A home loan is the best way to fulfill your dream of owning a Home. To support your endeavors home loan lenders are coming up with different types of loans:

1. Basic Home Loan: Is a vanilla loan taken from a bank to purchase your choice of property. Once the loan has been granted, you must be repaying the same in monthly EMIs, for a fixed tenure. If you have an excellent credit record, the lender can give a loan up to 80-90% of the property market price.
2. Home Construction Loan: is taken when you own a piece of land and would like to build a house on the same. A home construction loan is usually a payment of the loan in installments based on the level of construction. Home construction loan offers you 3 options:
   1. Borrower can pay only the interest on the disbursed amount
   2. The borrower can pay EMI (Principal + Interest) on the disbursed amount
   3. The borrower’s EMI includes repayment on the principal amount + Interest only on the disbursed amount
3. Home Extension / Improvement loans: In the case where you are owning a home but want to add a room or make a structural change, a home extension loan can fulfill your requirement. A home extension or improvement could easily cost lakhs of rupees. These loans ensure that you can expand or renovate even if you do not have adequate savings.
4. Home Loan – Balance Transfer: If you have already taken a home loan and repaying it now, you have an option to switch your existing loan to a different lender. Borrowers usually do this to avail a lower interest rate.
5. ROI Range: 6.45%* - 12.50%*

1. Tax Benefits: The foremost benefit of a home loan is the income tax deduction you can claim on the interest and principal repayments. You can claim up to Rs.1.5 lakh on principal repayments u/s 80C, up to Rs.2 lakh on interest repayments u/s 24B, up to Rs.2 lakh on interest repayment in special circumstances u/s 80EE and 80EEA, and up to Rs.1.5 lakh on stamp duty expenses u/s 80C.
2. Lower interest rate: The home loan interest rate is much lower as compared to any other loan types available. If you come across a cash crunch, you may get a top-up on the existing home loan at a lower interest rate than a personal loan to solve the issue.
3. Flexible repayment : Tenure: Unlike any other loans, home loans come with longer repayment tenure, as much as 25-30 years. This is owing to the significant loan amount one will have to borrow to purchase a house. Spreading the loan amount and interest applicable over a longer tenure will reduce the monthly EMIs reducing the borrower’s burden.
4. No Prepayment Penalty: When you take a floating-rate home loan, you can make prepayments towards the loan whenever you have a lump sum at hand without having to pay any prepayment penalty. This will help you close the home loan much before the set loan tenure.
5. Balance transfer facility: You can transfer the home loan from one lender to another for several reasons, such as the interest rate, service charges, customer service experience, and others.