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Know the Different Types of Housing Loan in India

In India, home loans are the most popular mode of financing when buying a home because of the flexibility and affordability that they offer. Also, the home loan rates in India offered by financial institutions are most competitive among all modes of finance. 

To provide users with the greater benefits of the home loan scheme, financial institutions offer different types of home loans for funding various home-related requirements.

Different types of housing loans

Each loan type is designed for a specific purpose, other than just purchasing a home. Following are some of the common types of home loans available in India:

1. Loans for Purchase of Land

Several financial institutions offer home loans for the purchase of land for the construction of a house or purchase the land as an investment. The borrower can get up to 85% of the cost of land as a loan from the financial institution.

2. Loans for Construction of Home

This loan type is availed to construct your home from scratch on a plot owned/co-owned by the borrower. The entire loan amount can be availed at once or in multiple installments, which can be linked to construction targets. 

While applying for the loan, the borrower needs to make a rough estimate of the cost of construction of the home. 

3. Loan for House Expansion or Extension

This type of loan is taken for house expansion, like adding new rooms to your existing home property or to raise another level on the rooftop. Many financial institutions cover this type of loan under home improvement loan types. 

4. Loan for Home Improvement

The home improvement loan is usually taken to cover the cost of renovation, internal-external repairs, painting of the walls, small-scale construction activities on your house property. 

This type of loan is a bit expensive compared to home loans availed for new purchases and construction. 

5. Home Conversion Loan

Those who have already availed a home loan to purchase a home, but now want to shift to a new house property can opt for this loan type. The home conversion loan allows you to transfer your existing loan and get it linked to the new house property.

Though it offers a bit of convenience to borrowers in terms of interest calculation and repayments, this loan type is a bit expensive.

6. Balance Transfer Home Loan 

In this type, you transfer your existing home loan to another new lender who is offering a lower interest rate and greater add-on benefits. This is done to lower your overall interest cost and reduce the repayment tenure. 

The home loan balance transfer is more beneficial if it is exercised at the initial period of repayment when the interest component in EMI is highest. 


Different financial institutions have different home loan rates in Indiaand a lot depends on the type of home loan the borrower is availing. And, using a home loan calculator, you can check your eligibility for a particular loan type.

The home loan calculator also helps you to choose the best loan option, in terms of repayment, which is favorable for you in the long term. 

Harshvardhan Jha
Harsh Vardhan Jha is an Indian business blogger. He believes that Content and Social Media Marketing are the strongest forms of marketing nowadays and also know how to work on. You can contact him...

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