Having a home of one's own is always a dream for many. We, at BOMBAYLOAN.com help you realise this dream by offering you home loan options from a wide range of financial institutions. A home loan, as the name suggests, refers to a loan taken for the purchase or construction of a living space. Quite obviously, you would want to avail the maximum amount at the minimum rate possible, which is why we, at BOMBAYLOAN.com are here to help you.

Currently, there are many loan providers in the market which are offering home loans at various interest rates. However, not all deals would serve your needs, and one must do through market research before taking a decision. Reading the terms and conditions carefully, deciding whether to take loans at a floating rate basis or a fixed rate one, how much loan amount to take, for what period of time to take it, these are some of the questions must be answered before applying anywhere. For instance, Bank A might give you a loan of 50 lacs at an interest of 11% for 3 years, and Bank B might give you the same loan at an interest of 12% for 7 years. It is now up to you to decide which offer to accept, since it depends entirely on your repaying capacity.Hence here we play role of giving consultancy to you which suits you the best .

Types of Interest Rate

Depending on the interest rate regime offered by various banks , you can choose the one which best suits your tastes and preferences.

Land Purchase Loan
Some of banks providing land purchase loans are: HDFC Bank, ICICI Bank, Bank of India (loans to purchase a plot), Standard Chartered, IDBI Bank, State Bank of India (Unique House Scheme), and Union Bank of India, UCO Bank, Bank of Baroda, Citibank and Development Credit Bank.

The Government of India lays down several terms and conditions for procurement of land. Additionally, we find several attractive loan plans having been brought forward by many leading private and public sector banks for the purchase of land and also for erecting a structure upon it. We provide you the details of land purchase loans in India, such as the banks, their eligibility criteria, rates, calculators and various other aspects.

Fixed Interest Rate Loans - Under this type of home loan, bank charges the same amount of interest rate throughout the tenure of loan. However, the disadvantage is that the borrower is subject to market risk. Generally fixed interest rate loans are costlier than floating interest rate loans. Availing this type of loan facility is beneficial only when there is expectation that the interest rates will have an upward revision in the near future.

Floating Interest Rate Loans - Floating interest rates home loans are subject to market conditions and hence they are constantly revised by the banks. These loans are generally called as adjustable rate home loans as the interest rates vary throughout the entire tenure. Floating rates are beneficial only if the interest rates falls in the future.

Semi Fixed and Floating - Here nowadays bank are offering loan at fixed and floating both for first 3 to 5 years it is fixed and after that as per PLR these scheme varies from bank to bank One can switch to floating interest rate from fixed interest rate or vice-versa as and when the rates go in your favor.