| Home Loan, for many, is the loan availed for the | | | | home on an existing property. Its terms and conditions |
| purchase or construction of a new home. But, in reality, | | | | are also widely different from Home Purchase Loans. |
| home loans are available for virtually everything from | | | | Land Purchase Loans: This is for funding the purchase |
| construction and renovation to extension, land | | | | of land for investment/construction purposes. One of |
| purchase, and even the stamp duty. The different | | | | the most availed type of loan scheme. |
| types of home loans issued by banks in India are | | | | Stamp Duty Loan: For paying the stamp duty. |
| described below. | | | | Bridge Loans: This type of loan is availed by those |
| Home Purchase Loan: This is the conventional home | | | | who wish to sell their present home and buy a new |
| loan that we all know. It is meant for the purchase of a | | | | one somewhere else. The loan amount is used to |
| new apartment. | | | | purchase the new home while the old home waits for |
| Home Extension Loan: This home loan is for funding | | | | its new owner. |
| any alteration to an existing home. For approval of this | | | | Other types of home loans are Refinance Loans, |
| loan, however, one might have to get the approval | | | | Home Conversion Loans, NRI Home Loans, and |
| from the concerned municipal authorities. | | | | Balance Transfer Loans. For more info on home loans, |
| Home Construction Loan: Do not confuse it with Home | | | | visit the home websites of major banks in India. |
| Purchase Loans. This is for the construction of a new | | | | |