The Housing Finance Companies (HFCs) now offer individuals with various alternatives to choose from while buying a home loan. And the availability of Home Loans offered is as varied as their requirements.

a) Home Purchase Loans: This is the basic home loan for the purchase of a new home

b) Home Construction Loans:

This loan is available for the construction of a new home on a said property. The documents that are required in such a case are slightly different from the ones you submit for a normal Housing Loan. If you have purchased this plot within a period of one year before you started construction of your house, most HFCs will include the land cost as a component, to value the total cost of the property. In cases where the period from the date of purchase of land to the date of application has exceeded a year, the land cost will not be included in the total cost of property while calculating eligibility.

c) Home Improvement Loans:

These loans are given for implementing repair works and renovations in a home that has already been purchased, for external works like structural repairs, waterproofing or internal work like tiling and flooring, plumbing, electrical work, painting, etc. One can avail of such a loan facility of a home improvement loan, after obtaining the requisite approvals from the relevant building authority.

 d) Home Extension Loans:

An extension loan is one which helps you to meet the expenses of any alteration to the existing building like extension/ modification of an existing home; for example addition of an extra room etc. One can avail of such a loan facility of a home extension loan, after obtaining the requisite approvals from the relevant municipal corporation.

e) 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.

f) Land Purchase Loans:

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

g) Stamp Duty Loans:

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

h) Bridge Loans:

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

i) Balance-Transfer Loans:

Balance Transfer is the transfer of the balance of an existing home loan that you availed at a higher rate of interest (ROI) to either the same HFC or another HFC at the current ROI a lower rate of interest.

j) Re-finance Loans:

Refinance loans are taken in case when a loan for your house from a HFI at a particular ROI you have taken drops over the years and you stand to lose. In such cases you may opt to swap your loan. This could be done from either the same HFI or another HFI at the current rates of interest, which is lower.

k) NRI Home Loans:

This is tailored for the requirements of Non-Resident Indians who wish to build or buy a home or property in . The HFCs offer attractive housing finance plans for NRI investors with suitable repayment options.