What are the different kinds of loans?
If you are looking for financial assistance to buy a home on a budget, you can check out from many options available in the market. Many banks and non-banking financial companies like Muthoot Finance give home loans at attractive interest rates with easy repayment facilities; this makes financing a home truly simple. There are different kinds of home loans that you can choose from. Such as: 1. Home purchase loan Banks offer home purchase loans for buying ready-to-move-in properties, under construction, pre-owned, or resale properties. It helps you to buy a residential plot and build a house on it within a pre-decided time frame. 2. Home extension loan A person can get a home extension loan if they require funds to extend or add more space to their existing house. Depending on the loan amount and LTV (loan-to-value) ratio, lenders usually lend 75% to 90% of the construction estimate. 3. Home construction loan It is for the people who want to build their own homes. In this, loan amount