Balance Transfer Loans
Balance transfer option can be availed when an individual wants to transfer his home loan from one bank to another bank. This is usually done to repay the remaining amount of loan at lower interest rates or when a customer is unhappy with the services provided by his existing lender and wants to switch to another lender. Banks such as Deutsche Bank, ICICI Bank, Kotak Mahindra Bank offer this facility among other lenders.
Stamp Duty Loans
Stamp duty loans are provided to pay off the stamp duty charges on the purchase of a property. The amount from this loan can be used solely for this purpose. This segment of home loans has yet not gained much popularity.
Bridge loans are short term loans which are meant for people who already own a residential property but are planning to buy a new house. It helps borrowers to fund the purchase of the new house until a buyer is identified for the old house. It is extended for a period of less than two years and requires the mortgage of the new house with the lender. Some banks offering this type of loan are Vijaya Bank, HDFC Bank etc.