Home Loan is a Secured loan which is given against offered against a house/property which is funded by the bank's money, the property could either be personal or a commercial one. The Home Loan is an aid which is availed by a money borrower from the bank by the borrowing party giving the conditional ownership of the property to the bank which can be used to retrieve the loan amount in case of a repayment failure.
There are different types of home loans:
1. Home Purchase Loan: The basic type is the home purchase loan which serves the purpose of buying house.
2.Home development Loan: This type of home loan is for the improvisation or repair of the home
3.Home migration Loan: It is that type of home loan in which wherein the borrower is already availing a home loan to finance his current home, but now wants to move to another home.
4.Bridge Loan: This type of loan helps finance the new home of the borrower when he wants to sell the existing home, this is normally a short-term loan
5.Home Construction Loan: This type of home loan taken when the borrower wants to construct a new home.

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