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