Business » Home Loans
Home loans are ideal financing solutions for buying a home. These loan programs are specially designed to fulfill diverse requirements of the home buyers. Home loans are the principal area of business of several banks and financial institutions all over the world. Home Loan is a Secured Loan provided against the security of a house/property which is funded by the bank's loan, the property could be a personal property or a commercial one. The Home Loan is a loan taken by a borrower from the bank issued against the property/security intended to be bought on the part by the borrower giving the banker a conditional ownership over the property. The borrower is failed to pay back the loan, the banker can recover the lent money by selling the property. There are different types of home loans accessible in the market to cater borrower's different needs.
Home Purchase Loan:
This is the basic type of a home loan which has the purpose of purchasing a new house.
Home Improvement Loan:
This type of home loan is for the renovation or repair of the home which is already bought.
Home Extension Loan:
This kind of loan serves the purpose when the borrower wants to extend or expand an existing home, like adding an extra room etc.
Home Conversion Loan
It is that loan in which the borrower has already taken a home loan to finance his current home, but now wants to move to another home. The Conversion Home Loan assists the borrower to transfer the existing loan to the new home which requires extra funds, so the new loan pays the previous loan & fulfills the money required for new home.
This type of loan helps finance the new home of the borrower when he wants to sell the existing home, this is normally a short term loan to the borrower & helps during the interim period when he wants to sell the old home & want to buy a new one, It is given till the time a buyer is found for the old home.
Home Construction Loan:
This kind of loan taken when the borrower wants to construct a new home.
Land Purchase Loan:
It is that loan which is taken to purchase a land for construction & investment purposes.