Benefits of taking a loan against property from Shubham Housing Finance

Life is uncertain and can throw challenges at any time. At such times, you may face a financial crunch. All such all you need is an easy and hassle-free loan. Shubham Housing Finance brings to you with another credit option if you're a property borrower. It is called a loan against property. 

A Loan against property acts as a collateral to provide cash at low-interest rates with a long repayment period.

It is an affordable way to bridge any financial need, whether it is for your business or personal needs like starting a new business, children's education, marriage, medical expenses, business expansion, etc. 

Shubham Housing Finance offers customized home loan products to suit the home loan needs of its customers. Some of the benefits of availing a loan against property are discussed briefly:

1. Lower Interest Rate: Personal Loans are more expensive compare to personal loans as they are unsecured. A loan against property is a secured loan, and the rates are much lower. 

2. Serves Variety of Needs: You can use the loan amount to fulfill all your needs. There are not many restrictions as to how to utilize the funds when it comes to LAP. However, most people borrow loans against property in situations of enormous funding requirements such as for education, medical costs, setting up a business, marriage, etc.

3. More extended repayment period: Since it is a secured loan, the risk of lending rate is lower by the lenders and is willing to grant a more extended repayment schedule. The tenure for a loan against property provided by Shubham is 120 months.

4. Lower EMIs: Because of the longer loan period, the monthly EMI is also smaller, meaning it is a lighter repayment burden over the entire tenure of the loan when compared to a similar-sized personal loan.

5. Cheaper Loan Option: It is an effective way to meet your monetary demands during the times of financial need, as a loan against property is cheaper compared to unsecured loans.

6. Good Credit history: While applying for a loan against property, you must maintain a good credit score. If you fail to do so, you might end up getting higher interest rates. So, its better you make all your payments on time to maintain a good credit score. 

Loans can help you to make your dream come true and plan your finances accordingly. Thus, you can apply for a loan against property with Shubham housing finance and get abundant benefits. 

10 Things You Need to Know Before Taking a Private Home Loan

Buying a home is one of the biggest decisions in our life. In fact, it is a once in a lifetime decision for many. However, to achieve this, you might require a home loan to purchase it.

While getting a home loan sanctioned is not that easy for the lower-income group. Shubham is a private housing finance companies which provides home financing need to the low-income sections of the society.

Take a look at some of the essential things to consider before you opt for a private home loan:

1. Understand Loan Specifications: Research about the loan amount and compare all the features provided by different home loan providers. This would include your types of loans, interest rates, tenure, pre-closure, prepayment charges, documents, etc.

2. Additional Charges: Additional charges are one of the most important things you need to know before taking a home loan as most lenders levy charges such as processing fees, late payment charges, prepayment charges, etc. on the basic loan amount.

3. Know your Credit Score: Credit score is one of the most essential things you need to know while opting for a private home loan.  An individual who desires to avail of a home loan should maintain a good credit score as it plays a crucial role in your loan process.

4. Documents: Although the home loan application form provides a checklist of all the necessary documents, the legal documents will ensure quick and efficient loan processing. At Shubham, we offer home loans with minimal documentation.

·          Duly filled application form

·          Proof of identity like PAN Card, Voter ID, and passport

·          Address proof – ration card, electricity bill, etc.

·          Property-related documents

·          Bank statements or passbook

 

5. Know your Home Loan eligibility:  Your total eligibility mainly depends on your loan repaying capacity. So, it’s better to avail of a home equity amount ready to be able to repay the loan on time.

6. Down Payment: Down payment is essential to be eligible for a home loan. In case of a private home loan, you need to fund a portion and the rest amount will be funding by the lenders. You can also use an online mortgage calculator to determine your price range to figure out what your down payment will be.

7. Repayment Tenure: A home loan EMIs depends on the tenure of your home loan.  It is sanctioned for a maximum period of 20- 25 years, depending on the customer’s eligibility. The fundamental rule of any home loan is that it should be repaid on time. Thus, it is advisable to choose a short repayment tenure with higher EMIs.

 

8. Choose  Suitable EMIs: EMI is the monthly outflow that goes towards repaying your loan. It is recommended to ensure that your EMI doesn't exceed 45% of your total income. You can easily calculate EMI through Shubham EMI Calculator.

9. Read Fine Prints: This is one of the most important things to know before taking a home loan. You should read each and every statement carefully and ensure that you understand the terms before signing the agreement.

10. Spend Cautiously: A factor that follows is the monthly expenditure. It is advisable to follow a strict budget to meet your EMIs, to maintain credibility, and to avoid an overdue or an increased interest rate.

With all the aforementioned points in mind, seeking a home loan becomes far more simplified. Let us know in the comment section below if you have any queries.

What's a Good Reason to Get a Home Improvement Loan

A home is just not a roof over the head; it is more than that. Also, there are many good reasons why you need to opt for a Home Improvement loan. Whether it's a Diwali, Ganesh Chaturthi, Lohri, Onam, or events like weddings, etc. the first thing that comes to our mind is how can we renovate the home to make it look the best.

So remodelling/ renovating is an excellent way to ensure the condition and ambience of your house, as it gives the first impression in the mind of others.

But renovating a home is an expensive affair and requires significant funds to renovate your home according to your requirements. All you can do is avail of a Home Improvement loan from Shubham Housing Finance to get this job done.

This loan is similar to a Home loan. While a home loan enables you to acquire a house, a home improvement loans helps you refurbish/ repaint or improve the home that you already own.

The first question that comes to our mind is the interest rate on home improvement loans?

Many financial companies provide the best home improvement loan rates, but as a smart consumer, it only makes sense first to check the details of every company before you make a final call. You can check Shubham's home equity loan calculator on their website to check the interest rate based upon the principle on which you are taking the loan.

Can you get a home improvement loan even if you earn in cash?

Yes, Shubham Housing Finance provides loans to people who earn in cash, you can avail a loan for home improvement loan at any time. Our loan approval and verification process are quite simple, and the interest rate is low compared to other banks or financial companies.

Take a look at a few advantages that availing this loan offers you:

Easy qualification: As compared to other modes of funding, it is easy for you to qualify for a home improvement loan as it allows you to provide minimal documentation with simple eligibility criteria.

Simple application process: The procedure to apply for a home renovation loan is more straightforward than home loans. You can also complete it online or offline. Once the documents are verified, you will receive the amount in less than 90 days.

Minimal Documentation: Home improvement loans require relatively simple documentation as compared to other modes of financing. All you need is essential documentation like:

• Identity Proof
• Address proof such as electricity bill, ration card.
• Income proof documents, if available.
• Bank Statements.
• Copies of the property papers.

Low-interest rate: The interest rate on a home improvement loan is much lower than that of a personal loan.

Hope this article will be helpful for those looking to renovate their home. If you have any query let us know in the comments.

What is the Need for Home Improvement Loan

Everyone wants a home that others admire and appreciate. India is a country of festivals and events. Whether it's Diwali, Ganesh Chaturthi, Lohri, Onam, or events like marriage, newborn baby, retirement, etc. the first thing that comes to mind is to decorate our home and make it beautiful and appealing.

Now logistically to make your dream come true, you need a handful of money as we all know that renovating a home is an expensive affair that includes a lot of financial expenditure which you need to plan for in advance.

This is where Shubham Home Improvement Loan can come to your rescue. You can apply for the Home Improvement Loan and easily give your home a facelift.

The question that pops in everyone's mind is the interest rate on home improvement loans?

Many companies claim to give you the best home improvement loan rates, but as a smart consumer, it only makes sense first to check the details of every company before you make a final call. There is a home equity loan calculator on the websites of these housing finance companies, which will help you in gauging what will be the interest rate based on the principle on which you are taking the loan.

Why should you opt for a Home Improvement Loan to upgrade your home? 

Home Improvement loans are similar to a house loan to improve /renovate your home, which you already own. A home renovation loan allows you to upgrade and do the required repairs in your home.

There are some of the essential factors you should know why opting for a Home Improvement Loan is better:

1. Low-Interest Loan

2. tax benefits

3. Flexibility of use

4. Long Tenure

Can you get a home improvement loan even if you earn in cash?

Yes, unlike a decade ago today, many good housing finance companies like Shubham Housing Development Finance that give home loans to people who earn in cash. Now, anyone can avail of a loan for home improvement loans from such companies with minimum paperwork. The interest rate for informal income varies between 17% to 18%, and Administrative and Operational Costs of up to 3% will be charged to applicants.

Documents required to apply for Home Improvement Loan include

• Application form with all required details filled in.

• Identity proof such as Pan Card, Voters ID Card, Passport.

• Address proof such as electricity bill, ration card.

• Income proof documents, if available.

• Bank passbook or Bank Statements.

• Copies of the property papers and the construction estimate.

If you are planning to do a home makeover, let Shubham Housing finance assist you in getting the best deals. If you have any queries, let us know in the comments.

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