Many people dream of buying a house, but due to financial responsibilities, they cannot fulfil this dream with their own income. This is where a home loan becomes a significant help. Contrary to popular belief, there are more than just one or two types of home loans.

In fact, there are five types of home loans, each offering distinct benefits. For anyone planning to take a home loan, it is crucial to understand which option best suits their needs.

The first type is the home purchase loan, designed for buying a new flat or a ready house. This option is ideal if one is purchasing a new property. Banks typically offer up to 80 percent of the property’s value, sometimes even 90 percent. The loan tenure can span from 20 to 30 years, ensuring a lower EMI for borrowers.

The second type is the

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