DelhiDesk The article discusses various specialized home loan products that cater to specific purposes, such as home renovation, construction, and extension. These loans provide funds for the respective projects and have different eligibility criteria, loan tenure, and interest rates based on the lender’s policies. The article advises borrowers to research multiple lenders, compare their offerings, and review the terms and conditions before choosing a specialized home loan product that best suits their requirements. The article also includes a disclaimer and a recommendation to download the Mint News app for daily market updates.
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👉 Apart from regular home loans, there are specialized loans for specific purposes such as home renovation, construction, and extension
👉 Home renovation loans provide funds for repairs, renovations, or improvements with shorter tenures than regular home loans
👉 Home construction loans provide financing for purchasing a plot, building a house, and associated expenses with disbursement in installments
👉 Home extension loans provide funds for expanding the current structure or adding new rooms, floors, or sections with shorter tenures
👉 Balance transfer loans allow borrowers to transfer their existing home loan to another lender for better interest rates or terms
👉 Top-up loans provide additional funds for renovations or other requirements over and above the outstanding balance of an existing home loan
👉 Terms and conditions for specialized home loan products may vary among lenders, so it’s important to research and compare offerings before choosing a loan product.
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