With the economic transition in country, people tend to move from villages to cities in search of livelihood. Therefore, need for better housing has increased and it all demands great supply of money and this story continues to be written by financial institutes by providing home loans to assist your funding and to made your home acquisition much easier.

However, the cost of living needs ample amount of money which could make you dip into your savings but you can secure a home loan which is made available easily by the number of lending institution these days. Your dream house could be just a click away at ShubhBank where you can “Apply For Home Loan“ to finance your needs.

Home loans are categorized under secured loans and their interest rate may vary from lender to lender. The repayments are done through equated monthly installment or EMI and depending upon the market value, lender may offer loan amount up to 80% of the total cost. The home loan solutions are planned upon the purpose of purchase or construction of the property, funds can also be secured for home extension or renovation.

Let’s have a closer look at the most popular home loan in India:

Loans for acquisition of land: These loans are available on flexible options to save funds and construct any type of home or just to treat your purchase as an investment. It is only available if you want to purchase a vacant plot to save, invest and earn.

Loan for the purchase of home: This type of loan is available for buying a new home or pre-owned home from the real estate agencies. The lender helps you purchase your own home on varied criteria which determines your interest rate. Typically, you can borrow up to 85% of the total property cost in these types of funding.

Home construction loan: If you are having a vacant plot and planning to construct a house of your own choice, apply for this home loan. These loans are specially designed for people who want to build their own house that suits their lifestyle. The loan quantum is approved on the basis of rough estimation of construction costs and disbursed in installments to your bank account.

Home extension loan: The loan is available for the individuals who want some changes in their existing home. In case, you want to add an extra room or bathroom or you want to alter the structure, you may seek a home extension loan with a rate of interest similar to the other home loans.

Home improvement loans: If you are looking to renovate your existing home or want to construct a water tank or need to carry out an electrical renovation, many lenders in the market offer loan for such home improvement plans.

Hence, you are now aware of popular kinds of home loans available in the lending market, so identify your requirement and select the right type of funding that suit your purpose and “Apply For Home Loan Online“ or offline and enjoy the warmth of your personal space.