What is a home loan? 

A home loan is a secured loan that is procured to buy a property by offering it as collateral.

What are the types of home loans? 

The various types of home loans are 

Home purchase loan:

A home purchase loan is taken to buy a home

Home construction loan:

It is taken to build a new house

Home improvement loan:

It is taken to repair a home

Home extension loan:

This loan is taken to make any structural changes to the existing house to add more living space. 

Joint home loan:

It is a home loan taken along with a co-applicant. The co-applicant can be a family member, spouse, parent, sibling, or offspring. Both of them have equal financial responsibility in repaying the loan. 

Top-up home loan:

It is a funding option that is offered in excess of the existing loan amount for credit such as personal loans, home loans etc.

Land Purchase Loan:

It is taken to purchase a plot of land.

Also Read: All Home loan Eligibility - Check Eligibility Criteria & Apply Online

How To Apply For a Home Loan?

The step by step loan application process is as follows:

  • Fill out the loan application form completely with accurate details. 
  • Attach the required documents
  • Pay the processing fee
  • Verification of the documents by the bank
  • Approval of the loan
  • Processing of the offer letter
  • Processing of the property papers and conducting a legal check
  • Conducting the technical check and doing a site estimation
  • Signing the agreement
  • Loan disbursal process

Also Read: All Home Loan EMI Calculator & Check Eligibility