discretion make applicable different or same Rate of Interest, tenure, Repayment Schedule etc.\u201d<\/p>\n\n\n\n
Confused? More often than not, while applying for a home loan, you may find yourself reading clauses with terminologies unheard of. However, we advise that you understand these terminologies or more commonly referred as, technical jargons, to make the right choice and understand what you are getting into.<\/p>\n\n\n\n
Here, we have listed out a few technical terminologies used by financial institutions for you. So, next time you encounter them, this article can come handy if you are a first-time homebuyer and want to get off to a flying start.<\/p>\n\n\n\n
Home Loan<\/strong> Home Purchase Loan:<\/strong> In the home loan glossary, a home purchase loan refers to the loan that helps you buy an under-constructed or fully constructed property that could be a flat, apartment, or villa, among others.<\/p>\n\n\n\n Home Construction Loan: <\/strong>A home construction loan refers to a loan you can avail of to construct a home on a piece of land or plot. If you have a plot of land and wish to build a house on it, you can opt for a home construction loan.<\/p>\n\n\n\n Home Improvement Loan:<\/strong> Sometimes, you may not have the required funds to carry out improvement work related to your home. It could be either a renovation or painting work. In such a scenario, you can avail home improvement loan from a lender.<\/p>\n","protected":false},"excerpt":{"rendered":" discretion make applicable different or same Rate of Interest, tenure, Repayment Schedule etc.\u201d Confused? More often than not, while applying […]<\/p>\n","protected":false},"author":1,"featured_media":267,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"class_list":["post-261","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/capitalneed.in\/doctorloan\/wp-json\/wp\/v2\/posts\/261","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/capitalneed.in\/doctorloan\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/capitalneed.in\/doctorloan\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/capitalneed.in\/doctorloan\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/capitalneed.in\/doctorloan\/wp-json\/wp\/v2\/comments?post=261"}],"version-history":[{"count":0,"href":"https:\/\/capitalneed.in\/doctorloan\/wp-json\/wp\/v2\/posts\/261\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/capitalneed.in\/doctorloan\/wp-json\/wp\/v2\/media\/267"}],"wp:attachment":[{"href":"https:\/\/capitalneed.in\/doctorloan\/wp-json\/wp\/v2\/media?parent=261"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/capitalneed.in\/doctorloan\/wp-json\/wp\/v2\/categories?post=261"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/capitalneed.in\/doctorloan\/wp-json\/wp\/v2\/tags?post=261"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
Let\u2019s start with the primary term itself. What is a home loan? It is a mode of finance that gives you the required funds to buy your dream home. Sanctioned by lending institutions, a home loan provides you the financial muscle to buy the home of your choice. Home loans come in several forms. They are:<\/p>\n\n\n\n