Balance Transfer Loan: Consider this type of loan when you wish to transfer your existing home loan from one lender to another for better interest rates or repayment terms.The loan amount covers a significant portion of the land cost. Plot or Land Purchase Loan: This loan is typically for purchasing land which can later be used for residential or commercial purposes.Home Improvement/Renovation Loan: Designed to finance home improvement or renovation projects, this loan helps cover the expenses associated with enhancing your existing property.The loan amount is disbursed in stages as the construction progresses, and the interest is charged only on the disbursed amount. Home Construction Loan: This type of house loan is suitable for those who want to construct a house on a plot of land they already own.Home Purchase Loan: Typically given for purchasing a new/resale residential property, the amount is disbursed either directly to the builder/seller or to your bank account, depending on the property type and stage of construction.This knowledge will empower you to make the most suitable choice for your specific needs.

Before applying for a home loan, however, it is essential to familiarise yourself with the various home loan types available in India. The Indian financial market today offers a wide choice of home loans as well as lenders.