Obvious to the name, this type of loan is given to the borrower specifically to buy a home. Be it a flat or a bungalow, all banks and NBFCs offer home purchase loan. This is the most popular type of loan and highest number of consumers opts for this type of loan.
Home purchase loans are usually repaid over a designated point of time and are issued with some sort of fixed or variable interest rate. With their easy availability and low interest rates, home purchase loans are popular amongst the crowd. They are not only easily available, but also require less documentation. Moreover, they are very handy and beneficial to the users. Home purchase loans are specially structured for the security and comfort of the borrowers' finances.