Gold Loan, A Boon for affordable housing consumers...

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Are you looking to buy your first home under Pradhan Mantri Awas Yojana? But do not have appropriate documents to get loans from banks?

Many customers willing to buy their first home, rather dream home under Pradhan Mantri Awas Yojana are facing problems for arranging home loan / finance to buy it. Generally affordable housing schemes, where cost of house is anywhere between 5 Lakh to 25 Lakh, falls under Pradhan Mantri Awas Yojana. There are lots of customers who are willing to buy home under this scheme wherein, customers will get some rebate from government. But the question is, are these customers able to buy their dream home? The answer is yes, but very few customers are able to buy it. The reason being, these customers don’t have appropriate documents to get loan from any of the banks.

But don't worry, there are 2 options for such customers.

Option 1. If you are not getting loan from any public or private sector banks just because of your documents are incomplete, you can get loan at a premium from NBFC's, (Non banking financial company). Their interest rates are generally 2-3% higher than public and private sector banks. And the interest rate increases if you do not fulfill their criteria. So for example if interest rates offered by public and private sector banks are around 9% p.a. then NBFC's rates start from 11-12%, and varies company to company.

Option 2. Have you ever tried Gold Loan? If yes, then this is it. You can get gold loan for any amount from public and private banks as well as NBFC's. Yes with higher interest rates from NBFC's. But private and public banks give gold loan from somewhere around 10% p.a. being lowest to 14% p.a. being highest Plus you have flexibility to repay the loan. There are various schemes for instance, Bullet, EMI and Interest Only.

Brief of about the schemes:-

a. Interest Only - Borrower has to service only the interest component every month (Most popular product but servicing interest every month could be cumbersome. Also penalty of additional 1-2% is charged if 2 consecutive interest repayments are missed.)

b. EMI - Repayment tenure upto 60 months. This product works very similar to Home Loan but not popular and not opted because of the longer repayment tenure.

c. Bullet Scheme - Less popular (Primarily due to lack of Awareness) but Most opted product on our platform. In case of Bullet Scheme, Borrower get either 6 months or 12 months of moratorium period. Borrower is expected to service 6 month or 12 months interest together with principal. He may renew the loan if not in position to service the principal loan amount.

Also, home loan does not allow you such flexibility while repayments, whereas gold loan gives you multiple options

So, if you have any problems at any stage in buying your dream home, don’t neglect Gold Loan... You might need it at the time of booking, to manage margin amount or even entire home loan amount.

For more details about gold loan, just give a missed call @ 1800 313 1060 or visit our website @ www.golduno.com

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