Having an own house is a dream for most working-class people in India. High real estate prices in major cities mean most people need to take a loan from banks, housing finance companies or any non-banking financial company that provides housing loans. But such lenders don’t merely provide loans for buying a property but for several other purposes as well. Here is a look at the various types of housing loans that you can get.
Purchase a new House :
Most popular & well-known category of housing loans, you can take this type of loan to purchase either a new or second-hand property. Based on your income & the value of the property/plot, you will be provided with the loan.
Home Renovation :
This loan is taken to undertake any renovations of your self-occupied property such as painting, repairing & structural improvement among other tasks. The amount of loan that you can get depends on the cost of the renovation & your capacity to repay.
Loan against Property :
You can get a loan against your property if you are in urgent need of money, either for business or for personal purposes. These loans usually have lower equated monthly installments (EMIs), easy to obtain (as it is a secured loan for the lender) & have lower interest rates. But you should be sure of being able to repay the loan or else you could risk losing your property.
Loan for Construction :
You can get a loan for constructing your house on your plot. This loan is given after taking the market value of the property, total cost of construction & your income into consideration.
Depending upon your need, most lenders will likely provide you any one of these 4 housing loans. This will help you to fulfill your long-cherished dream of owning your own house.
Are you looking for a trustworthy lender? Come to Khush Housing Finance Limited which provides loans to even those employed in the informal sector & have modest sources of incomes. To learn more, visit www.khfl.co.in or come to any of our offices in Maharashtra, Gujarat & Rajasthan.