Home Loan proffers two kind of interest rate

Fixed Rate- A fixed rate interest means you need to pay fixed EMI during the whole home loan tenure. It is of vantage to all those people who want to expend the budgeted amount.

Floating Rate- It means rate of interest may vary from time to time and hence your EMI will also vary.

Types of Home Loan

Home procurement loan- This loan is granted by bank to purchase new property.

Home Improvement Loan- This type of loan is granted for renovation or repair of home that is already bought.

Home Extension Loan- This type of loan is given to borrowers, who want to extend their home like adding extra room etc.

Conversion Loan- It is that loan where borrower has already taken home loan but now wants to switch to another home. It is basically granted to meet additional fund requirement for new home.

Home Construction Loan- This type of loan is granted by bank when borrower wants to construct new home.

Land procurement Loan- It is the loan which is taken to procure land for construction or investment purpose.

Eligibility

The home loan eligibility depend on borrower’s credibility, and credibility is calculated by taking into account following factors like Income, Age, No of dependants, Financial soundness, Bank statements

Advantages

• Bank offers you wide range of products and depending upon your requirement you can choose
• Hassle free loan is provided
• Even some banks provide you doorstep service.
• Flexible repayment options are available.
• Some banks also offer free accident insurance cover along with home loan
• Insurance options for home loans are also available at attractive rate
• Personalized support is provided by banks

Banks offering Home Loan- There are many players in the market prominent among them are ICICI Bank, HDFC, Axis, SBI and Canara.

Thus building your home can be made easy through home loan so research well and apply for the loan.