A Comprehensive Guide to Types of Borrowing
                     A Comprehensive Guide to Types of Borrowing
By Keerthana S
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Home loans
 A home loan is a credit borrowed from a financial institution to buy a home. 
 The loan is given at an interest rate depending on your profile. 
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Home improvement loans
 A home improvement loan is a type of home loan you can avail of to renovate 
your house and fund its repairs.
 It is a type of Home Loan through which you can make big and small changes 
to your house
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Home extension loans
 In the building industry the term 'extension' means to extend an existing 
property; to extend its overall floor size.
 You can take a home extension loan to add a floor or a room or increase the 
size of the existing layout.
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Plot loans
 Plot Loans help you to buy the plot of your choice and also facilitate building 
your dream home in the future. 
 A Land loan or plot loan as the name suggests is a loan provided by banks to 
borrowers for the purchase of a plot of land. 
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Take over loan 
 A take-over loan allows the borrower to transfer an existing loan from one 
lender to another lender. 
 Takeover of home loan is beneficial to lower your total outgo as interest in 
the home loan. It helps in saving huge money over a period of time. 
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Top up loans
 It is a financing option that is offered over and above the existing loan 
amount for products such as home loans and personal loans. 
 A top-up loan is a lucrative way to raise funds as they have low-interest rates 
compared to personal loans.
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Mortgage loan
 A mortgage loan is a secured loan that allows you to avail funds by providing 
an immovable asset, such as a house or commercial property, as collateral to 
the lender. 
 The lender keeps the asset until you repay the loan.
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Thank you…