Different Types of Home Loans

What is house loan??

•Acquiring a home which you can proudly call as your “Own House” is a life-time decision.

•Home Loan is offered to individuals who wish to purchase or construct a house. The property is mortgaged to the lender as a security till the repayment of the loan.

Importance of Home Loan• The need for home loans arises not because property prices are

heading upwards all the time but because home loans make great sense from a long-term savings perspective.

• Not only are home loans a handy tool for the common man to own a roof over his head but they also help save money in the long run.

• With skyrocketing real estate prices, people are increasingly opting for housing loans to acquire their dream home.

• Interest rates are coming 76 down all the time and the banks and the housing finance companies are literally falling over each other to lure the prospective home-seekers.

• Even if one can afford to buy a home with one's own money, home loans should be availed because they act as good savings instrument.

Types of Retail Loans1. Home Loan

2. Home Loans to NRIs / PIOs

3. Interest Subsidy Scheme for Housing the Urban Poor (ISHUP)

4. Loan Against Future Rent Receivables

5. Mortgage Loan

6. Education Loan

7. Car Loan

8. Two Wheeler Loan

9. Loan to Professionals

10. Traders Loan

11. Personal Loan

12. Reverse Mortgage Loan

Types of Home Loan

•Home Purchase Loan•Home Improvement Loan•Home Construction Loan•Home Extension Loan•Land Purchase Loan•NRI Home Loan

Basic Process of Availing Home Loan in India

Elements to Determine Cost of the House

•Readymade Properties

•Self-Constructed Properties

HOME INSURANCE

After sanctioning home loan one needs to insure it against future risks and perils.

Besides natural calamities such as cyclones and earthquakes, man-made disasters, too, pose significant threats to residential properties.

Here comes the use of home insurance policy. In the present time, a number of insurance

companies and banks are coming up with attractive home insurance policies, which provide cover for the property in case of all the aforementioned hazards.

Hope this presentation was helpful to you !!!