4. Home Improvement Loans

Home improvement loans are feasible for those individuals who already own a house but lack the funds to renovate it. These types of housing loans can be used to finance all kinds of renovations and repair works such as internal and external painting, external repair works, electrical work, water-proofing and construction of underground or overhead water tank etc. ICICI Bank, Vijaya Bank and Union Bank of India are some of those banks which provide specialised home improvement loans.

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5. Home Conversion Loans

If you have already purchased a house by taking a home loan but now want to buy and move to another house, then you opt for the home conversion loans. This loan will facilitate you to fund the purchase of the new house simply by transferring the current loan to the new house. There is no need to repay the loan on the previous home. Though useful, this variant of home loans is accused of being quite expensive. This housing finance scheme is provided by HDFC Bank among others.

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