Our Plan
What is a new Home Loan?
If you borrow a sum of money from a financial institution or bank to purchase a house, then it’s a home loan. Home loans have a variable or fixed interest rate and specific payment terms.
Why choose Credit Cluster to get a home loan?
- Credit Cluster helps you in getting a home loan from any bank in a professional way.
- We minimize the paperwork and other formalities for a smooth loan experience.
- We provide competitive interest rates, expansive features, ease of application, flexible tenure, and expert customer support.
- Our Home Loans offers a one-stop solution to a home buyer. You can browse through our range of home loan products, check your eligibility and apply online!
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What is a construction loan?
A construction loan is a loan a borrower takes from a lender to pay for the cost of building a home or constructing a property. A construction loan is taken for house construction on a plot or to book an under-construction home. It also differs from other loan types based on its disbursement. The bank disburses the loan in phases based on the progress of the house’s construction.
According to estimates, the bank provides 70% of the loan amount once the owner has approved a sanction plan from a competent authority and one estimate from an architect.
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Renovation Loan
Renovating or refurbishing your home can be a costly effort, but if you want to remodel your house, a renovation loan will help you. And Credit Cluster can help you avail of a renovation loan with low EMI and interests rates.
Home is where the heart is. You can now smart up your home and make renovation a milestone as memorable and enjoyable as home buying. Renovation loans help you upgrade your existing home to a contemporary design and a more comfortable living space.
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Home Loan Balance Transfer
Home Loan Balance Transfer allows you to save money from a downward movement in lending rates. It involves transferring your existing Home Loan account to another bank or NBFC offering a lower interest rate and attractive top-up loans. You need to calculate your savings on Home Loan Balance Transfer to opt for one.
Why should you consider a home loan balance transfer?
- It can lower your loan repayments by paying lower monthly instalments.
- You can use the savings from the interest for spending it on other requirements.
- Attractive interest rates that make your Home Loan much more affordable and easier on your pocket.
- Customized repayment options to suit your needs.
- Get high Top-up at lower interest rates.
- Credit Cluster helps you balance transfer home loans; you can now move your home loans from other financial institutes to another institution without much hassle.
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NRI Home Loan
NRIs (Non-Resident Indians), this category of Indians, are domicile citizens of India with an Indian passport and have immigrated to another country for employment. There is another category of Indians whose ancestry makes them a PIO (Person of Indian Origin), not citizens of India. The magnitude of remittances from the NRI community is massive, owing to the number of people working on a long-duration assignment abroad. Banks and Financial institutions provide exclusive banking and loan products based on the specific requirements of NRIs.
The bank will require some documentation to provide a home loan to NRI, and here we at Credit Cluster are a bridge between the bank and you for all the proceedings.
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Project Funding
Project Funding is designed for developers and manufacturers. Developers finance the construction of their housing societies and such either by selling the individual homing units or taking project funding from banks. In the latter, project funding gives them end-to-end support.
Manufacturers take project funding to purchase land, buy machinery, pay wages, etc. The purchase of raw material is made via other loan types. The tenure of project funding is typically 3-4 years.
Why should you consider project funding?
- Permit an off-balance sheet treatment of the debt financing
- Maximize the leverage of a project.
- Circumvent any restrictions or covenants binding the sponsors under their respective financial obligations.
- Steer clear of any negative impact of a project on the credit standing of the sponsors.
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