Types of Home Loans:
1. Home Purchase / Construction Loan: This is the loan that one takes for purchasing or self-constructing one’s home. The loan amount disbursement is generally done directly to the agency constructing the home and is linked to construction progress.
2. Home Improvement Loan:This loan generally is availed to cover expenditure related to repairs or renovation of your home.
3. Land Purchase Loan:Loan availed when one is wishing to buy a plot of land for constructing his/her own house at a later date.
4. Home Extension Loan / Top Up Home Loan:This loan helps the borrower to borrow some additional money above the outstanding loan amount in order to make some changes to the home that is being purchased or constructed. Changes could be in the nature of additional room or a garage or an additional bathroom or kitchen improvement etc.