FAQs

In this section you will find answers to frequently asked questions on life, health, travel and home insurance, savings, loans, mortgages and personal finance.

Loans and Cards (1)

The general notion people have about home loans is that they are given out only to buy a property, which is not true. Home loans are available for:

  1. Buy New Property: Available to buy a new apartment or home.
  2. Home construction: When you want to construct a new house, you borrow money from the bank under home construction loan.
  • Land or Plot purchase: This kind of loan is sanctioned by the lenders in case you have to buy land either for construction of home or investment purpose.
  1. Home improvement and extension: Available when you already own a house and you just want to renovate it or repair it or to extend it like adding an extra room, expand any room, etc.
  2. Bridge loan: This loan helps you in the interim period when you are looking for a change in the house and you still have to find a buyer for your old house, when you already have found your new one.

Loan against Property: This loan can be used for any requirements of the home owner, against collateral of the property. The end use of the loan is not restricted and it works similar to a personal loan, except that it is secured against the property and therefore one can borrow larger amounts and at better rates than for personal loans.

Category: Home Loans

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Home Loans (1)

The general notion people have about home loans is that they are given out only to buy a property, which is not true. Home loans are available for:

  1. Buy New Property: Available to buy a new apartment or home.
  2. Home construction: When you want to construct a new house, you borrow money from the bank under home construction loan.
  • Land or Plot purchase: This kind of loan is sanctioned by the lenders in case you have to buy land either for construction of home or investment purpose.
  1. Home improvement and extension: Available when you already own a house and you just want to renovate it or repair it or to extend it like adding an extra room, expand any room, etc.
  2. Bridge loan: This loan helps you in the interim period when you are looking for a change in the house and you still have to find a buyer for your old house, when you already have found your new one.

Loan against Property: This loan can be used for any requirements of the home owner, against collateral of the property. The end use of the loan is not restricted and it works similar to a personal loan, except that it is secured against the property and therefore one can borrow larger amounts and at better rates than for personal loans.

Category: Home Loans

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

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