Pradhan Mantri Awas Yojna (Rural) for Easy Home Loan

Everyone who owns a home has this added advantage of having an easy access to home loans. Not only that if you have a home but do not want to risk it for a loan, you can still avail a loan on the basis of your home as it provides a certain amount of assurance to the lender. We can say there are Pradhan Mantri AwasYojna (Rural) home loans for everyone.

PMAY (R) Home loans for everyone means almost every type of borrowers are covered under home loans. This, in turn, means that home loans cater to a variety of purposes also. You can take home loans for home improvements, debt consolidation, wedding, holiday tour etc. Whatever may be the purpose, home loans have this common advantage for everyone. Home loans are usually secured loans and therefore they are offered at the lower interest rate. How lower the interest rate will be, depends on equity in collateral, repaying capacity of the borrower and credit history of the applicant.

At the same time, people having not so good credit history or repaying capacity also are approved home finance loan. There are different layers of bad credit with some having a severe credit history. With a slightly higher interest rate, home loans are available to them as well. The market is full of lenders who especially lend money to very poor credit history people.

If you are a homeowner but want to borrow a small amount and do not like to risk home for such a loan, then you can opt for unsecured home loans. The interest rate will be higher and smaller amount shall have to be repaid in few years. The very fact that you own a home gives a certain assurance to the lender that the unsecured loan will be returned safely and chances of approval are more. So whatever may be your repaying capacity or credit history, there is one home loan waiting for you and that is Pradhan Mantri Awas Yojna home loans.