Finally getting a new place you can truly call your own is exciting times for all. Warm temperatures, being able to spend time with your family without anyone bothering you, no rent to pay… all of these things are as appealing as you can imagine. But do you have the right kind of knowledge to be able to choose the best home loan for your needs? For starters, here is a brief overview of 8 popular types of home loans to get you started:

1. Home improvement loan

When you Apply for Home Loan Online for the very first time, you’re going to be presented with different types of options to choose from, one of which is the home improvement loan. Consider getting it if you want to replace the roof tiles, upgrade the electrical system, or make other interior or exterior changes to your home.

2. Fixed-rate loan

This option is suitable for those who are looking for predictability. By using a Home Loan Eligibility Calculator, the costs are incredibly easy to calculate, allowing you to effectively plan out your future down to the very last payment.

3. Home construction loan

Should you decide that building a home from scratch is the best way to go to cater to your family’s needs, getting a home construction loan is quite suitable. Since many lending companies offer it, you’ll have the freedom of choosing between various providers and be able to snag a good deal with ease.

4. Home conversion loan

In case you’ve already purchased a home, but now you want to relocate to a different place for whatever reason, consider getting a home conversion loan. In essence, this is a way to transfer the loan to a new house.

5. NRI home loans

Non-residents looking to acquire a home often choose this type of loan. In terms of formalities, it’s quite similar to normal loans, it’s just that they’re a bit more elaborate.

6. Bridged loans

For homeowners who want to buy another home, bridged loans are short-term loans designed for a period of less than two years. They require the mortgage of the new house.

7. Balance transfer loans

These can come in handy if you’re unhappy with the original lending bank for whatever reason, allowing you to transfer the loan to another.

8. Stamp duty loan

Even though this type of loan is not that popular quite yet, times are changing. In any case, this type of loan allows you to pay off the stamp duty charges associated with purchasing the property.

9. Home extension loan

This one may look similar to the home improvement loan, with one key difference – as the name implies, it’s meant for extending your home (adding new rooms, a balcony, and similar).

Conclusion

These types of home loans offer plenty of flexibility, allowing you to choose a package deal that is best suited for whatever unique circumstances you may be dealing with. Knowing the differences between them will give you a good idea what to look for, so once you’ve figured out which type of home loan you want, you’ll be able to concentrate your efforts on finding the best deal.