What are the different types of mortgages (e.g. fixed-rate, adjustable-rate, FHA, VA, Conventional)?

In India, there are different types of mortgages that are offered by banks and financial institutions. Some of the most common types of mortgages are:

1. Fixedrate mortgage: This is a type of mortgage where the interest rate remains the same throughout the life of the loan. The monthly payments also remain the same.

2. Adjustablerate mortgage: This is a type of mortgage where the interest rate can change over time based on market conditions. The monthly payments can increase or decrease based on the interest rate.

3. Home loan with overdraft facility: This is a type of mortgage where the borrower can withdraw the amount that has been repaid on the loan. This allows the borrower to use the funds for other purposes without having to take out a separate loan.

4. Home loan balance transfer: This is a type of mortgage where the borrower can transfer the outstanding balance of their existing home loan to another lender who offers a lower interest rate.

5. FHA loan: This is a type of mortgage that is insured by the Federal Housing Administration. These loans are designed for borrowers who have a lower credit score or a smaller down payment.

6. VA loan: This is a type of mortgage that is guaranteed by the Department of Veterans Affairs. These loans are available to eligible veterans, activeduty service members, and surviving spouses.

7. Conventional loan: This is a type of mortgage that is not insured or guaranteed by the government. These loans typically have stricter requirements for credit scores and down payments.