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The Pradhan Mantri Awas Yojana has made the home buying much more convenient and affordable. The scheme aims to provide houses to about 20 million people, from urban and rural areas, latest by March 30, 2022. As per the policy, the low-income groups get housing loans at 6.5%, for a period of up to 20 years. The scheme covers people under three categories- EWS and LIG Group- People with an annual income of up to Rs 6 lakhs are covered in this group, The group avails a subsidized interest rate of 6.5%, on a loan amount of 6 lakhs. MIG-1 group- The group covers people with an annual income of up to Rs 12 lakhs. The subsidized interest offered is 4% on an amount of up to Rs 9 lakhs. MIG-2 group- People earning up to Rs 18 lakhs annually are covered in this group. The group enjoys a subsidy of 3% on the loan amount of up to Rs 12 lakhs. To avail the subsidies linked with the scheme, the applicants, however, need to fulfill certain eligibility criteria, as listed below: No member of...

A joint home loan is a loan in which multiple individuals can apply for a higher loan amount. Taking a loan jointly also helps them to increase their loan eligibility and also share the financial burden of paying the EMIs equally. But you also might have noticed that there are certain myths associated with taking a  joint housing loan  which may bring confusion in the minds of the borrowers. Some of the common myths are. 1) The first myth that there is no role of the co-applicant when you think of closing your ongoing home loan. To close your home loan, you need a NOC from your co-applicant and if he is not willing to give that because of some personal issues between you and him. Your home loan will not be closed. 2) Second myth is that most of the banks and housing finance companies tell the borrowers that there is a significant role of the co-applicants signature on the loan contract. But this is not true at all. Their signature is also completely important, and the...

A top-up home loan is an addition made on the existing home loan. It is provided at varying interest rates, and come along with several benefits, as listed below: A top-up home loan requires minimum paperwork since the documents are already submitted with the lender. A top-up loan can be used for a variety of purposes, including renovation, to fund education or marriage, or even to fulfill personal needs. A top-up home loan is much more affordable than a personal loan since the interest charged on a personal loan is way higher as compared to a top-up home loan. Further, as per section 24 and section 80C, a top-up home loan could provide you with tax benefits. It's better to opt for a top-up loan rather than a personal loan. Top-up loans are provided at a larger tenure than a personal loan. They can be availed for a maximum of 20 years. Read more:- Why should you opt for a top-up home loan? Thus, top-up home loans can be an affordable medium to fix financial instability.

Living in your dream home is no big deal in today’s time. Though there are a large number of platforms to guide regarding home loans, yet certain things to keep in mind are listed below: Joint home loans: A joint home loan implies bringing in family members for the loan application. Co-applicant can add to eligibility for the loan.  Documentation: The initial procedure for a home loan involves paperwork formalities. Necessary documents include PAN card, income and address proof, banking papers, and property papers. Income matters: The reason why joint home loans are readily accepted is because of the joint income of the applicants. The collective income of the applicants is any day preferable by the loan lenders. Shared Responsibility: The loan applicators are expected to be aware of their responsibility regarding the payment of the loan and EMI, on due time. Shared Benefits: Just like the responsibility, benefits related to the tax are equally shared. According to IT-Act, ...

The documentation process of Home loan for NBFC and banks are slightly different from one another, and so is their process. Documents required by Banks are: a) Signed Home loan application form b) As many passport size photographs required c) Identity Proof like; aadhar card, passport, PAN, Voter, Driving license, etc. d) Age proof like; Aadhar card, PAN, Birt Certificate, Bank passbook, etc. e) Residential Proof; LIC Policy Receipt, Passport, ration card, etc. f) Income documents; For salaried • payslip of last 3 months • Form 16 • Certified letter from Employer For self-employed professionals • Balance Sheet and P/L account • License for Practice • Proof of Business Address • Registration certificate of business g) Property Documents like; NOC from the builder estimated the cost of construction, Sale deed, building plan, etc. Documents required by NBFC are similar to the documents required by the bank with regards to the proof of identity, add...

Are you planning to own a dream house of your own? If yes, then you need to ascertain the finances available with you carefully. Without having sufficient funds at your disposal, you can't even think of purchasing a house, either big or small. Nowadays, it has become very easy to evaluate your home loan affordability. You can do that by making use of an online home loan eligibility calculator to know whether you are eligible to get a loan or not.  Secondly, you can also use a home loan EMI calculator to calculate how much EMI you need to pay to your lender. These online tools are beneficial as they help you to know your loan eligibility before you apply for a loan. So, before you plan to buy a house using a home loan, you should keep these crucial points in your mind: 1) How much finance do you have at present? 2) Can you finance a home loan for you? 3) Will you be able to pay back your loan or not?  These set of questions will help you to evaluate your current fin...

A home loan is not just about financing your purchase for a new ready to move in the house or for construction of a new house. There are various types of housing loans available , fulfilling specific housing finance needs. Check out their list below:  1. Home Loan: This is the popular and most common type of home loan. This loan is availed to buy a ready-to-move-in property or an under-construction property using funds availed through bank or NBFC. The loan amount depends on the value of the property. 2. Home Loan for Construction: If you have a vacant plot of land, then you can avail loan to construct your own house. The funds acquired will be used to cover the construction cost. The loan amount depends on the cost of construction. 3. Home Improvement Loan: You can avail loans to make improvements in your existing home as well as renovation, furnishing, or altering the structure of the house. 4. Land purchase loan: You can also avail a loan for purchasing a plot of land. ...