Home Loan, as the name suggests is a loan taken for purchasing or construction of home/residence. Apart from this, home loan is also taken to buy land and construct a house on it or to repair an actual property. Home loan services in Mumbai, thus, helps in realization of dream of owning a home even if a person/family do not have ready cash to pay it all up front. There are certain lending norms for availing a house loan and these vary slightly from one lender to another. Banks usually lend between 75-80% of the value stipulated in the agreement and the rest amount is borne by the buyer (borrower). The valuation of the property is carried out by the bank and in cases and is usually come out to be lower than borrowers expectations. The landing rate varies from one leading institution to another and also depends on how the economy and real estate sector is performing.
Home Loan can be classified as:-
* Ready House/Flat purchase:-
A simple home loan that enables you to purchase a new residential property ( house/villa/flat).
* Land Purchase and construction:-
For the purchase of approved plot and residential construction on it.
* Land Purchase:-
A loan for the purchase of approved land. Different lenders may have different criteria for approval.
* House Construction:-
This type of loan is only for the residential construction on self-owned and approved residential land.
* House Improvement:-
This is for the renovation of house to get the desired look and comfort.
* House extension:-
This loan is for structural enhancement to strengthen the present building and improving the spaces.
* Balance transfer:-
This loan is to get a better offer, that is, reduced ROI on existing home loan by taking it over from the current financial institution to another.
* Seller balance transfer:-
This loan is beneficial for the buyer if there is a running home loan on the seller property. Buyer can avail a home loan on the purchased property and the amount will be directly given into the seller account.
* Top up:-
One can get enhanced amount from the existing lender on the running home loan.
* Pre-approved home loan:-
One can get the loan approved prior to finalizing the property to know his/her maximum loan eligibility.
Home loan companies in Mumbai. More companies are available in Mumbai. you can take loan easily from finance bazar.