Your Home is a place where you relax after coming back from your day’s tiring work, it is that place where you can give time to your family & spend beautiful moments with them. To acquire a home which can be christened your “Own House” is a life-time decision & has to be taken with a lot of planning & requires huge finances. Your Dream Home is not very far away with a Home Loan which will fulfill your Dream into a reality. We at Rupaiya Vasool are working constantly to get you the BEST Loan Deal & have brought a small guide which would answer some important questions related to Home Loan & help you decide your loan deal.
Everyone dreams of having their own place in the world, a home they can come back to from work, a home in which they can start their own family, but for many ‘a home’ remains a dream because of a lack of capital. Here is where banks and other financial institutions come to the rescue with home loans, which would help realize your dreams.
Your housing needs are not the same as the person next to you, the home loan could be for a brand-new apartment, or to renovate your ancestral property or even build that extra room that you have been wanting for long. Read on to know more about the different loans that would meet your requirement.
Home Loan is a Secured Loan offered against the security of a house/property which is funded by the bank’s loan, the property could be a personal property or a commercial one. The Home Loan is a loan taken by a borrower from the bank issued against the property/security intended to be bought on the part by the borrower giving the banker a conditional ownership over the property i.e. if the borrower is failed to pay back the loan, the banker can retrieve the lent money by selling the property.
In order to empower people to get their dream home, honorable Prime Minister has announced a comprehensive and a progressive mission, ‘Pradhan Mantri Awas Yojana – Housing for All’ on 17 June, 2015.
One of the major verticals of Pradhan Mantri Awas Yojana (PMAY) is Credit Linked Subsidy Scheme (CLSS) for Lower Income Group/Economically Weaker Section (EWS/LIG) and Middle Income Group (MIG – I & II). Under this scheme, Central government provides financial assistance through lending Institutions to eligible beneficiaries across all statutory towns as per 2011 census and their adjacent planning area (updated by the government from time to time)
There are various kinds of home loans available depending on your specific housing need:
- The most common is the regular home loan to buy a new house or apartment or to construct a home
- A Home Improvement Loan to carry out renovations to your existing home
- Another kind of home loan is a Home Extension Loan. This is used to finance new construction to your home like adding a new wing or another level to your home
- A Land Purchase Loan is taken out to fund the purchase of land, either as an investment or to construct a house on it in the future
- You can also avail of a Bridge Loan to finance the purchase of a new home until your old home is sold.