Types of Home Loans in India – Which One Suits You Best?
When you think of a home loan, you may imagine it’s just one type. But in reality, banks and NBFCs in India offer different types of home loans based on your needs.
At Mortbuzz, we simplify the choices so that you don’t get confused. Let’s break it down.
1. Regular Home Loan
The most common loan used to buy a ready-to-move or under-construction property.
- Loan tenure: up to 30 years
- Tax benefits available
✔️ Best for: Salaried or self-employed people buying their first house.
2. Home Loan Balance Transfer
Already paying a loan at a higher interest rate? You can transfer your loan to another bank offering lower interest.
- Saves you lakhs over time
- Mortbuzz offers cashback on processing fees when you switch
✔️ Best for: Borrowers unhappy with their current lender’s high EMI.
3. Top-Up Loan
An extra loan on top of your existing home loan.
- Used for renovation, education, or personal needs
- Lower interest than personal loans
✔️ Best for: Homeowners needing additional funds without taking a fresh loan.
4. Plot Loan
Loan for purchasing a plot of land (residential).
- Construction must start within a fixed period (varies by bank)
✔️ Best for: Buyers planning to build a custom house.
5. NRI Home Loan
Special loan for Non-Resident Indians (NRIs) to buy property in India.
- Flexible repayment from abroad
- Mortbuzz helps with the documentation process
✔️ Best for: Indians living abroad who want to invest back home.
6. Home Construction Loan
Loan given for building a house on an owned plot.
- Amount disbursed in stages based on construction progress
✔️ Best for: Families wanting a self-designed home.
7. Home Improvement Loan
Covers expenses like painting, remodeling, flooring, or repairs.
✔️ Best for: Renovating your old home without breaking savings.
How to Choose the Right Home Loan?
Here are quick points to decide:
- If buying a ready house → Regular Loan
- If already paying EMIs but want lower rates → Balance Transfer
- If need extra cash → Top-Up Loan
- If buying land → Plot Loan
- If living abroad → NRI Loan
- If building your own house → Construction Loan
- If renovating → Improvement Loan
Why Mortbuzz is Your Best Guide
At Mortbuzz.in, you don’t need to research 10 different banks. We:
- Compare multiple home loan types in one place
- Suggest the best loan category based on your profile
- Offer exclusive cashback benefits
- Support you with documentation, approval, and faster disbursal
👉 Whether you need a balance transfer, top-up, or a regular loan, Mortbuzz ensures you pick the right option without hassle.
Conclusion
There are many types of home loans in India, and each serves a different purpose. Choosing wisely can save you lakhs in interest and fees.
💡 Ready to explore your options? Apply now at Mortbuzz.in and get the perfect loan customized to your needs.