09 September 2011
Studio Apartment Home Loans
With offices and studios becoming the in thing people are not only applying for home loans some also wish to purchase home office or studio apartments on loans. With the same eligibility criteria like any other home loan any borrower can purchase a studio apartment on loan.
A studio apartment is also like a house but usually is smaller than a flat. The area for a studio apartment may be lesser as compared to a house of say 2 bedroom hall kitchens. A studio apartment is usually purchased for personal use by an member of the family or group of friends who wish to work together or stay together. Some times when single people who are working cannot afford larger flats so they may club their finances and purchase a studio apartment on loan.
Studio apartments are also used by artists and writers who wish to work from here and keep their residential place separate. Be it for business reasons or for keeping their creativity. The studio apartment may have a large single room or may be like a one room kitchen with small pantry. This studio apartments are available in many areas and many builders are constructing studio apartments for special category of people. These buyers who have special needs for smaller places be it professionally or for budget constraints.
Home loans for studio apartments are available from any lenders and many housing finance institutions offer loans for the purchase of studio apartments. The area in which you need to purchase a studio apartment and the reputation of the builder is one of the criteria for approval of your studio apartment home loan. Your monthly salary proof and your repayment capacity will get your studio apartment loan approved easily.