Want to Fulfill your Housing Dream? Here are a few things to know

<p style&equals;"text-align&colon; justify&semi;">Have you been looking for ways to <a href&equals;"https&colon;&sol;&sol;newsforpublic&period;com&sol;tips-buying-luxury-home&sol;">fulfill your housing dreams<&sol;a>&quest; Often people are found to put their dreams and expectations of a perfect home on hold because they do not seem to have the budget to enliven them&period; Fulfilling housing dreams can be expensive&comma; and not everyone may have the financial fuel to achieve it&period; This is where a home loan can be of help&excl; The demand for home loans has been on the rise&period; Housing loans grew by 18&period;3&percnt; between Nov 2018 and Nov 2019&period; Let us see how home loans can be an ideal way to fulfill your housing dreams&period;<&sol;p>&NewLine;<h2>A brief guide on a home loan<&sol;h2>&NewLine;<hr &sol;>&NewLine;<p style&equals;"text-align&colon; justify&semi;">Housing loan or <a href&equals;"https&colon;&sol;&sol;www&period;pnbhousing&period;com&sol;home-loan&sol;home-purchase-loan&sol;&quest;utm&lowbar;source&equals;organic&amp&semi;utm&lowbar;medium&equals;google&amp&semi;utm&lowbar;campaign&equals;gp&lowbar;org" target&equals;"&lowbar;blank" rel&equals;"noopener">home loan<&sol;a> is the capital borrowed by a financial institution by a borrower to meet his financial requirements of buying a house&period; The property for which the loan is sanctioned can either be personal or commercial&period; A home loan is a secured loan where the property of the borrower acts as collateral&period; The lending institution has full right to take away the property from the borrower and recover the outstanding amount by selling it&period; Now&comma; let us look at the different types of home loans that an individual can avail based on their requirements&period;<&sol;p>&NewLine;<h2>Types of home loan<&sol;h2>&NewLine;<hr &sol;>&NewLine;<p style&equals;"text-align&colon; justify&semi;">Home loans can be branched into seven categories based on the needs of an individual&period; Some of them have been mentioned below&period;<&sol;p>&NewLine;<h3>Land purchase loans<&sol;h3>&NewLine;<p style&equals;"text-align&colon; justify&semi;">As the name suggests&comma; land purchase loans are the loans borrowed by an individual from banking or non-banking financial institutions to buy a plot of land&period;<&sol;p>&NewLine;<h3 style&equals;"text-align&colon; justify&semi;">Home purchase loans<&sol;h3>&NewLine;<p style&equals;"text-align&colon; justify&semi;">Any individual can avail a home purchase loan to buy a residential property&period; Financial institutions can sanction up to 85 percent of the market value of the residential property that the borrower is willing to buy&period;<&sol;p>&NewLine;<h3 style&equals;"text-align&colon; justify&semi;">Home construction loans<&sol;h3>&NewLine;<p style&equals;"text-align&colon; justify&semi;">Home construction loans can be borrowed to construct homes on land or plot&comma; which is owned or co-owned by the individual&period;<&sol;p>&NewLine;<h3 style&equals;"text-align&colon; justify&semi;">Home extension loans<&sol;h3>&NewLine;<p style&equals;"text-align&colon; justify&semi;">Home extension loans can be used to extend the existing house of the individual&period;<&sol;p>&NewLine;<h3 style&equals;"text-align&colon; justify&semi;">Home improvement loans<&sol;h3>&NewLine;<p style&equals;"text-align&colon; justify&semi;">Home improvements loans can be borrowed to give your home a renovation&period; The disbursed loan amount can be used for house repairs&comma; painting walls&comma; wiring&comma; etc&period;<&sol;p>&NewLine;<h3 style&equals;"text-align&colon; justify&semi;">NRI home loans<&sol;h3>&NewLine;<p style&equals;"text-align&colon; justify&semi;">NRI home loans are specially meant for non-residents of India&comma; who want to buy a residential property in India&period;<&sol;p>&NewLine;<h3 style&equals;"text-align&colon; justify&semi;">Home conversion loans<&sol;h3>&NewLine;<p style&equals;"text-align&colon; justify&semi;">Home conversion loans are for existing home loan borrowers&comma; who want to switch to a different home loan within the same bank or NBFC&period;<&sol;p>&NewLine;<h3>Repayment of home loans<&sol;h3>&NewLine;<p style&equals;"text-align&colon; justify&semi;">Home loans provide the borrowers with an option to repay the loan in equated monthly installments &lpar;EMIs&rpar;&period; The EMI value can be calculated using the <a href&equals;"https&colon;&sol;&sol;www&period;pnbhousing&period;com&sol;home-loan-emi-calculator&sol;&quest;utm&lowbar;source&equals;organic&amp&semi;utm&lowbar;medium&equals;google&amp&semi;utm&lowbar;campaign&equals;gp&lowbar;org" target&equals;"&lowbar;blank" rel&equals;"noopener">home loan interest calculator<&sol;a>&period; This will help analyze finances before signing up for a home loan scheme&period;<&sol;p>&NewLine;<p style&equals;"text-align&colon; justify&semi;">These are a few basic things about home loans that you need to know before availing one&period; Select the home loan scheme that meets your requirements&period;<&sol;p>&NewLine;