A Comprehensive Guide to Types of Borrowing

By Keerthana S

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Home loans

 A home loan is a credit borrowed from a financial institution to buy a home.

 The loan is given at an interest rate depending on your profile.

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Home improvement loans

 A home improvement loan is a type of home loan you can avail of to renovate
your house and fund its repairs.

 It is a type of Home Loan through which you can make big and small changes
to your house

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Home extension loans

 In the building industry the term 'extension' means to extend an existing

property; to extend its overall floor size.

 You can take a home extension loan to add a floor or a room or increase the
size of the existing layout.

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Plot loans

 Plot Loans help you to buy the plot of your choice and also facilitate building
your dream home in the future.

 A Land loan or plot loan as the name suggests is a loan provided by banks to
borrowers for the purchase of a plot of land. 

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Take over loan

 A take-over loan allows the borrower to transfer an existing loan from one
lender to another lender.

 Takeover of home loan is beneficial to lower your total outgo as interest in

the home loan. It helps in saving huge money over a period of time. 

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Top up loans

 It is a financing option that is offered over and above the existing loan
amount for products such as home loans and personal loans. 

 A top-up loan is a lucrative way to raise funds as they have low-interest rates
compared to personal loans.

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Mortgage loan

 A mortgage loan is a secured loan that allows you to avail funds by providing
an immovable asset, such as a house or commercial property, as collateral to
the lender. 

 The lender keeps the asset until you repay the loan.

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Thank you…