Just like food and clothing, a home is a basic necessity. Everyone wants to have a home of their own. But today, owning a residential property has become a difficult task due to the escalating real estate prices.
Here a home loan can come to the rescue. With the help of a home loan, you can increase your chances of buying your dream home without digging into your savings, and housing finance companies like Shubham offer a lot more than just home loans.
Once your CIBIL score meets the home loan approval standards, we demand few documents to be submitted for verification before finally approving the home loan, which includes:
- Filled in application fee
- Photographs of the applicant and co-applicant
- Income proof, only if available else a personal discussion happens
- Address proof
- Bank statements
Getting the best home loan offer depends significantly on the rate you can avail of. There are many other factors that determine the right home loan. We have listed a few of them below:
Attractive Interest Rates: Every bank charges different interest rates. But rather than chasing the lowest rate of interest, one must look for competitive prices as the lowest interest rate is not always the best. It is better to choose a floating rate instead of a fixed rate as the interest rate may go down during the tenure of your loan.
Avail home loans with affordable interest rates starting with additional benefits such as extended loan terms and flexible repayment options.
Processing Fee: The processing fee is a one-time charge to be paid by a loan borrower. The fee is charged to cover the costs incurred by the lender on the loan process. It is not deductible from the loan amount. Thus, the borrower needs to pay it separately. Currently, we offer you the NIL processing fee on home loans.
Reducing Balance EMI: Make sure you choose a lender who offers a daily reducing balance, not monthly. As in a monthly reducing balance plan when you make the EMI payment, the principal portion is reduced from the total outstanding, and interest is calculated on the reduced outstanding. This means you would end up paying high interest.
Allow To Choose Your Home Loan Tenure Carefully: Much as the interest rate, the tenure of the home loan also decides your EMI. A shorter tenure increases your EMI, while a longer one can reduce it.
PMAY Benefits: We believe in providing the affordable housing benefits of the Pradhan Mantri Awas Yojana scheme through a Credit-Linked Subsidy Scheme, also known as CLSS. Under CLSS, interest subsidies are available on housing loans for beneficiaries of specific categories defined by the scheme which makes the home loan affordable due to the subsidy provided on the interest component.
Enjoy Low EMIS: Fulfill your dream of owning a house with us. As at Shubham Housing Finance home loan comes with a host of benefits such as smaller EMIs payment over a longer tenure, attractive interest rates, an easy application process, doorstep service, etc.
Higher Loan Amount: If you need a higher loan amount, but your salary does not permit it, take a joint loan with your spouse/parent/sibling. You could also opt for a longer tenure loan.
No Extra Charge For Pre-Payment.: This is a great option that we offer you. If you have a good amount of cash in hand, you can prepay a large portion against the outstanding loan amount and save the excess interest rate.
We Make It Easy To Own: The benefit offered on home loans makes buying a home easier and makes your wish of owning a home true as it can be repaid in easy monthly installments.
High Repayment Tenure: Among all types of loans, a home loan has the longest repayment tenure which goes up to 25 years. So one can reduce a load of balanced monthly installments by extending the tenure.
Build Your Credit Profile: The simplest way to improve your credit score is to be regular with your loan payments. If you have missed out on a payment due to oversight, make amends. A good credit score can save you a small fortune in rates and terms on everything from the loan, credit payments to insurance.
Purchasing a house is a big step, and a home loan is one of the best ways to build your asset if you handle it sensibly and carefully as owning your own home gives you the most satisfying experience in your life.