WHAT EXACTLY IS A HOME LOAN?

Almost all scheduled banks and a slew of Housing Finance Companies (HFCs) provide house loans to help people buy homes. A house loan, commonly known as a mortgage, is a quantity of money provided by a financial organization to help you purchase a home. In exchange for this quantity of money, the financial institution will receive security in the form of the legal right to hold your property's deed until your house loan is fully paid off.

TYPES OF HOME LOANS IN INDIA:

• There are several types of home loans available in India, including:
• Home Construction Loans: These loans are used to finance the construction of a new home.
• Home Improvement Loans: These loans are used to make renovations or upgrades to an existing home.
• Home Extension Loans: These loans are used to extend or add additional rooms to an existing home.
• Home Conversion Loans: These loans allow a borrower to convert an existing home loan from one lender to another.
• Home Equity Loans: These loans are based on the equity in a borrower's home and can be used for various purposes, such as debt consolidation or home improvements.
• Home Loan Balance Transfer: These loans allow a borrower to transfer their existing home loan from one lender to another in order to take advantage of lower interest rates or more favorable loan terms.