Different Types of Home Loans - PowerPoint PPT Presentation

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Different Types of Home Loans

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These days there is not only a demand for home loan but also for other types of home loan which have come up due to unique demands of people. To live up to the expectation banks have designed specialized loans adhering to those unique demands. Check out some of them. – PowerPoint PPT presentation

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Title: Different Types of Home Loans


1
Different Types Of Home Loan
2
Introduction
  • In the present time with things changing at
    unbelievable pace even the banking sector has
    evolved. To meet the growing demands of the
    customers every bank has to come up with new
    schemes and ideas. So to cope up with the changes
    the banks proving housing loan has introduced
    different types of loans which targets a specific
    audience having unique demand. So let us see the
    various types of loans which are available in
    current scenario and has been influential in the
    present time and will be effective in the near
    future.

3
Types Of Home Loan
  • Home Purchase Loan
  • Home Construction Loan
  • Home Extension Loan
  • Home Improvement Loan
  • Residential Plot Loan
  • Loan For NRIS

4
Home Purchase Loan
  • Home Loan is offered to individuals who wish to
    purchase or construct a house. The property is
    mortgaged to the lender as a security till the
    repayment of the loan.
  • The bank or financial institution will hold the
    title or deed to the property till the loan has
    been paid back with the interest due for it.

5
Home Construction Loan
  • A construction loan is typically a short-term
    loan used to pay for the cost of building a home.
    It may be offered for a set term (usually around
    a year) to allow you the time to build your home.
  • At the end of the construction process, when the
    house is done, you will need to get a new loan to
    pay off the construction loan this is sometimes
    called the end loan.

6
Home Extension Loan
  • A loan given to fund your needs for expanding
    your existing house.
  • The expansion could include new rooms, aesthetic
    improvements, or even converting an existing
    balcony into an enclosed space.

7
Home Improvement Loan
  • Buying a house or even renovating an existing one
    can cause a big financial strain for an average
    middle class citizen.
  • Thanks to the growing popularity of home
    improvement loans banks are offering users loans
    to take care of their home renovation work
    offering financial help along with tax deduction
    options.

8
Residential Plot Loan
  • After staying in company-provided flats in metro
    cities all your life, you are looking forward to
    shifting to your hometown after retirement. You
    don't mind staying in a flat but there are no
    projects by reputed builders where you can buy a
    property. You have an option, to buy a
    residential plot and build your own house.While
    home loans are easily available for salaried
    employees, what about a loan to buy a residential
    plot? Plot loans are also available without too
    much difficulty and, in most cases, at the same
    rates as a home loan. But other terms and
    conditions could be different. It requires some
    planning.

9
Loan For NRIS
  • The Indian real estate market is attractive for
    non-resident Indians (NRIs) as it is easier to
    earn in a stronger currency and pay in Indian
    rupees.
  • Things also becomes easier as they can avail home
    loans from banks in India to purchase property
    here.

10
Recent trends
  • Industry analysts claim the top five housing
    finance companies account for the bulk of the
    retail home loans offered by mortgage lenders.
    The top four or five companies will have close
    to 85-90 per cent share of the retail home loans
    offered by housing finance companies. These
    companies have been growing their portfolios
    aggressively in the last few years and are often
    preferred by borrowers as loan processing is
    relatively faster and simpler compared to public
    sector banks, an analyst with a domestic
    brokerage said
  • The other prominent housing finance companies
    include LIC Housing Finance, Dewan Housing
    Finance Corporation, PNB Housing and Indiabulls
    Housing Finance.

11
Summary
  • All these types of loans have really made our
    life easier when it comes to buying a new house
    or making changes to the existing one. A lot of
    banks offer these types of loans but those which
    are extensively offering best deal and perfect
    loans are HDFC, PNB Housing, ICICI, etc. Those
    who wish to take any type of loan mentioned in
    the previous slide can approach these banks and
    get their loan approved instantly.

12
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