The most important things to know about your Home Loan

Having own home is the dream of everybody, but in the present scenario buying a home is so costly most people don’t afford it. But there are plenty of ways through which you can get funds easily. Getting a Home Loan is an easiest way to get funds for your home. Many Banks, HFCs, and NBFCs provide loans at an affordable interest rate to buy you a residential property.

Home loan made easy with Zust Loan

Key features of Home Loan

●     PMAY Subsidy

If you are availing of a Home Loan, you can take advantage of PMAY to get subsidy up to 2.67 lakhs. It is applicable for first-time owners, which helps the borrowers to reduce Loan EMIs with this subsidy.

●     Takeover or Balance Transfer of Home Loan

If you have an existing Home Loan in such a bank or institution that charges a high-interest rate, you can easily take over your loan with other banks to get low interest rates on your loan amount.

●     Top-up on Home loan

If you have an existing Home Loan and need more funds after completing your house, you can take a top-up loan on the current home loan. This top-up loan requires low documentation and fast approval as well.

●     Part -Prepayment and Foreclosure Option

Nowadays, most of the banks offer this facility to part repayment of the loan. This part-prepayment facility will reduce Principal as well as EMIs. Moreover, foreclosure of loan option is also provided to borrowers.

●     Flexible tenure

You can set your tenure to repay the loan as per your convenience for up to 30 years.

●     Best insurance Schemes

Always select insurance along with your home loan. However, you can customize it.  

 

Eligibility Criteria for Home Loan

Lending institutions and loan schemes have different criteria for home loans. However, let us discuss the basic eligibility for Home Loans.

●     Nationality – Indians, Persons of Indian Origin (PIOs), and NRIs (Non-Resident Indians).

●     Credit Score – Generally 750 or above 750

●     Age Group applicable for a home loan – From 18 to 62 for salaried and up to 70 years for self-employed.

●     Work Experience required at least two years for salaried persons.

●     Business Continuity of at least three years is required for self-employed persons.

●     Minimum salary differs from lender to lender and location; however, at least 30000 per month must be required to borrow a good amount of funds as a home loan.

●     Loan Amount – it is up to 90% value of the property.

 

Note: These above mentioned are some essential criteria for a home loan.

 

Documents that You need to get a Home Loan

Usually, there are some documents required to submit to your lender. The document requirements necessary for a home loan are generally the same, but it may vary if you chose a loan scheme, the purpose of loans is different, and individual credit profile is not ok.

●     HomeLoan Application form filled and signed by the borrower.

●     Latest Passport Size Photographs

●     Identity Proof – Copy of Aadhar Card/ PAN Card/ Passport/ Voter ID/ Driving License.

●     Age Proof – Copy of Aadhar Card/ PAN Card/ 10th Marksheet/ Bank Passbook/ Birth Certificate/ Passport/ Voter ID/ Driving License.

●     Address Proof – Copy of Aadhar Card/ PAN Card/ Bank Passbook / Passport/ Voter ID/ Driving License/ Ration Card/ Utility Bills – (Telephone Bill, Electricity Bill, Water Bill, Gas Bill)/ LIC Policy Receipt.

●     Income Proof

●     For Salaried Person – Latest Salary Slips, ITR of last 3 years, Form No. 16, and Investments proof.

●     For Self-employed Person – Financial Statements of Company or Firm including Balance Sheet and Profit & Loss Account Statement, Past 3 years ITR Details, Business Details like Business License & Proof of Business Address.

●     Property Documents – Registered Sale Deed, Allotment Letter, Approved copy of Building Plan, Estimated cost of construction of House in Detail, NOC from Society or Builder.

 

Note: The above documents vary from lender to lender, so you may either want fewer documents or require additional documents.

 

How will Zust Loan help to find the best Home Loan?

                                     If you are a first-time home buyer, then you will be confused with many questions. Like, how do I get a home loan? How much amount can I borrow as a home loan? Is there any home loan down payment required?  If you directly visit any bank, they will convince you to buy a loan but don’t help you create all the home loan documents.

                                     Moreover, the different banks have different home loan interest rates and eligibility criteria. So, it is better to consult with a home loan advisor who helps you solve all your queries related to the Home Loan. When you take a home loan, you should know about various charges applicable for a home loan. These fee and charges include application fees, processing charges, administrative charges, foreclosure/ prepayment charges, rate conversion/ switching fees, CERSAI charges, overdue EMI charges, EMI Bounce penalty, legal fees, franking fees, and many more are which only knows a loan expert.

                                    Zust Loan has a team of expert Home Loan Advisors who will give you the best quote according to your requirement. The experts have years of experience in this field and always keep an eye on fluctuating interest rates, various schemes, and all those things related to loans. They give you information about multiple banks their home loan interest rates, and along with it, they help you complete the legal formalities to fulfil the documents requirement. So, if you plan to take a home loan, consult with Zust Loan to get detailed information about all the details you want to know about home loans and get your home loan approval fast.

Please visit www.zustloan.com for more details.

How to avail PMAY Home Loan Subsidy?

Pradhan Mantri Aawas Yojana was launched on June 1st, 2015, to provide affordable housing for the urban poor. Under this program, eligible beneficiaries such as the Economically Weaker Section (EWS) and the Low-Income Group (LIG), and the Middle-Income Group (MIG) are offered a Credit Linked Subsidy Scheme (CLSS). The Loan Linked Subsidy Program benefit is upfront of the principal amount outstanding on a mortgage loan for building the home, including buying back the home.

PM Aawas Yojana Features and Benefits

●     The interest rate under the PMAY program is granted at a subsidized interest rate of 6.50% per year if the beneficiaries opt for a housing loan with a term of up to 20 years.

●     The interest subsidy is granted to the Middle-Income Group (MIG) for home loans for the purchase/construction of houses (including buybacks).

●     For the economically weakest section (EWS) / Low Income Group (LIG), the interest subsidy is granted on mortgage loans for the construction or purchase of the apartment, etc., to existing houses.

●     The Pradhan Mantri Aawas Yojana has covered all urban areas in India, including 4041 statutory cities, with 500 priority class I cities.

●     Green and sustainable technologies are used for construction.

●     For senior citizens and people with different disabilities, the ground floor occupancy is preferred.

 

PMAY Beneficiary

            The PMAY Beneficiary includes all adult family members with income, including husband, wife, and unmarried children. The beneficiary can apply for the PMAY system according to their income qualifications in the four categories of the urban or rural system.  The four categories defined under this scheme are:

●     Economically weaker section (EWS)

●     Lower-income group (LIG)

●     Middle-income group I (MIG I)

●     Middle-income group II (MIG II)

 

Eligibility of Pradhan Mantri Aawas Yojana

                You can Apply for a Pradhan Mantri AawasYojana if you have not taken advantage of any other government plan and are a first-time borrower. To be eligible for the PMAY CLSS plan, you cannot own a Pucca house or another apartment. Income level and other selection criteria for different groups. You cannot avail the PMAY subsidy benefits for the house that has already been built in your name across India.  The construction/extension that the PMAY Home Loan is used for must be completed within 36 months from the date of a couple's application for PMAY, Co-Ownership, or Individual subsidy can be used.

Pradhan Mantr i Aawas Yojana for Home Loan

                You can avail of a home loan under PradhanMantri Aawas Yojana Home Loan from the selected PLI or Primary Lending Institution registered with a Central Nodal Agency. However, to avail of the affordable housing benefits and subsidized interest rates of CLSS, you must be a first-time homeowner. The interest rate on such home loans is much lower than the regular cost offered to other home loan borrowers. The government has not extended the PMAY subsidy scheme for the MIG I & II category. The PMAY deadline for each category is mentioned below:

 

●     EWS & LIG – PM Aawas Yojana Last Date (31st March 2022)

●     MIG I & MIG II – PM Aawas Yojana Last Date (March 31st 2021)

For more details please call +91-7011430709

visit:  www.zustloan.com

#9 Advantages of Loan Against Property

Benefits of Loan against Property | Mortgage Loan 

In this era, availing of funds is an easy task, as there are a lot of options available in the market. If you move toward getting a loan there are many secured or unsecured loans available in the market. You can take any type of loan based on your requirement; the personal loan is an example of an unsecured loan whereas LAP (Loan AgainstProperty) is a secured loan. Loan against property is a type of mortgage loan, this loan is sanctioned against the Property as Collateral. Whatever loan amount sanctioned to you depends on the market value of the Property. Generally, the amount of loan offered to you is somehow lower than the market value of the property. Loan against property comes under secured loans and is one of the best loan options for both individuals and businesses. With LAP you can get higher education, reconstruction of the house, grow your business, and many more. Moreover, you will be surprised to know that there are lots of benefits of availing a Loan Against Property.

 #1 Easy to Process

Availing a Loan against property is one of the easiest methods to get funds. As the Property is secured option collateral or security, so it’s an easy process compared to another unsecured loan. Moreover, the documents required for taking the loan are minimum, so it is easy for the borrower to provide the documents required for the loan. So, it is one of the biggest advantages as the loan approval is easy and consumes less time.

 #2 Comparatively low Interest Rates 

 A loan against property or LAP is a type of secured loan, so the interest rates are comparatively lower than unsecured loans. Low interest rates lead to a minimum financial burden to the borrower and a low amount of EMIs. So, in terms of interest rates Loan against property is a good option for you compared to unsecured loans.

 #3 Availability of Huge Funds

The amount of loan in a Loan AgainstProperty depends on the market value of the Property. So, the amount available for a loan is higher as we know that nowadays property is very costly. LAP or Loan Against Property offers up to Rs. 5 Crores of loan which is a great way for getting a bigger amount of money without any issues.

 #4 Longer Tenure

When you go for (LAP) Loan AgainstProperty, it offers you a longer time period to repay the loan. Normally, the LAP tenure period can be up to 15 years which is comparatively very high than a personal loan. Personal loan gives only 5 to 7 years of tenure. Longer tenure periods result in a minimum amount of EMIs, thus creating a less financial burden on the borrower.

 #5 Use Various Properties as Collateral

 You can use various types of properties for taking Loan Against Property. These various types of properties include commercial property, self-occupied houses, pieces of land, and residential property as well. This flexibility offers a lot of options to use the Property efficiently. And the borrower enjoys the right of using the property for his own purpose.

 #6 Flexible use of Amount

 As if you take a car loan or home loan, you have to use the amount for purchasing a car or building a house respectively. But in Loan Against Property, there are no such limitations for using the amount. You can use the amount of loan for a wide range of purposes including marriage, home renovation, higher education, home construction, and many other purposes. 

 #7 No Pre-payment Penalty

 Loan Against Property offers you to pay the payment at any time without any pre-payment penalties or charges. This is also one of the greatest advantages for taking a Loan Against Property, but some lenders charge pre-payment charges so ask them while availing of a loan.

 #8 High Chances of Approval

 Whether you are a businessman or an individual, the chances of getting a Mortgage Loan are higher compared to other loans. It is because it is a secured loan, so the lender doesn’t require too many formalities to be completed by the owner. The lender just checks the basic parameters like minimum age, income, credit history, dispute-free property, etc. These basic parameters are easily fulfilled by an individual or business, so the chances of getting loans are higher compared to other loans. 

 #9 Benefits on TAX

 If you take Loan Against Property, Tax benefits can be also offered on this loan which is as follows:

• Section 31 of the Income Tax Act states that tax benefits can be availed on the interest amount for a loan against property. 
• Section 24 of the Income Tax Act states that if the borrower takes a loan against property for building a new house, then he or she is eligible for up to 2 lakhs of tax benefits on Income Tax.

So, by taking a loan against property the borrower will enjoy so many benefits compared to any other type of loan. So, if you have a property, you can use it for taking a Loan against Property to get funds for achieving your goals as well as many other benefits.

Explore more about the product:

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Things to know about the process of Loan Against Property | Mortgage Loan

 

Know more about the process of Loan Against Property

                   Access to funds by taking a loan against property opens the possibility of buying a car, office, or any other needs which you want to fulfil.  A loanagainst property is one of the easiest ways for getting funds. It is a secured loan that gives you an adequate amount of funds at a nominal interest rate. Let’s know more about the process of loan against property.

Fill the Loan Application Form

First of all, you need to fill the application form in which you have to fill in personal details, details about your occupation, and property which you use as collateral security. Make sure to fill in these details correctly and submit the application form.

Verification of your Details

When you submit the application form, the representative will verify your personal details including the employment and property details. After the verification, your credit score is checked and a loan will be offered to you.

Submit the Required Documents

Once you will be eligible for the loan you will need to submit the following documents:

• Identity Proof: PAN card, Aadhar Card, Voter ID, Passport, Driving License, Govt issued I-card.
• Address Proof: Passport, Driving License, Election ID card, Electricity/ Telephone/ Mobile bill/ bank statement (not more than 3 months old).

• For salaried person 

1. Form 16 (Last 2 years)
2. Latest 6 months’ salary slips.
3. Last 6 months bank statement

• For a self-employed person

1. Certificate and Proof of Business Existence (For Self-employed): PAN, sales tax/ excise/ VAT/ service tax registration, Copy of partnership deed, Trade license, certificate of practice, registration certificate issued by RBI, SEBI.
2. Age Proof: PAN card, Passport, Driving License, Voter id card, Birth certificate, Employee ID card (only for PSU/ Government employees), School/ college leaving certificate.
3. Last 2 years ITR.

 Wait for verification of documents

After submitting all the documents, you have to wait for the verification of the documents by the lender. 

Sanction letter offers by the Lender

Once the process is successfully validated, the lender will sanction the loan amount based on creditworthiness and your valuation of the property. At this stage, the lender provides you the sanction letter.

Evaluation of Property and legal check

When you accept the sanction letter, the lender will evaluate a property and related documents legally. It is done to ensure that your property has legal value and is free from any legal disputes.

Get funds in your Bank account

When the process of property verification is done, all is set now. The lender will proceed with the final disbursal and get the funds credited to your bank account within the given time. Normally the amount will be credited to the bank account within 48 to 72 hours.

 For More Information:

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+91-7011430709

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Benefits of a Loan Consultant

 Why to choose a Loan Consultant or a Loan Officer ?

         A professional Loan Officer originating, negotiating, and processing loan application on behalf of their clients as well as to make aware about the risks, consequences, and benefits of alternative lending solutions.

Offering access to various loan products

              A Loan Officer offering a wide range of loans from a number of different lenders/financial institutions like Banks or NBFCs.  Loan Officer helps you to obtain the loan products and the interest rate best suitable as per your requirements.

Finds the most beneficial deals

              A Loan Officer always represents your interests rather than the interests of any financial institution.  As a knowledgeable consultant, they resolved issues in the Banks/Financial Institution as an agent of their clients.  With the access of wide range of loan products, they offering you the greatest deal in terms of rate of interest, loan repayment, and the loan amount you needed.  Loan officer communicate you to identify your needs and your short and long-term goals.  So, innovative strategies and sophisticated solutions are the benefits of working with an experienced Loan Officer.

Flexibility and expertise to fulfil your requirement

              A Loan Officer can reach out their clients in any situation, handling the process, and can deal successfully with all the bumps in the road along the way.  As such, if the borrowers have credit issues, the Loan Officer will know which financial institution can offer the best deal to meet their financial goals.  With the help of the Loan Officer’s knowledge and ability to obtain financing, borrowers can get approval easily from financial institution.

Its Time Saving

             Rather than hanging out with the financial institution, you only need to consult a Loan Officer who will provide you a formal comparison of loans and guide you with the information that accurately describe cost differences, current rate of interest, points, and closing charges for each loans reflected.

Save money without any charges

             A Loan Officer offering best rates available in the market from various financial institutions, typically making lowest loan cost for their clients.  Transparency is the main motto of a Loan Officer, they will provide all details for your loans.

Deliver customized service

           Customized service is the most differentiating factor while selective a Loan Officer.  You should expect your loan officer to be available to you, to help smooth the loan process, and advise throughout the closing process. 

 

Please call us at 701-143-0709 for a free consultation.