10 Types of Home Loans to Know About
6. NRI Home Loans
NRI home loans is a specialized home loan variant which has been developed to assist non-residents in availing housing loans to buy residential property in India. These loans are offered only to the non-resident Indians.
The formalities of availing this segment of home loans is similar to the regular home loans which are offered to residents, only it involves an elaborate paperwork. Almost every public and private sector banks in India provide NRI home loans.
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7. Balance Transfer Loans
Borrowers use the ‘Balance transfer’ option to transfer their home loan from one bank to another bank. This is usually done to repay the remaining amount of loan at lower interest rates or when a customer is unhappy with the services provided by his existing lender and wants to switch to another lender. Banks such as Deutsche Bank, ICICI Bank, Kotak Mahindra Bank offer this facility among other lenders.
