The distant dream of one’s own house can be pulled into reality sharing the financial burden with a home loan.
Are home loans limited to home buying?
While home loans are considered a helping hand constrained just to home buying; the misconception is to be cleared taking in sight the fact that they serve as a financial partner in almost every housing need of an individual. The array extends as:
Land Purchase Loan- Availed to buy a plot of land on which construction of a house is being foresighted.
Home Purchase Loan- The most commonly used home loan variant used for buying a new residential property.
Home Construction Loan- Availed by those who wish to construct their own house rather than purchasing an already constructed one.
Home Improvement loan- Availed by those who already own a house but lack the funds required to renovate it.
Which property is eligible for a home loan?
Commercial as well as residential property is eligible for a home loan.
How is home loan eligibility calculated?
A person’s home loan eligibility may vary from one institution to other. However, some common factors judging it are:
» Net Income
» CIBIL Score
» Repayment Record
» Presents debts
» Minimum and maximum loan amount Cap