• A home loan is the money that a lender offers you to buy a property. The lender takes the property as a security for the home loan. In the case of non-payment of dues, the lender can retrieve the loan money through the sale of the said property.
Types of Home Loans:
• Home Purchase Loan: This loan is taken to buy a home.
• Home Improvement Loan: This loan is taken to fund the repair or renovation of a home.
• Home Construction Loan: This loan is taken for constructing a new home.
• Land Purchase Loan: This loan is taken to buy a piece of land.
• Home Loan Balance Transfer: This allows you to transfer the balance on your current home loan to a new loan structure.
• Top Up Home Loan: This allows you to borrow money over and above your initial home loan amount.