You can repay either in lump-sum or in installments. A balance transfer loan means getting your existing loan refinanced by another housing finance company. The new lender repays your earlier loan and extends you a new loan. Though there may be a pre-payment penalty on your old loan, it will be worth it if the new EMI ensures adequate savings. A refinance loan will help you replace an existing debt entailed by borrowing from private sources like provident fund withdrawals and friends.
Loans are even available for payment of stamp duty on the purchase of a house.
This is of benefit to those who purchase a property in cities like Mumbai and Delhi where the stamp duties are high as the prices of real estate are high. You can make an application for a loan once you have decided to acquire a house. The actual selection of the house may be left for later, after the loan is sanctioned. The documentation required may vary with each lender, but generally the papers needed are proof of age, proof of residence, photograph, bank statements for the past six months, and the latest salary slip or statement in the case of a salaried individual. You will have to submit the application along with all the documents.