Different Types of Housing Loans

1 Loans for Purchasing Home

  • Loan is provided for buying new home.
  • Eligibility Criteria –
     Age between 18–65 years
     Minimum employment of 2 years (If salaried)
     Minimum employment of 5 years (If self-employed)
     Credit score of 750 or above

2 Plot Loans

  • Loan is provided to buy land required for house construction.
  • Eligible for Salaried and Self-Employed professionals between 18–65 years of age.

3 Rural Housing Loans

  • Specially designed for Agriculturists, Planters, Horticulturists, and Dairy Farmers to buy houses in the rural or urban areas.
  • Loans are available for Salaried and Self-Employed who want to buy property in their village.
  • Eligible for people between 21–65 years of age

4 Home Improvement Loans

  • Loan is provided to finance an applicant’s home renovation and repairs.
  • Eligible for people between 18–65 years of age.

5 Home Extension Loans

  • Loan is provided for construction of new rooms or expansion of the existing house.
  • Eligible for Salaried and Self-Employed professionals between 18–65 years of age.

6 Top –Up Loans

  • Customers with an existing Home Loan, Home Improvement Loan or a Home Extension Loan can apply for a Top Up Loan.
  • Eligible after 12 months of the final disbursement of your existing Home Loan.
  • Eligible for people between 21–65 years of age.

Summary

  • Banks and NBFCs provide loans for different stages like land purchase, construction, extension, etc.
  • We recommend employing a Home Loan EMI Calculator and Home Loan Eligibility Calculator to enable better financial planning.

Visit https://www.hdfcsales.com/housing-loans for more information.

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HDFC home loan calculator
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