Availing of loans increases your purchasing capacity and therefore the prominence of loans has exponentially increased in recent years. Home loans help the borrower to uplift his lifestyle and fulfill the dream of owning a home. The localities like Phase 1 Gurgaon, DLF Phase 3, and DLF Phase 2 Gurgaon are a few premium localities in Gurgaon and many of the buyers prefer to buy homes in such areas. The availability of home loans enables the borrower to avail better facilities and let their family have a safe environment.
Keeping in mind the desires and the borrowing conditions of the borrowers, banks have brought different types of loans to help them in every possible way. Let’s discuss the type of loan you can avail of to fulfill your dream of uplifting your lifestyle or becoming a homeowner.
1. Home Loan
This is the most common loan among all because the majority of real-estate buyers prefer ready-to-move homes. Moreover, the home loan increases their purchasing capacity, so they can buy a home in their preferred locality like DLF Floors Phase 1, DLF City Phase 3, and DLF Phase 2 Gurgaon. Usually, the lender lends 80%-90% of the amount to the borrower, and the rest 10% to 20% amount the buyer can pay as a down payment.
The amount lent also depends on your repayment capacity and you have to fulfill the eligibility criteria of the bank or financial institution to borrow a home loan. The age limit is 18 to 60 years and the borrower should have a regular income along with presenting all the required documents. All the banks and financial institutions slightly differ in their eligibility criteria.
2. Loan for Land Purchase
Buyers also borrow loans for land purchases and almost all the eligibility criteria are the same as the home loan. Some people prefer to buy land for the construction of the house of their choice. First, they purchase land then later they can construct their home. You can purchase plots in DLF Phase 2, and DLF City Phase 1 Gurgaon with the loan for land purchase. This is a kind of mortgage loan where your land is mortgaged against the loan.
3. Loan for House Construction
If you have already purchased land and want to construct a lavish house, you can borrow a loan for the construction of the house. You can easily apply for such loans in localities like DLF Garden City Sector 91 Gurgaon because they have the authenticity tag of DLF. The process for this loan is different as the amount lent depends on the cost of construction instead of the cost of the plot.
4. Home Improvement Loan
If you are already a homeowner but want to do some home improvement to change it into a cozy abode, you can borrow a home improvement loan. For instance, if you have an independent floor in DLF Garden City Floors or DLF City Floors and you want to make some changes to it, you can apply for this loan.
5. Balance Transfer Home Loans
Suppose you have already borrowed a home loan to buy a home in DLF Garden City Gurgaon and pay monthly installments. But you come to know from your friend that another bank is offering the same loan at lower interest rates. You must use a balance transfer home loan to transfer your loan to another bank because the slightest change in interest rate makes a big difference in the complete amount of interest, you are paying to the bank.
6. Bridge Loan
Let’s assume that you have a home but you want to buy an independent floor in an opulent enclave like DLF Garden City Sector 93, after selling your existing home. So, this is a short-term loan that bridges the gap between the time you buy a home in DLF Garden City and sell your existing property.
Such a wide range of loans fits in most of the situations and always supports you to uplift your living standard. Borrowing a loan in a particular condition arrives as a blissful solution to the borrower. Borrowing a home loan to buy DLF Garden City Floors is also easier because the authenticity of DLF supports it and most of the banks readily approve loans for any property of DLF group.