Frequently Asked Questions

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Some Important Terms / Definitions :

Home Improvement Loans:

These loans are given for implementing repair works and renovations in a home that has already been purchased by you.

Home Construction Loans:

This loan is available for the construction of a new home.

Home Extension Loans:

This is given for expanding or extending an existing home. For example addition of an extra room etc

Home Conversion Loans:

This is available for those who have financed the present home with a home loan and wish to purchase and move to another home for which some extra funds are required. Through a home conversion loan, the existing loan is transferred to the new home including the extra amount required, eliminating the need for pre-payment of the previous loan.

Land Purchase Loans:

This loan is available for purchase of land for both home construction or investment purposes

Bridge Loans:

Bridge Loans are designed for people who wish to sell the existing home and purchase another. The bridge loans help finance the new home, until a buyer is found for the old home.

Balance Transfer Loans:

Balance transfer loans help you to pay off an existing home loan and avail the option of a loan with a lower rate of interest.

Refinance Loans:

This loan helps you pay off the debt you have incurred from private sources such as relatives and friends, for the purchase of your present home.

Stamp Duty Loans:

This loan is sanctioned to pay the stamp duty amount that needs to be paid on the purchase of property.

Loans to NRIs:

This is tailored for the requirements of NRIs who wish to build or buy a home in India. EMI is the Equated Monthly Installment payable till the loan is paid back in full. It consists of a portion of the interest as well as the principal. Some of the incentives offered by lending institutions are:

Some companies sanction the loan without requiring you to identify property as a pre-requisite for eligibility Free accident insurance

  • Discounts
  • Waiving of pre-payment penalty
  • Waiving of processing fee
  • Free property insurance