At Sarga Builders, we understand that buying or building a home is one of the most significant steps in anyone’s life. As trusted real estate builders in Trivandrum, we see first-hand how financing shapes the journey for many families. Home loans make this dream achievable, but since there are different types available, it is important to know which option best fits your need. Here we explain the main types of home loans to guide you through the decision-making process.
Home Purchase Loan
This is the most common type of loan. It helps you buy a new or resale residential property. The bank or financial institution pays a significant portion of the property cost, while you contribute the down payment. Home purchase loans usually offer repayment terms ranging from 10 to 30 years. They are ideal if you are finalising a property and require immediate funding.
Home Construction Loan
For those who own land and want to build a house on it, home construction loans are the right choice. Unlike a purchase loan, the funds are released in stages, based on the progress of construction. This ensures that the money is used correctly and matches the timeline of the building project. At Sarga Builders, we have worked with many families who prefer this option when they want to create a customised living space.
Home Improvement Loan
Owning a home often means maintaining and upgrading it over the years. A home improvement loan helps with renovations such as painting, tiling, plumbing, or even major repairs like structural strengthening. This is a practical choice for families who want to enhance comfort or improve property value without disturbing their savings.
Home Extension Loan
When families grow, additional space often becomes a necessity. A home extension loan supports the cost of adding extra rooms, building another floor, or expanding existing areas. Since property value usually increases with added space, this loan serves both personal and investment purposes.
Land Purchase Loan
Sometimes the first step toward owning a home is buying a piece of land. Land purchase loans help you buy a plot, whether for immediate construction or as an investment for the future. As real estate builders in Trivandrum, we have seen how areas near Technopark, Sasthamangalam, and Akkulam are gaining value, making such loans an attractive option.
Home Loan Balance Transfer
If you already have a home loan but feel burdened by high interest rates, a balance transfer allows you to shift your loan to another bank offering better terms. This helps reduce your EMI and overall repayment load. However, it is important to weigh transfer charges before making the switch.
NRI Home Loan
Many Non-Resident Indians dream of owning a property back home. NRI home loans are designed to help them purchase, construct, or renovate residential property in India. These loans are usually processed with specific eligibility requirements, including overseas income proof and work permits.
Joint Home Loan
Buying a home with your spouse or family member can increase eligibility. In a joint home loan, the income of co-applicants is considered together, allowing you to qualify for a higher loan amount. This is particularly useful for young couples who want to invest early in life.
Choosing the right home loan depends on your immediate goal whether it is purchasing, constructing, upgrading, or investing in land. At Sarga Builders, we have guided countless clients through these choices, helping them secure the right financial support while we take care of delivering quality homes.
If you are exploring home loans and want advice that connects directly with your housing plans, reach out to us. As one of the trusted real estate builders in Trivandrum, we combine local knowledge with professional insight to make your home ownership journey smoother and more rewarding.
