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 disbursements depend on the house's construction stages.

4. Home improvement or renovation loan

It is for all the costs incurred during the renovation of an already existing house. The interest rates on renovation loans are not very different from regular home loans.

5. Bridge loan

It is a short-term home loan which people take if they are planning to buy a new house with the sale acquired of their existing house.

6. Composite loan

A loan can be availed for buying a plot and building a house on that plot. The first disbursement is made towards plot purchase when you get a composite loan. All the subsequent payments depend on the stages of the construction of the house.

7. Step-up home loan

It allows borrowers to pay lower EMIs during the initial years of the loan tenure and has the provision of increasing the EMI amount over time. This loan is ideal for young professionals who are just starting their careers.

These are some kinds of home loans you can get from Muthoot Finance; you can choose the ones that suit you the best. 


 

Comments

Post a Comment

Popular posts from this blog

How to Choose the Right Lender for Your Gold Loan Balance Transfer?

Image
When considering a gold loan balance transfer , finding the right lender is crucial to ensure a smooth financial transition. A balance transfer can help you save on interest and improve your loan terms. To make an informed decision, follow these guidelines to select the ideal lender for your gold loan balance transfer. Assessing Interest Rates and Charges Comparing interest rates is a key step in choosing the right lender for your gold loan balance transfer . Research and compare the rates offered by different lenders. A lower interest rate can significantly reduce your repayment burden over the loan tenure. Additionally, consider any processing fees, prepayment charges, or hidden costs that impact the overall cost-effectiveness of the balance transfer. Evaluating Repayment Flexibility and Terms The flexibility of repayment options and loan terms is another important aspect to consider. Look for a lender that offers customisable repayment schedules that align with your financia
Read more

Reasons to Avail Doorstep Gold Loan Service

Image
In today’s fast-paced world, convenience is the key that makes life easier. From online shopping to home deliveries, everyone has access to options that not only save time but also effort. And the same convenience is extended to gold loans as well. A loan at home has become a preferred option for lenders for the benefits it offers. Here are a few reasons to opt for gold loan at-home services. Convenience Gold loan has always been one of the most convenient options for financial aid. It becomes more convenient when you can avail it from the comforts of home. Unlike traditional methods of loan application, you can now apply for a online gold loan on the lender’s website or mobile app to schedule an appointment with the lending institution.  Transparent Processing Gold is a highly-valuable element, and when applying for a loan, one may even wonder about the security and transparency of the doorstep service. However, NBFCs prioritize customer satisfaction and ensure secure processing abov
Read more

Step-By-Step Guide to Door-Step Gold Loan From Muthoot Finance

Image
In today's uncertain economic times, many individuals find themselves in need of immediate financial assistance. Gold loans have emerged as a popular solution, allowing individuals to leverage the value of their gold assets to meet their financial requirements. Muthoot Finance, a leading NBFC, has introduced doorstep gold loans to provide a convenient and hassle-free experience for borrowers. This article will provide a step-by-step guide to availing a doorstep gold loan from Muthoot Finance.   Understanding Muthoot Finance's Doorstep Gold Loan Service Muthoot Finance's doorstep gold loan service allows customers to avail themselves of a loan without leaving the comfort of their homes. A staff from Muthoot Finance will visit the borrower's residence to evaluate the gold articles and offer an instant loan against them. This service eliminates the need for customers to travel to the nearest branch and ensures a seamless borrowing experience.   Documents and Elig
Read more