|Everyone wants to own a home nowadays. But many a times there are some financial constraints due to which you are not in a position to fulfill your most cherished dreams. Your requirement for the home loan may vary and for this reason only many types of home loans have been designed like, Home Purchase Loans, Home Construction Loan, Home Improvement Loans, Home Extension Loan, Home Conversion Loan, Land Purchase Loans, Bridge Loans, Balance Transfer Loans, Refinance Loans and Stamp Duty Loans.
Home loans are available on fixed rate of interest and floating rate of interest. In fixed rate loans, the interest rate remains fixed over the life of the loan, irrespective of the interest rates in the open market. But the lenders already charge very high rate of interest in such types of loans. In floating rate of interest, the interest rate keeps on changing as per the market. So at times you may end up paying a large amount of interest in it.