subject: List down some best Home Loan schemes [print this page]
If you keep a tab of the current scenario, you would be aware of the financial crisis that the Indian economy is going through with its recent phase of the recessionary trend-making Indian economy the worst hit in the world during the ongoing Pandemic situation in the country. The Pandemic has accelerated the negative growth process in the economy thereby bringing about the downside in the financial variables of the country enhancing the reputation of the Indian market as one of the slowest growing economies in the world, lagging far behind its neighbors Bangladesh in terms of Gross Domestic Product.
India recently hit its recessionary peak when the country spiraled into one of the worst economic recession which led to a contraction of around 23.9% in the GDP. Although Indian Government personnel has stated that the country is slowly recovering, the recovery process is still in its nascent stage with the current forecasted GDP expected to be around -7.8%. The moratorium on loans has not fulfilled the desired objective and has subsequently weakened the credit infrastructure of the country and the system of banking operations.
However, home loans have always been the rescued point for the loan market in the economy. As the real estate business has suffered a significant collapse, home loans have been found wanting in some criteria. But the importance of home loan credit facilities can never be eradicated with it serving as one of the primary sources of finance in the economy.
Following is a detailed discussion on some major types of home loans available in the economy-
Home Purchase Loan- One of the basic home loan EMI calculator facilities that have gained immense popularity over time is the basic home loan known as the Home Purchase Loan. Home Purchase Loan refers to the loan facility that can be availed while the borrower is intending to borrow money from the bank to purchase a house in the vicinity of his/her locality. While purchasing a house, a borrower may take a certain amount of money as a loan from the banking institution since providing the down payment money at a single go might be a difficult thing to comprehend for the interested borrower.
Home Construction Loan- The second type of home loan that is available in the market is known as Home Construction Loan. Home Construction Loan refers to the home loan facility where the borrower takes an amount of money as a loan from the Canara Bank Home Loan to start the construction procedure of his/her house. The initiation of the construction process requires the cost incurred while procuring raw materials and the rigorous process involved in converting the raw material into finished products or finished goods.
Home Improvement Loan- The third type of home loan available in the market is Home Improvement Loan. Home Improvement Loan facility refers to those loans that are availed from the bank by the borrower to meet his needs associated with renovating, repairing, and refurbishing the house which the owner or the borrower of the loan currently occupies. The borrower might also take the loan to repair a separate property that he owns in his name as the legal custodian of the property.
Home Expansion Loan- The final type of loan facility in our discussion is the Home Expansion Loan. This refers to the process of taking loans from the banks for expanding the existing area and circumference of the house which currently stands. The house must be expanded by the borrower to install some more important facilities like kitchen, drawing room space etc. The house may also be expanded when it is to be utilized for commercial purposes.
Conclusion: Thus the variety of home loans mentioned here talks about the diversity and range of the home loan modular structure.
Author’s bio: Gaurav S. Khurana is the Founder and CEO of Dialabank and has had a great career in the Banking and Financial Services Sector. He has an experience of 18 years in the sector and has worked at Senior Roles including National Sales Head at ING Investment Management India and as the Vice President Citibank. A post-graduate from IMT, Ghaziabad. Gaurav started his career as a Named Account Manager in Xerox.
Being a part of this field for a long time now, he has written many informative articles and blogs benefiting and assisting many in making decisions regarding the policies provided by various banks and non-banking financial companies such as the Canara Bank Home Loan policy.
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