Just like spices add flavor to Indian cuisine, different mortgage types cater to varying needs. Let’s explore the popular options :
Home Loans : The cornerstone of Indian mortgages, offered by banks, housing finance companies, and NBFCs. Fixed or floating interest rates, and down payment options (including government schemes) are available.
Loan Against Property (LAP) : Unlock the value of your existing property for various needs, including home purchase. Higher loan amounts, but steeper interest rates compared to home loans.
Reverse Mortgage : Aimed at senior citizens, allows you to access funds against your property while retaining ownership. Limited availability, income tax implications, and careful consideration are crucial.