A home loan is an amount an individual borrows from a financial institution such as a housing finance company to buy a new or a resale home, construct a home or renovate or extend an existing one.
A home loan provides financing to help you purchase your dream home comfortably. Lenders cover up to 75-90% of the cost of the home and you must make an initial payment (down payment) amounting to the remainder. Home loans offer ample funds at economical interest rates and have long repayment tenors.
A Land loan or plot loan as the name suggests is a loan provided by banks to borrowers for the purchase of a plot of land. The repayment is done in Equated Monthly Instalments (EMI) within a specific tenure prescribed by the bank.
A land loan – sometimes referred to as a lot loan – is used to finance the purchase of a plot of land. You can take out a land loan if you're interested in buying a piece of land to build a home or to utilize for business purposes.
The best options to finance a land purchase include seller financing, local lenders, or a home equity loan. If you are buying a rural property, be sure to research if you qualify for a USDA subsidized loan.
A purchase money loan is issued to the buyer of a home by the seller. It is also called seller financing or owner financing. Purchase money loans are often used by buyers who have trouble getting a traditional mortgage due to poor credit.1
Loan Purchase Price means the aggregate book value of all Loans at the time of Closing and all accrued and unpaid interest and accrued but unpaid credit protection insurance premiums of all Loans at the time of the Closing (not including the unfunded portion of all outstanding lines of credit or loan commitments)
If you wish to apply for a home construction loan, you have to provide the lender with a detailed construction timetable, construction plan & a realistic budget for construction. After a construction loan is approved, your loan amount would be disbursed in stages as per the demand of each construction stage.
A construction loan (also known as a “self-build loan") is a short-term loan used to finance the building of a home or another real estate project. The builder or home buyer takes out a construction loan to cover the costs of the project before obtaining long-term funding.
Commercial property refers to immovable property used for industry. Commercial property typically refers to a building that house businesses, land that is intended to make a profit, and larger residential rental properties.
Commercial property is any real estate property that is specifically used for business purposes. Commercial property is defined as buildings that house businesses, land with a primary purpose of generating profit, and residential rental properties.
Lease rental discounting (LRD) is a term loan offered against rental receipts. You can opt for LRD when you own a property that gives you fixed rental income at regular intervals. As a tenant or lessee, you can avail of it against lease contracts.
Lease Rental Discounting (LRD) loans work on the premise of rental properties being owed a fixed amount of rent. Tenants enter into a lease with the owner of the property. This agreement mandates a regular payment which is known as rent.