FAQ's

What are the types of home loans available?
There are a variety of home loans available.

  • Home Purchase Loan
    • This is the common loan for purchasing a home.
  • Home Improvement Loan
    • This loan is given for implementing repair works and renovations to your home.
  • Home Construction Loan
    • This loan is available for the construction of a new home.
  • Home Extension Loan
    • This loan is given for expanding or extending an existing home. For example, addition of an extra room, etc.
  • Home Conversion Loan
    • Available for those who have financed the present home with a Home Loan and wish to purchase and move to another home for which some additional funds are required. Through a Home Conversion Loan, the existing loan is transferred to the new home, including the additional amount required, eliminating the need for pre-payment of the previous loan.
  • Land Purchase Loan
    • Sanctioned for purchase of land, for both homes, construction or investment purposes.
  • Bridge Loan
    • The Bridge Loan is designed for people who wish to sell the existing home and purchase another. The bridge loan helps finance the new home, until a buyer is found for the old home.
  • Balance Transfer Loan
    • Balance Transfer loans help you pay off an existing home loan with a higher interest rate, and avail of a loan with a lower rate of interest.
  • Refinance Loan
    • This loan helps you pay off the debt you have incurred from private sources such as relatives and friends, for the purchase of your present home.
  • Stamp Duty Loan
    • This loan is sanctioned to pay the stamp duty amount that needs to be paid on the purchase of a property.
  • What is an EMI?
    • EMI (Equated Monthly Installment) is the amount payable to the lending institution every month, till the loan is paid back in full. It consists of a portion of the interest as well as the principal.
    • > Loans To NRIs
      • This loan is tailored for the requirements of NRIs wishing to build or buy a home in India.
    • > How is an EMI calculated?
      • EMI Formula: EMI = P × r × (1 + r)n / ((1 + r)n - 1), where:
        P = Loan amount, r = monthly interest rate, n = loan tenure in months