What is the first thing that comes into your mind when you think about buying a home?
A mortgage is a type of loan that is used to purchase a property, such as a house or a condominium. A mortgage is typically secured by the property that is being purchased, which means that the lender has a legal right to take possession of the property if the borrower fails to make payments as agreed.
Mortgage Calculator
Your Mortgage:
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Payment Breakdown
Types of Mortgages For Houses in India:
| Type of Mortgage | Description |
|---|---|
| Home Purchase Loan | For purchasing residential properties – ready-to-move-in or under-construction. |
| Loan Against Property (LAP) | Uses owned property (residential/commercial) as collateral for various financial needs. |
| Loan for Construction | Specifically for building a house. Funds are released in stages based on construction progress. |
| Home Improvement Loan | Funds for renovating or improving an existing residential property. |
| Reverse Mortgage Loan | For senior citizens: mortgage their property for periodic payments while continuing to live there. |
| Land Purchase Loan | Specifically for purchasing a plot of land. Does not cover construction costs. |
| NRI Home Loan | Specific home loan options for Non-Resident Indians (NRIs) to buy property in India. |
| Affordable Housing Loans | Geared towards making homeownership accessible for lower-income groups with relaxed criteria and subsidies. |
| Pradhan Mantri Awas Yojana (PMAY) | Government schemes providing interest subsidies and credit-linked subsidies for house purchase or construction, aimed at various income groups. |
| Fixed-rate and Floating-rate Mortgages | Borrowers can choose between a fixed interest rate or a floating rate based on market conditions. |
