Adjustable rate home loan

The rates on adjustable rate home loan (ARHL) is linked to a bank's retain prime lending rate (RPLR). The rate at which the loan will be repaid by the customer will be revised every three months from the date of the first disbursement, if there is a change in RPLR. HOwever, the EMI will not change. The maximum term is 20 years and there are no pre-payment charges in ARHL.

Home Improvement loan

This loan facilitates internal and external repairs and other structural improvements like tiling, plumbing etc. Generally, this loan is preferred for newly-bought houses where the buyer wants to do some major renovation.

Construction loan

This loan is available for constructing a new house. For those who already have land, this is quite handy.

Land purchase loan

This allows you to purchase land, either for construction or investment purposes, anywhere in the country as long as the title deed can be verified. Individuals can later avail the construction loan to build their new house.

Bridge loan

This is a temporary loan that helps to finance a new home, till a buyer is found for the old one. Simply out, it is a short-term financing option to cover individuals from panic selling. Interest rates are marginally higher and repayments can be made either as a lump sum or in installments.

Availability of home loans has enabled millions to become owners

House Finance is available for all types of property purchase : from buying a house to purcahsing land and constructing a house. Each loan has diferent features and interest rate strctures depending on your requirement.

Standard home loan

This is the standard home loan to purchase a house. Housing finance companies led upto 90 per cent of the cost of the house, while the borrower has to contribute the rest. Interest rates on these loans have nosedived in recent years.