A home loan is a type of loan that is available for individuals who need funds for the construction of a house or for buying a house. The borrowers have to pay back the amount by easy monthly instalment (EMI) or over a period that can vary depending on the nature of the loan.
Tailored Home loans are the preferable home loan that borrowers are looking for a fixed rate option as well as having some advantages that allow them to personalize their loan.
A Mortgage broker is financial professionals who act as a bridge between borrowers and lenders. They want to provide you best customer services to be both personalized and tailored to each case. They can assist you with a first-time mortgage, low deposit, and home loan finance or house and land packages.
Types of Home loans:
Home Purchase Loan
In this loan, you can purchase a new house or a house that is already built and is in your budget for sale.
Construction Home Loan
This type of loan is those funds for building a new house and are granted only to people who own a plot of land and plan to construct a house. These types of loans are disbursement depends on the stages of construction of the house.
Home Improvement Loan
These are the same as the home loan but are availed for the renovation of the existing home.
Home Repair Loan
The loan covers the cost of repairing and restoration of the existing home.
Home Extension Loan
The loan that funds to increase the build-up space at the house and is also handy when planning for another floor.
Land purchase Loan
This loan is to buy a plot of land to construct their own house.
Top-Up Home Loan
This loan helps the borrowers to buy some more money above the outstanding loan amount. The rate of interest will be reduced for this type of loan.
Joint Home Loan
This type of home loan is taken by two persons of the same family may be spouse to increase the loan eligibility and repaid with equal responsibility.
Finding a Home Loan offer may be difficult in the crowded home loan market. Opal Finance will be a great solution for you in selecting the best and apply for beneficial home loan rates.