Home Loan FAQs

What are the types of home loans available?

There are a many kinds of home loans available -

Home Purchase Loans
Existing Home Improvement Loans
Home Construction Loans
Home Extension Loans
Home Conversion Loans
Land Purchase Loans
Bridge Loans
Balance Transfer Loans
Refinance Loans
Stamp Duty Loans
Loans for NRIs and more

These kinds of Home Loans are tailored for the requirements of the individuals who wish to build or buy a home/flat/any type of house.

Can one take a home loan for construction in a place while working in another city?

This is absolutely possible with any Home loan providers that you can take loan for construction in one city while working in another city.

What is the minimum time required for the home loan to be sanctioned after processing?

It takes around fifteen days to even a month or more for processing of one's application.

What are the repayment period options?

Repayment period options range generally from 5 to 15 years or even upto 20 years are possible these days. This depends on the guidelines of the individual banks.

Who can be a Co-Applicant in availing the Home Loan?

Co-Applicants are the Co-Owners of the property in respect of whom the financial assistance has been sought. Usually joint applications are from: husband-wife, father-son or mother-son.

Does the property have to be insured?

You will have to ensure that the property is duly and properly insured for fire and other appropriate hazards, as required by the Home loan providers.