Owning a home is one of the top priorities for most people, irrespective of their income. Having a home of your own to go back to is what many of us aspire for, and we work diligently towards achieving this goal. There are many of those who achieve their goal of owning a home, but a large number find it difficult to do so due to the rising property prices. This is especially the case in industrial regions and cities, which see large scale migration because of the job opportunities there.
Home finance companies come to the rescue of those who cannot afford a home of their own without financial aid. Individuals can avail home loans and realise their dream of buying a home, with the loan amount payable in instalments.
Khush Housing Finance Private Limited is part of the Omkhush Group. The company began operations in the year 2011. Its primary objective is to provide home finance options to the general populace, especially to the economically weaker sections of society so they too can own a home of their own.
The company offers customers a variety of loans and home finance options at competitive rates of interest, making it a good choice for those looking at taking out a home loan. Its service record and market standing also make it a top choice for prospective home owners.
Khush Housing Finance has a number of home finance offerings to cater to the needs of every home buyer. A more comprehensive description is given below.
Home Loan: all of us wish to buy a home of our own. Khush Housing Finance makes that possible with its home loan. This loan is offered to those individuals looking at buying a new home, from a builder or an individual selling an apartment/home. The loan amount would be dependent on the property’s value as well as other factors such as the applicant’s income, among others. Khush also offers customised home loans to applicants based on their needs and requirements. The loan can be repaid over a period of 15 to 20 years.
Home Renovation Loan: Homes require maintenance to keep them in good condition, and sometimes this can get expensive. Khush Housing Finance offers its customers a loan for repairs and renovation such as painting, waterproofing, improvements to the structure of the house etc. the loan amount would be decided on based on the cost of the renovation and repairs being undertaken, as well as the applicant’s repayment capacity.
Loan Against Property: there are instances where individual are in urgent need of money and do not have access to any means of fund procuring. If the individual has property in his name, he can get a loan against the property instead of resorting to the step of selling it to meet his need for money. The company offers very attractive rates on the property value and low interest rates on the loan amount.
Loan for Construction: Some individuals look at building a home for themselves on property they own. They might choose to take a loan to meet the costs of construction. Khush Housing Finance provides loans for construction of a home on such a property. The loan amount will be calculated based on the property’s market value, the cost of construction as well as other factors such as the applicant’s repayment capacity, his current liabilities etc.
Lease Rental Discount: This is a product that can be availed by those applicants who have given out their properties on long leases. The rent that the applicant receives will be collected by the company and will be paid out as a lump sum to the applicant.
Applicants who are looking at applying for a home loan will first need to see if they are eligible for a loan. Khush Housing Finance Private Limited has a list of eligibility criteria as mentioned below:
Applicants seeking a home loan from Khush Housing Finance and have met the eligibility criteria have to submit a list of documents to the company before their loan is sanctioned. The documents are a standard set that every housing company is expected to collect in order to verify the identity and financial status of the applicants. This is done to ensure that the applicant is able to pay back the loan amount and to check the veracity of his loan claim (to ensure it is for the purpose stated on the form, and adhering to the stipulations laid down by the company). the verification process includes a check of the applicant’s financial history, where his credit score, credit worthiness, current liabilities, income, saving habits are scrutinised by the company. Based on the report, the company will sanction the loan amount.
The documents to be submitted are listed below:
Proof of identity documents
Any one of the following can be submitted as proof of identity for home loan applications
Proof of Address/Residence documents
Any one of the following can be submitted as proof of address for home loan applicants
Khush Housing Finance was founded to provide loans to the economically weak sections of society, and this reflects in the interest they charge their customers as well. The company offer very competitive interest rates for its loan products. Those interested in applying for a home loan can contact the company for the current rate of interest payable.
Those applying for a home loan have an additional expense they have to now pay for. Khush Housing Finance accepts repayments of its loans in equated monthly instalments. This is done so that the applicant does not have to pay a large sum of money at one go, which is a difficult task.
Before applying for a loan, many applicants would like to know what the total amount they would be paying for the loan is. They might also wish to know the amount they have to pay every month as instalments, so they can plan their expenses and budget for it. To avoid having to go to the loan company, Khush Housing Finance has introduced a loan calculator feature on its website. Applicants have to merely enter a few details such as the amount they wish to take as a loan, the tenure of the loan and the rate of interest payable on the loan amount. The loan calculator will then generate the EMI payable. However it should be noted that this amount is only an indicative figure, and the applicant should contact the company for the actual rate to be paid.
Khush Housing Finance makes it possible for everyone, even those without a steady income or form a lower economic background to apply for a loan and realise their dream of buying their own home. The company is sought after for this reason. Other features of their home loans are given below:
The loan processing fee is 2% of the sanctioned loan amount, with the maximum amount being Rs. 25, 000. This amount does not include taxes. 1% of the amount plus the taxes is payable as soon as the loan is applied for, with the remaining to be paid before the loan amount is paid to the applicant.
You will have to provide the original documents to property, as the security will be the property against which the loan is being taken out. Additional securities may be requested at the discretion of the company.
The status of applied loans will be resolved within a period of 15 days from the date of application. This is provided all documents/information has been provided by the applicant.
The loan amount is to be repaid through post-dated cheque by the applicant. The repayment will begin as soon as the full loan amount has been disbursed. Until then, interest on the monthly amount disbursed will be payable.
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