Housing Finance Companies that provide Home Improvement Loans for people with cash income

Your home is a reflection of your personality. Renovating or remodelling your home can be a costly affair, but with a Home Improvement Loan, you can make your dream a reality. 

At times, the funds might hinder you from committing to an expensive renovation project. This is where a Home Renovation Loan can be a suitable option for you.

 However, many financial institutions such as Shubham Housing Finance, Aadhar Housing, and Umeed Housing Finance now offer Home Improvement Loans to the lower and middle-income segments and people who have a cash income at attractive interest rates.

Take a look at some of the best Housing Finance Companies from where you can opt for a Home Improvement Loan: 

Shubham Housing finance- Shubham Housing Finance is among the first organizations that provide formal housing credit to those with informal income and also who have very less or no income proof.  They offer home improvement loans that are designed to fulfill all your housing finance requirements. Shubham aims to provide loans to upgrade your home without any financial worry.

They provide best and affordable loan with a low-interest rate. The loan amount is determined after assessing the individual's requirement and the valuation of the property as Shubham Housing Finance believes in creating the best memories for you! 

Aadhar Housing finance-  They understand that everyone aspires to create his own identity with the home he lives in. You may want to repaint the house, or maybe spruce up the flooring depending on your lifestyle by providing Home Improvement Loans.

HDFC- If your home needs some renovation or you want to replaster and paint your walls. You can avail Home improvement loan from HDFC to improve and renovate your house. With HDFC's Home Improvement Loans, you can not only upgrade your existing home into a more comfortable living space, but also you can enjoy interest rates.

Indiabulls Housing Finance- It's like when you buy or build a house you need home loans. Similarly, there can also be times when your house needs a touchup. It can be a renovation, extension, or repairs to the existing property. With Indiabulls, you can turn the home you have into the house you wanted with our easy and hassle-free documentation.

Umeed Housing Finance- Investing in a home is a big step, and it may seem scary & exciting all at the same time. That's why you should lean on a team of experts to guide you along the way—keeping this in consideration Ummed Housing finance for easy and hassle-free home renovation loans. 

IIFL- IIFL is a well-known private-sector financial institution that offers home improvement loans for its customers. The maximum amount available depends on the value of the property and the eligibility of the borrower. The maximum repayment tenor provides by IIFL for more than 20 years.

These are some of the best Housing Finance companies in India which provide Home Improvement Loans for people with cash income. If you have any further queries, do let us know in the comment section below.

Five reasons why this is the best time to get a home loan for your own home

Buying a home is no less than awarding yourself for lifetime achievement. But often the overall process is not as straightforward as it sounds.

People also realized the importance of having a property or a home of their own. So, currently, the demand for a home loan is also increasing.

Also, opportunities do not come knocking your door every time. However, when they do come, get ready to optimize on it to the fullest.  

This article is for those people who are still looking for reasons why it is best to opt for a home loan:

1. Interest rates are more affordable than ever

If one looks at the housing loan interest rates, the interest rates are going through several up and down cycles. Therefore, one can benefit from falling interest rates. 

Home loans have become a lot more attractive in 2020. Most of this could be attributed to progressive policies from the central government and also the efforts of the Reserve Bank of India, to make housing loans affordable to common people. 

At present, home loans are available at an affordable interest rate which turns out to be the cheapest in nearly a decade. For people from low and medium-income groups, the government has started the Pradhan Mantri Awas Yojana, wherein it allows people to buy houses at subsidized rates. 

There are also few housing finance companies such as Shubham housing Finance, Adhaar from where you can avail the benefit of the PMAY Home Loan scheme.

2. Housing Finance Companies offering better terms and conditions

With the changing times and the changing market, dynamics have pushed housing finance companies to become more consumer-centric. Most of the housing finance companies offering loans with little or no prepayment penalties. However, taking a home loan from Shubham Housing finance has many more benefits as it doesn’t provide you prepayment penalties, no hidden charges, and many more.  

3. Poor real estate industry

We all know that the real estate industry as a whole is going through a torrid time. The real estate markets and the banking lenders are offering deals to the home buyers in the purchasing process. 

4. Avail plenty of tax benefits

The Indian tax department offers plenty of tax benefits on home loans, which every homeowner can take advantage of. To begin with, Section 24 allows homeowners to avail of a deduction of up to Rs 2 lakh on interest payments.

Section 80C of the Income Tax Act offers deduction on principal repayment of up to Rs 1.5 lakhs. Apart from this, there’s a tax break for new homeowners as well, wherein Section 80EE offers a deduction of up to Rs 1 lakh.

5. Capital Appreciation

With the prospect of mouth-watering capital appreciation is the biggest argument for buying a home. It has seen that over the past decade, there has been a rise in the investment market. Rents too seem to keep up with inflation; having a home/ property is one of the few investments that can help you benefit in the long term.

To sum it up, the housing market in India has undergone a period of stagnation and low sales, and most of the parties concerned are doing everything they can to improve this very situation. Investing right now would mean that you will get a house of your choice on terms easily agreeable to you.

Top 7 Housing finance Companies to take Loan against property in India

Need some capital to invest in the business? Want some cash for your daughter's marriage? Urgent need for funds because of a medical emergency? All this could create a hole in your financial planning and saving if you don't have enough funds to support.

In such cases, a loan against property can be beneficial. It is accessible, easy, fast, and simple. Some of the Housing Finance companies such as Shubham Housing Finance, Adhaar, IIFL, etc. where you need not have to wait for a longer time to get the amount of your property qualifies for Loan Against Property.

A loan against property is commonly taken by business owners to meet their cash flow requirements. It is also known as "Home Equity Loans" which is taken against the security of the house you own. 

Salaried people can also use Loan against property to fund their expenses, such as marriage, pursuing education abroad, for consolidating debts, or any other personal needs.

Here you can take a look at the some of the best Housing Finance Companies in India from where you can opt for Loan Against property:

A Loan Against Property is an excellent way to utilize an existing asset, and also you can get credit at a much lower cost than borrowing money for any other loans.

Shubham Housing Finance is the leader in providing home loans to those with cash incomes and with no income proof of up to Rs 15 lakhs with customizable EMI options. The Loan is available at low-interest rates and processing fees. Availing of a Loan Against Property requires that the applicant should be residing in a city where Shubham has a branch, or you can visit Shubham's website to apply online.

IIFL:  It is one of the leading housing finance companies in India which offers loans against your residential or commercial property. The borrowers can get funds up to 60% value of the property against the property. Based on your eligibility and financial requirement, you can choose two product variants under Loan Against Property- Regular Loan Against Property & Samman LAP.

Ummed Housing Finance: Umeed Housing Finance is a private company which provides Loan to the lower and middle-income Indian families. It provides Loan against the property at attractive interest rates and flexible repayment options. 

India Shelter Housing Finance: India Shelter Finance is a provider of credit solutions. It provides LAP for both business and personal purposes. It provides Loan at an attractive interest rate. 

Adhaar Housing Finance: It is the best mate and solution at the time of urgent need of money. The loan amount offered by banks is based upon the condition of the property, its location, construction and age of the property. But with Adhaar, you can quickly get a loan on your self-occupied or rented property and also with minimal documentation.

Avas Housing finance:  Your home could be the perfect solution for all your financial needs. Aavas Finance serves primarily in the un-served, unreached and under-served markets of India. It also offers secure and transparent home loan solutions quickly and easily.

Art Housing Finance: Art Housing finance provides loan against property to the economically weaker section of the society. It contains all sorts of lending options tailored to cater to the specific requirements of the borrowers.

It is recommended that customers must go through an in-depth analysis while choosing to take a loan against property from any of the above housing finance companies before mortgaging your property. If you have any queries, do let us know in the comment section below.

 

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.