Dear Sameer,
There are various types of home loans depending upon your specific requirement. Some of the key ones are as follows:
1. Land purchase loans: These loans are granted to individuals for the purchase of land on which they intend to build a house.
2. Home purchase loans: These are the most common type of home loans that is granted to individuals and they are granted for the purchase of an apartment.
3. Home construction loan: This type of loan is granted to individuals for the construction of a house on a plot of land that is already owned by the applicant.
4. Home Expansion/Extension Loan: This loan is specifically granted to individuals who want to expand their current home to include a new construction such as an additional floor, room, bathroom, etc.
5. Home Improvement Loan: Existing home owners who lack sufficient funds to renovate their existing home can apply for this loan to upgrade their home with a new paint job, electrical wiring, water proofing, etc.
6. Home conversion loans: Using this type of home loan, an existing home owner can add to their existing loan so that they can purchase a new house. This type of loan is only applicable to existing home owners.
7. NRI Home Loans: These home loans are specifically designed to provide non-resident Indians with financing so that they can purchase a home in India.