Types of Home Loans in Chennai
We all have aspirations of homeownership but often the shortage of funds for a worthwhile purchase deters us from taking the plunge. Don’t let financial concerns discourage you. Consider procuring a home loan. It can definitely help turn your dream of owning a home into a reality.
What is a home loan?
This is a secured loan taken by the borrower from a financial institution against the property that he intends to buy. It gives the lender provisional ownership of the property. If the borrower fails to reimburse the lent capital for any reason, the investor can sell off the property to recover the loan amount.
Types of Home Loans:
- Home Purchase Loan: As the name suggests, this is the basic type of a home loan which is used for purchasing a new house.
- Home Improvement Loan (HIL): This is loan taken primarily for renovation or carrying out internal or external repairs to your existing home.
- Home Extension Loan: The purpose of this funding is for extending or expanding the current home to increase the living space in terms of adding an extra room.
- Home Conversion Loan: If you have already used a home loan for your current abode but now want to buy another, this loan enables you to transfer the previous loan to fund the new purchase.
- Land Purchase Loans: This comprises financial taken to construct a house for residential or investment purposes.
- Home Construction Loan: This loan can be availed to construct a new home as per your wishes rather than opting for a flat that is already constructed.
If you are looking for any kind of home loan in Chennai, the new lending phenomenon called peer to peer lending (P2P) may be the answer. The online platform that bypasses financial intermediaries like banks allows you to borrow money directly from investors at a lower rate. Look no further than Antworks Money! A name to reckon in the online lending marketplace, we facilitate a prompt loan processing service in a secure environment.
Our efficient financial system is responsive, transparent and offers a personalised customer experience. It provides access to the best rates offered by various banks/NFBC’s for easy comparison to help shortlist a loan provider that meets your specific needs. Not to mention, our team at Antworks Money is informative, approachable and extremely supportive.
We go the distance to ensure the online application process for your real estate investment in Chennai is fast and accurate.