As far as I know, home loan will be available when you want to buy or build your home. For repair or renovation, you will have to take mortgage loan. And it might not be exempted from tax. But it is better to ask a qualified CA to clear doubt in this regard.

First try to understand what is tax exemption:

Principal repayment of a Home loan is eligible for deduction u/s 80C.
Interest payment of a Home loan is eligible for deduction u/s 24(b).

Mortgage loan repayments do not qualify for such deductions.

But the 'cost of improvement' has a significance. When you sell the flat the 'Indexed cost of improvement' will get deducted from your sale price. So your LTCGs will reduce by more than Rs 6 lakhs and your tax burden will reduce by 20% of that amount.

HMT

Any loan taken for the purpose of — for purchase, renovation, construction,or to buy a land 0r a new house/ old house either from bank or from any institute including friends or relative IS NOT EXEMPTED. Exemption is for repayment of the loan and interest of same as per income tax act 1961 section 80C.Thus take home loan from any any nationalised bank such as PNB, SBI, SBBJ.They need–PAN,ITR of last three years, residence proof, income certificate,valuation report of the house and if you are not in govt. department than at least one govt. employee as guaranter.So go for a HOME LOAN. All the best.

Check it out here. It’s an excellent site with some wonderful options for you. It will definitely help you. Have a look.

http://loan-house.we.bs/homeloans.html

just make sure you get a set interest rate

It will only lower your payment a tiny amount, if you can't afford a 30 year mortgage then get a less expensive home.

40 years…i haven't even been alive that long..just think..the year will be 2049…are you gonna be alive, much less wanting to live in that house…how much interest is that?
i woudn't go for it..u could always refinance later …we all saw where 30 year mortgages got us…what the hell makes banks think 40 yr mortgages are better??

what's wrong with the world today
better yet, what the f*cks wrong with ppl these days.

You are blessed if you can get a fixed rate mortgage even at 40 years. I had a friend who paid extra every month and asked that the extra amount be applied to the principal. You'd be surprised how much sooner that mortgage will get paid off when a homeowner does this.

Well the reality is that most people move after 5 or 10 years so the only reason for the longer mortgage is to get a lower mortgage payment. If you get it, go for it. You may find that you keep it for a few years then refinance into a shorter one when you can afford it.

From past experience, they use the middle one.