. Banks offer this loan for a maximum period of two years.
Can one person get two home loans?
When you take a joint home loan with a person whose credit score is strong and his repayment capacity is good, then it is easy to get a loan. Apart from this, you can get more loan by taking a joint home loan, because the bank will give the loan keeping in mind the income of both the applicants.
It is easy to get a home loan with a better CIBIL score
You get a loan at the initial interest rate of home loan (SBI Home Loan) only if your CIBIL score i.e. credit score is excellent. CIBIL score is calculated between 300 to 900 points. According to experts, if your CIBIL score is at least above 750, then you get the loan easily and banks also offer loan (SBI Home Loan) at the initial interest rate. To improve CIBIL, you have to make financial transactions and payments on time.
In how many days does one get a home loan?
While the home loan process involves several steps, they are taken quickly, and you can get your loan from Bajaj Finserv in just 3 days. Here are the steps for more details. The first step is filling the application with details such as your name, phone number, pin code, type of employment, etc.
Identity proof
You have to keep photocopies of Aadhaar card, PAN card, passport, voter ID, driving license and all these documents in original as all these documents are the cheques of the person applying for a home loan in the bank. Along with this, you also have to provide your address proof which includes electricity bill, water bill, postpaid mobile bill, property tax related documents.
Take care of these documents too
If you have your own business, then you should also have documents related to business address proof, IT returns of last three years and business license details. Apart from this, you should also have employer identity card, loan application and passport size photo.
Read Also - Types of Loan
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