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Home loans are taken by people for buying a new property. Whether it is a new apartment or flat or even an independent home, you can take loan on all those properties which come under the residential areas approved by the concerned authorities. Home loan can be taken for a number of purposes, which are: 1.Home loan for purchasing a new home such as for buying an apartment at srs royal hills which is a duly approved residential project. This is the most common form of home loan taken. 2.Loan for home improvement: If you have already bought a home, say a flat at the srs royal hills faridabad, but need to carry out certain repair and maintenance works then you can take the home improvement loan. This loan can be taken for plumbing, electric works, tiling, flooring, painting, waterproofing and other such tasks. 3.The home construction loan is taken for the purpose of constructing new home on your own, instead of buying the flat from builder. It shall be noted that the price of the land purchased does not form part of the home construction loan. However, it can be used to determine the maximum amount of loan that can be given. If the plot has been bought less than one year before the date of applying for loan, the value of property is included in calculating the total amount of loan that can be granted. If more than one year has lapsed, then the value of plot is not taken into account. 4.The loan for buying the plot of land is also provided separately, either for using it as an investment or for constructing the home. 5.If you have bought a home but need to carry out some alterations which does not form part of repair and maintenance work but is considered as an extension or modification of the home, then you can take the home extension loan from the banks. However, this extension shall have the required approvals for the government. 6.Besides these types of loans, there is a conversion loan which is given to those buyers who want that their present home loan against one property be converted into a loan for another property. This method obviates the need for pre-payment of first loan and applying for a new loan for the second home. However, this loan conversion is not an easy task and the banks often want you to prepay the existing loan and apply anew for the new home. In case that is the requirement, there is no guarantee that the home loan will be granted for the new home. Banks have varying conditions for giving these types of loans to ensure that these are not misapplied and are used for meeting the purpose for which these are meant. You can check with different banks for knowing which one has the most easy-to-meet conditions. Kamal bhatt is writer who frequently writes about various neharpar property like srs royal hills , srs royal hills faridabad & srs royal hills price list .
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