Different Types Of Home Loans That You Must Be Aware of

The journey to homeownership often begins with the question, “How can I fund this?” The most obvious answer would be “Home Loans.” Even though the answer seems simple, there are a variety of options to choose from. If you’re a first-timer who is going to invest in a house you are in the right place. In this article, let us see about the different types of home loans that you must be aware of before starting your journey.

Self-Construction Loans

Mustn’t we all thought of entering our dream house? Be it a small 500 square feet house or a massive villa. A self planned & built house is a joy on its own.

Self-construction loans exactly serve this purpose. Through them, you can cover the construction costs of your dream home. These loans can also be topped up, as the predicted budget can sometimes go over our expectations.

Loans For Purchase Of Resale Flat/Independent Houses

The fortunate thing about human beings is we are all made different. As some of us like to plan and build our dream house, others might want to just pay the cash and set foot into a fully furnished house without wasting any time.For those who want to fulfil their dreams in an instant by buying a pre-owned house, these loans will be a perfect choice.

Loans For Purchase Of New Flat/Independent House

Similar to the preceding topic, these loans are also for people who want to set foot in their dream home as early as possible. The only difference here is, that it will be a newly constructed ready-to-move-in house.

Loans For Mixed-Use

Small businesses are booming in India and most of these entrepreneurs operate from the comfort of their home. To cater to their needs, there is a category in home loans that serves their needs. If you’re planning to mix your housing and business dreams, Mixed-use home loans can serve your purpose well. They are offered to those who want to establish their business facility in their home itself.

Home Extension Loans

Positive change is something we all love to go through. When it comes to our home, it is without doubt we want to upgrade it from time to time. And, a better home promotes better quality of life. Home extension loans are for those who want to renovate or upgrade their home.

Balance Transfer

Are higher EMIs being a burden to you? You can solve your problem by just switching to a different lender. Yes, it is possible through Balance Transfer.

Balance transfer is a facility where you can transfer your loan to a different lender for a lesser interest rate thereby lowering your financial burden. Here, your new lender will pay off your remaining loan amount to the existing lender. It is highly beneficial from the borrower’s point of view in the long term.

Before choosing your home loan, just make sure of your needs. Once you know your needs, you just have to find the lender that best suits your interests. One such lender that you can bank your trust & hopes on is Cholamandalam Finance. You can apply for Chola Home Loans by just walking into one of our 1,204 branches across India. We will make sure you realize your housing dreams.