Best Home Loan
Home Loan
Home loan refers to a mutual agreement between the client and the lending company in which the client purchases a property and the lending company keeps the same property as security for the loan by the client. There are different kinds of home loan available in the market, and you should have the enough knowledge about different kinds of home loan before applying for one.
These are the different kinds of home loan that are presently available in the market:
- Home Purchase Loans
These are the basic form of home loan used for purchasing of a new home.
• Home Construction Loans
These kinds of home loan are available for building a new home.
• Home Improvement Loans
These loans are given for implementing repair works and renovations in a home that has already been purchased by the client.
• Home Conversion Loans
With home conversion mortgage, the current mortgage of the client transfers to the new home that includes the extra amount that the client requires. This eliminates the need of prepayment of the previous home loan that the client borrows.
• Home Extension Loans
This is the home loan that is given for the expansion of a current home of a customer. For instance: addition of another room in the home, etc.
• Bridge Loans:
You can take bridge loans, if you wish to sell the current home and get another one. The bridge loans help in financing the new home, until a buyer is found for the new home.
• Land Purchase Loans:
This form of home loan is available for buying land for construction. This kind of loan is also available for the investment purpose.
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