There are different aspects to buying a property. You may want to purchase another property, you may want to purchase an already constructed house, you may want to reconstruct a house and for all these things you may need loans. You need to understand what are the types of loan available in the home loan category. For this, let me share with you about different kinds of home loan for already constructed house.
How to get a loan for property development?
- Loan for Construction
If you want to purchase land and build a house by hiring contractors, you can get construction loans. Several banks such as SBI, ICICI, PNB offer construction loans to their borrowers.
2. Loans for home
You can buy a ready to move-in house, and for this, you can apply for a home loan if needed. This kind of loan is available in almost every bank. If you want to get a home loan for an already constructed house, check out the interest rates, processing fees of different banks and then decide from which institution you will take the home loan.
3. Home Extensions loans
Perhaps you want to build another bedroom or a balcony in your house. If you want loan against redevelopment property then you can take home extension loans. Home extension loans are offered by HDFC and the bank of Baroda.
4. Loans for home improvement
In case you need to fix your water tank, fix an electric connection or want to repair the interior or exterior part of the house, you can take home improvement loans. Union Bank of India, Vijaya bank offers improvement loans.
5. Bridged Loans
Bridged loans are short term loans banks offer when you are purchasing a new property. You can get this home loan by mortgaging your new house and you can extend it for less than two years.
There are other kinds of banks also available. Visit your nearest bank branch and talk to your lender. Check out what they are offering and then decide what type of home loan for an already constructed house you want. I hope you find my answer on the home
loan for already constructed house
informative.
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How to get a loan for property development?
Anupriya
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2022-03-22T10:09:20+00:00 2022-03-22T10:09:22+00:00Comment
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