The Pradhan Mantri Awas Yojana (PMAY) scheme was launched in June 2015 by Prime Minister Shri Narendra Modi. The Government of India introduced this scheme to boost the affordability of houses against an inflated real estate sector. It aims to achieve its objective of "Housing for All" by 31 March 2022, the 150th birth anniversary year of Mahatma Gandhi, by constructing 20 million houses across the nation.
The major difference beteen a home loan and a personal loan is the personal loan is unsecured. That means the tender does not ask for a collaterl. For a home loan, the leander will usually use the borrow's house as the collateral. Therefore, defaulting on the EMI of a home loan my lead to the borrower losing his or her home. As the personal loan is unsecured, lenders offer a much smaller amount, which makes it difficult to buy a house with one. Therefore, borrowers usually use the personal loan for other expenses such as new furniture for decorating or other improvements after purchasing the house.
There’s a lot to wrap your head around when buying a property, including inspections, loan applications and finding the right conveyancer. In fact there are 24 steps to buying your first house. To simplify things, we’ve compiled this guide for first-time home buyers. The first step to owning your own home is getting your budget sorted. Work out how much you can afford to borrow for a home loan. Once you have a rough idea of how much you can afford, you might want to factor in any fees or grants.
You can make that dream a reality faster by taking a home loan! Banks and financial institutions have made it easier than ever before for you.! However, the lender has to ensure that you are eligible for a home loan, after all, they must trust you with their money. Thus, scrutiny is justifiable. There are certain factors that may affect your home loan eligibility: 1)Age 2)Profession and Income 3)Age of Property 4)Credit Score 5)Dependents