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Loan Against Property (LAP) is surrounded by a lot of popular misconceptions that need to be dispelled. To learn more about LAP and the myths surrounding it, read the blog.

Simply put, a loan against property (LAP) or mortgage loan is a secured loan you can obtain using your home or business property as collateral. LAP is said to be the finest option to meet all of your financial demands because to the low interest rate and flexible end-use when compared to other sorts of loans like a personal loan, a gold loan, or a company loan.
It is quite easy to apply for LAP. All you have to do is use your real estate, whether residential or commercial, as collateral with a bank or NBFC in return for a sizable sum of money, and repay the loan with fixed-term EMIs. A loan against property, as opposed to an education loan or a home loan, can be used to meet a variety of financial demands, including wedding costs, higher education, home or business expansion, etc.

Ten Commonly Assumed Myths about Loans Against Property (LAP)
Despite being a gift for many, loans against property are often misunderstood. To learn about the LAP misconceptions we have disproved, read on.

1. You Are Not Allowed to Use the Property You Have Pledged
The idea that you cannot live in or use the property you have pledged as collateral to obtain a loan is one of the most pervasive misunderstandings about LAP. This myth is untrue. There is no problem with this as long as you make your EMI payments on time and do not go into default on your repayment. So, to find out what your predicted EMIs would be if you took out a certain loan amount, utilise a Loan Against Property EMI Calculator online before you apply for LAP. By doing so, you can determine if you can afford the EMIs even before you apply for a house loan.

Additionally, if you don't pay your EMIs on time, the lender has the authority to sell your home to recoup the unpaid loan balance. Therefore, be careful to pay the EMIs on time as missed payments also have a bad effect on your credit score. Automating EMIs is advised by giving the bank standing instructions.

2. The End Use of the Funds is Limited
Another prevalent misconception about LAP is that there are limitations on how the money may be used in the end. A Loan Against Property can be used to meet a variety of financial demands, with the exception of speculative or unlawful ones, just like other loans including gold loans, personal loans, and top-up house loans (such as for medical expenditures, wedding costs, higher education, home or company development, etc.).

3. Only Residential Real Estate May Be Pledged
Many of us believe that the only type of collateral we may use to apply for LAP is a residential property. This is untrue, though, as you may also use a commercial property—even a factory or a warehouse—as collateral when applying for a loan against property. If you want to receive the loan money promptly and without any problem, all you need to do is maintain all of your paperwork  and present genuine proof.

Common loan against property myths busted

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Founded in 2011, Shubham Housing Development Finance Company focuses on providing formal credit to those who may be part of the informal economy. It provides access to the formal credit system in India for people from low-income groups. It is based in Gurgaon, Haryana, and has more than 80 offices across the country.

Introduction to Shubham Home Loans
Shubham offers a wide range of home loan services. It is the most preferred bank by all kinds of people for all kinds of financial services. Shubham Home Loans come with exclusive benefits and are tailored to suit different customer needs.

Loan Eligibility for Shubham Housing Loan
The applicant must be over 21 years of age and not older than 65 at the time the loan matures.
The borrower must have a working bank account.
The applicant must reside in a city where the Shubham Housing Finance office is located.
Shubham Housing Financing Home Loan Documentation:
Having all the necessary documents ensures fast and efficient loan processing.

The following documents must be submitted for Shubham Home Loans.
Fully filled application form
Proof of identities such as PAN card, Aadhar, and passport
Proof of address – ration card, electricity bill, etc.
Documents related to real estate
Account statement or savings account
Documents to prove your income, if applicable

Shubham Home Loan Calculator
You can analyze your affordability before applying for a home loan. Use Shubham's Home Loan Calculator to find out how much EMI you can afford from your monthly savings. The Shubham House Financial Eligibility Calculator's parameters are monthly income, years of service, expected interest rate, and existing liabilities, which will help you decide on the loan amount to apply for.

Shubham is a leader in providing home finance solutions for those on an informal income. We were one of the first organizations in India to go from document-based underwriting to a bespoke loan program for each client and have grown to become a leading provider of low-interest home loans.

The company motto is to help people outside the formal income group to build happy homes. We do this by fully engaging our customers in discussions about their life stories – where they come from, what they do, and how they earn, spend and save. By taking a holistic view of the customer and agreeing with them that they can pay each month as an EMI, we introduce them to the world of formal home financing - the solution that best suits their needs. Apply Home Loan Online and get your application approved.

Shubham - Housing Finance & Home Loan Company in India

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There are many misconceptions or myths surrounding Loans Against Property (LAP) that need to be dispelled. Read the blog to learn more about how to apply for home loan online, Loan Against Property, and the myths surrounding it.

In simple terms, a loan against property (LAP) or a mortgage loan is a secured loan that you can use as collateral for your home or commercial property. Compared to other types of loans such as personal loans, gold loans, or business loans, LAP is considered the best choice to meet all your financial needs due to its low-interest rate and flexible end-use.

Pay high-interest rates on a home loan - Another common myth about home loans. 
A LAP is a secured loan and therefore the interest rate depends on a number of factors such as 
B. Your creditworthiness, your monthly income, and your ability to repay. 
A score of 750 or more can help you get a loan faster and on better terms.

The mortgaged property is unusable - Most borrowers worry that the next time they think about encumbering their property, they won't be able to use their property. When a house is mortgaged, they worry that they may have to leave their house, but that is not true, you can live in the house even after the mortgage is completed. Even if the shop/office is mortgaged, you can continue your business in peace.
Lenders Charge High Interest - Have you ever asked representatives of financial institutions why lenders charge some people higher interest rates and why not all borrowers get the same interest rate? The answer is the level of risk involved in lending to different types of borrowers. With a mortgage loan, you put your high-value property at risk, which in turn reduces the risk associated with the loan. Therefore, the PAP interest rate is much lower than other financial products. So, anyone who spreads the myth that home loans are only available at high-interest rates needs to be educated first.

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You must be in a high-income group to get the Loan against property - This is another common myth about home equity loans. Even with a moderate income, you can qualify for it. Home equity loans can be taken out by employees and self-employed. In addition to good credit history, it's easier to get a PAP if you have low debt and the value of your property is high. If you are a long-time customer, your credit score will also affect your loan payments.

The approval process is strict - Although taking advantage of personal loans is very easy nowadays, taking advantage of LAP is also not a big problem. As long as the borrower fulfils the loan according to the property eligibility criteria set by the particular lender, they can easily avail the loan.

LAP property has a shorter tenor - Since the loan against property contains a large loan amount of Rs. 50 lakhs to Rs.1 crore, the term is extended to 20 years so you can pay EMI easily.

Six Common Myths About Loan Against Property

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Pradhan Mantri Awas Yojana is a program for poor families in India. To be able to claim Pradhan Mantri Awas Yojana, your name must be on the housing system register. Pradhan Mantri Awas Yojana is managed for both rural and urban areas. Both Pradhan Mantri Gramin Awas Yojana and Pradhan Mantri Urban Awas Yojana are different schemes.
Pradhan Mantri Awas Yojana Eligibility Criteria (PMAY Eligibility)
You (verify your name on the PMAY recipient list) before applying for Awas Yojana.
You must have your Aadhar number, Aadhar card is mandatory for PMAY online application.
Your computer must be connected to a reliable internet connection.
You must provide your bank account details.
You should also have actual data about your household income.
The purpose of the PM Awas Yojana online application
PM Awas Yojana was created by the Government of India to provide Pucca houses to all eligible urban households by 2022. The main objective of PM Awas Yojana is to give their homes to poor families living in the country so that no family from the country lives in the country. hut at the kutcha house. For this reason, the government has also launched the Awas Yojana program which is carried out separately for rural and urban areas. The government's goal is that no family in the country should be allowed to live in Kutcha's house, but everyone should have their own Pukka house. One can calculate housing loan EMI for a home loan.

Benefits of Pradhan Mantri AWAS Yojana
The benefits of the Pradhan Mantri Awas Yojana program are classified by PMAY based on the applicant's economic background:

Economically weaker section (EWS) scheme.
Low Income Group (LIG) Program.
Middle Income Group I (MIG-I) Scheme.
Middle Income Group II (MIG-II) Scheme.

If you want to apply for a home loan, you can go to Shubham.com. Here on this site is a home loan eligibility calculator that will help you calculate the exact amount of EMI.

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How to Apply for Pradhan Mantri Awas Yojana Home Loans?

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What is a Loan against property?
A short term credit, as the name proposes, is a credit held by the candidate or his underwriter, which is normally the parent. alloted to the property estimation. The property is sold which implies that the title deed and lawful title to the property stay with the bank until the credit is reimbursed.

Credit against property highlights
Home value credits or home loan advances have specific extraordinary attributes that put them aside from different kinds of credits.
It is viewed as a got credit since it clashes with the worth of a steady resource like property. B. property freedoms allowed.
The reason for this credit can be as private and business funding.
The greatest sum that can be recovered for a property is somewhere in the range of 60% and 80% of the last market worth of the property. This proportion is known as the advance-to-esteem proportion.
For home advances, the property should be in your name or the name of your co-candidate. These can be private or business, however business properties are dependent upon extra assessment and confirmation.
Financing costs are exceptionally low in light of the fact that the property is utilized as a guarantee for the credit. This lessens the gamble of default by the borrower.
Banks offer the chance of a more drawn out installment term, which can be as long as 15 years.
Lacking area and rental private properties can likewise be utilized as security to take out credits.

Know Important Things About Loans Against Property

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There are numerous misguided judgments or fantasies encompassing Loans Against Property (LAP) that should be scattered. Peruse the blog to get more familiar with how to apply for home advance on the web, Loan Against Property, and the fantasies encompassing it.

In basic terms, a loan against property (LAP) or a home loan advance is a gotten advance that you can use as security for your home or business property. Contrasted with different kinds of advances like individual credits, gold advances, or business credits, LAP is viewed as the most ideal decision to meet all your monetary requirements because of its low-loan fee and adaptable end-use. 
Pay exorbitant financing costs on a home credit - Another normal legend about home advances.
A LAP is a gotten credit and in this manner the loan cost relies upon various factors, for example,
B. Your financial soundness, your month to month pay, and your capacity to reimburse.
A score of at least 750 can assist you with getting a credit quicker and based on better conditions.
The sold property is unusable - Most borrowers stress that the following time they ponder hampering their property, they will not have the option to utilize their property. At the point when a house is sold, they stress that they might need to take off from their home, however that isn't correct, you can reside in the house even after the home loan is finished. Regardless of whether the shop/office is sold, you can proceed with your business in harmony.

Banks Charge High Interest - Have you at any point asked agents of monetary organizations for what reason loan specialists charge certain individuals higher financing costs and why not all borrowers get a similar loan cost? The response is the degree of chance engaged with loaning to various sorts of borrowers. With a home loan credit, you put your high-esteem property in danger, which lessens the gamble related to the advance. In this manner, the PAP loan cost is a lot lower than other monetary items. Thus, anybody who spreads the fantasy that home credits are just accessible at exorbitant loan costs should be taught first.
You should be in a big league salary gathering to get the Loan against property - This is one more typical fantasy about home value credits. Indeed, even with a moderate pay, you can fit the bill for it. Home value advances can be taken out by workers and independently employed. Notwithstanding a great record of loan repayment, it's more straightforward to get a PAP on the off chance that you have low obligation and the worth of your property is high. On the off chance that you are a long-lasting client, your FICO rating will likewise influence your credit installments.
The endorsement interaction is severe - Although exploiting individual credits is exceptionally simple these days, exploiting LAP is likewise not a major issue. However long the borrower satisfies the advance as per the property qualification rules set by the specific moneylender, they can undoubtedly profit the credit.
LAP property has a more limited tenor - Since the loan against property contains a huge credit measure of Rs. 50 lakhs to Rs.1 crore, the term is stretched out to 20 years so you can pay EMI without any problem.

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Common Loan Against Property Myths Busted

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We at Shubham Housing Finance understand the value and significance of your own home!
Owning a house for a family is everyone's goal, and it remains so for many.
Shubham Housing Finance salutes your spirit in facing life's hardships in the quest for prosperity. We are confident that your current accomplishments are merely the beginning of many more ambitions to come.
We express our desire to be a partner in your aspirational path by providing you 'Shubham House Loans, a one-of-a-kind and particularly built home loan solution that will help you fulfil your goal of owning a home.
So, whether you are a salaried employee of a stable or local business entity, or a self-employed individual such as a kirana shop owner, garment shop owner, or other business set ups who may or may not have formal income proof but have enough income to meet your obligations, your search ends here, and Shubham home loan is the right product for you.
The fast loan procedures, simple documentation, and a plethora of customer-friendly services connected with 'Shubham Home Loans' are just our way of expressing, "We Care!"
Shubham Housing Finance is the affordable housing finance company and our primary focus is to create a meaningful social change with access to housing for the low-income households.
Salient Features at Shubham Housing Finance:
We offer loans to customers of various income levels, including those who earn cash.
Our procedure is completely efficient and trouble-free.
Loans may be approved promptly and with minimal paperwork.
Long-term loans are available.
Customizable options are available. EMI's
Processing costs are minimal.
There are no prepayment penalties.
The balance transfer of a house loan is simple.
A fair application procedure
Options for flexible repayment
We have developed a comprehensive range of products that primarily cater to an informal segment of clients, those who do not have access to a formal banking system. Our strength is built on a customer-centric strategy that is supported by cutting-edge technology.
To avail Shubham Home Loans or know more about us, call us on 1800 258 2225 or visit our website shubham.co

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Housing loan for low income — Shubham Housing Finance

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Home Loan eligibility is relying upon components which incorporate your month-to-month profit, present day age, FICO assessment score, consistent month-to-month financial obligations, financial assessment history, retirement age and so forth. Get the tranquillity of contemplations with the guide of utilising seeing all of the data about your home loan the utilisation of "shubham.co" Home Loan Eligibility Calculator
Compute Home Loan Eligibility
These adding machines are outfitted easiest as trendy self-help Planning Tools. Results depend upon numerous components, comprehensive of the presumptions you give. We never again guarantee their precision, or appropriateness on your conditions.
NRIs need to enter web profit.

What is Home Loan Eligibility?
Home Loan Eligibility is portrayed as a fixed or guidelines establishment which a financial gathering surveys the reliability of a shopper to profit and take care of a particular home loan amount. Home Loan Eligibility depends upon guidelines which incorporate age, financial position, FICO rating history, financial assessment score, different monetary obligations and so forth. 
How is Home Loan qualification determined?
Lodging Loan qualification is generally speaking relying upon the profit and repayment capacity of the individual(s).There are various components that conclude the qualification of homegrown advances which incorporate age, monetary position, FICO assessment history, FICO assessment score, different financial obligations and so forth.
How to apply Shubham.co Eligibility Calculator?
"Shubham. co" Eligibility Calculator permits really taking a look at qualification for lodging credits on-line.
Gross Income (Monthly) in ₹: Input gross month-to-month profit. NRIs need to enter web income.
Credit Tenure (In Years): Input the favoured home loan time span for that you need to benefit the home loan. A more extended residency permits further developing qualifications.
Loan fee (% P.A.): Input shubham.co prevailing lodging contract leisure activity rate. Click here to understand the winning side interest rates
Other EMIs (Monthly): Input the EMIs of the elective credits you could have
Apply for a Home Loan and Calculate Your Home Loan Eligibility
When you get an outline of your qualification and EMI amount with the guide of utilisation of the mini-computer, you might notice for a homegrown home loan on-line from the encouragement of your residence room without trouble with Online Home Loans with the guide of utilising "shubham. co"
To notice for a homegrown home loan on-line with shubham.co, click
On the off chance that you would cherish us to reach out to you, generously leave your data with us. shubham.co moreover gives an office of a pre-acknowledged homegrown home loan much sooner than you have perceived as your fantasy homegrown.
These mini-computers are outfitted most straightforwardly as stylish self-help Planning Tools. Results depend upon numerous components, including the suspicions you give. We never again guarantee their precision, or materialism on your conditions.
These calculators are furnished simplest as fashionable self-assist Planning Tools. Results rely upon many elements, inclusive of the assumptions you provide. We no longer assure their accuracy, or applicability on your circumstances.

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Home Loan Eligibility Calculator

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Housing Loan Features 
We offer loans for the purchase of a house from developers or building authorities, as well as for the resale of real estate - 
Loan amount from Rs 1 lakh
attractive interest rate
long-term
30 years for salaried sector clients (government/PSU/private)
25 years for other paying customers
20 years for self-employed customers

We can be a good partner in finding the property you want, including:
Home loans to buy real estate from different authorities
Home loan for construction on the allocated plot
Get all the information at home
Our home loan facilities in 13 states
Integrated branch network that offers loans at the nearest branch.

Home Loan Benefits -
Home loans can be applied online
attractive interest rate
Home loans to buy real estate from different authorities
Information at your doorstep from our employees
Documents required for a home loan
registration form
Together with 2 passport photos completed by the applicant
proof of identity
SIM, Voter ID, Pan Card, Aadhar Card, Passport
Proof of age (proof of age)
SIM, Voter ID, Pan Card, Aadhar Card, Passport, Class 10 Stamp, Birth Certificate
Proof of residence
SIM, Voter ID, Pan Card, Aadhar Card, Passport, Bank ID, Utility Bill
Income and Expenditure Account
Bank savings book, IT certificate for the last 3 years, salary slip for the last 2 months, a certificate from employer, form 16
ownership document
Original documents for the property for which the loan was taken

How much can you borrow?
Before starting the home loan process, estimate how much you will earn and how much the bank can lend you on that basis with a loan against property interest rate. Your ability to get a home loan depends on your ability to pay it back. It depends on your monthly income, family expenses, assets, liabilities, and income stability.

The bank first checks whether you can pay off the home loan on time or not. The more cash you have each month, the more your home loan amount will increase. Usually, the bank or loan company will check if you can provide 50 percent of your monthly income as a home loan payment.

Housing Loan Features | Home Loan

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Buying property in India is quite a financial and emotional decision, so make sure you consider every detail, big or small, before investing your hard-earned money. When applying for a loan, we can all get confused about the administrative process and application procedure, so it is better to learn and educate yourself about the process and current interest rates in the market so that we choose a plan that will help us to optimize Prepare your resources to buy a dream home we! Here are 3 things to consider before applying for a home loan for your dream house in India!

1. Before deciding on a particular home loans plan, you should compare the various loan products offered by various banks and their affiliates. With easier access, because this information is available on the internet, researching your home loan becomes easier. Making an informed decision after looking at various EMI rates, home loan interest rates, processing fees, and other hidden fees can help you finalize your home loan deal as apartments in Mumbai can be very expensive, making you an affordable home loan. You are closer to your dream home! Use the online EMI calculator to compare the various EMI options offered by your bank and choose the one that meets your needs. For young professionals, gradual loans with low EMI initially to higher EMI when they have higher salaries have made it easier for them to invest in real estate.

2. Your credit rating is an important indicator of the type of home loan you have because it relates to the interest you pay on your housing loans. If your CIBIL score is over 750, your bank will reserve the best interest rate on the bank's home loan option for you. The CIBIL score is a three-digit numerical summary of your credit history. If you are under 750, you will have to pay a slightly higher interest rate. CIBIL offers its clients one free report per year so you can review your report before applying for a home loan. With a cheaper loan, you can buy a more luxurious property. Therefore, be sure to check your CIBIL score before negotiating a home loan. Therefore, checking your creditworthiness for a home construction loan is an important prerequisite.

3. Tenure decisions are also important when considering loans against property. Understanding your financial position is key to making a decision about it. Using a home loan calculator available online can simplify the loan process. Most people end up paying a high EMI because they justify it by predicting that their annual income will also grow steadily. However, this may not last long, so calculating your income to a realistic standard can help with your home loan process. Although these financial institutions set interest rates from minimum to maximum, the interest rate ultimately depends on your financial capabilities as a borrower. By adding your spouse or another relative as your co-borrower, you can increase your home loan eligibility by combining your income with theirs.

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Things To Consider Before Applying for A Home Loan

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A home loan is a tool that helps you buy a home at its current price, rather than waiting until you have enough savings and then buying at a simple multiple of the home's current price.
Peace Of Mind
Peace of mind cannot be measured. And there are very few people who would rather live in a rented apartment their whole life. What happens if there is no income after retirement? Why invite unnecessary rent burdens after retirement? And that's why most people buy their own property during their working life. For many people, paying the EMI means owning the house at the end of the loan term, while paying the rent means having nothing at the end of the loan term.
Before you start a home loan, you should find out how much you make and how much the bank can lend on that basis. Your ability to get a housing loan depends on your ability to pay it back. It depends on your monthly income, family expenses, income, assets, liabilities, and income stability.
What is the maximum home loan you can take out?
A deposit of 10-20 percent of the value of the house or apartment must be paid. This is your personal contribution.
After that, loans are available for up to 80-90 percent of the real estate value. It also includes fees such as registration, transfer, and stamp duty.
Even if the lending institution gives you a larger amount as a home loan, you don't have to borrow the entire amount.
When buying property, you must pay the maximum down payment to keep your credit load as low as possible. Keep in mind that home lenders will charge you a high home loan interest rate over a long period of time.
What documents are required?
In addition, to Know Your Customer (KYC) documents and income, to build a house on a property you own, you must provide a lender with documents proving ownership of your property. This property can also be the property or property granted by the building authority. You can also get a loan against a property. However, the lease must be settled for a longer period of time. You must also submit a permit certificate for the property.
In addition to property documents, plans and plans for the planned house must be submitted. You must also submit an estimate of the value of the building certified by the architect or structural engineer. Based on these documents, if the lender is satisfied with your solvency and the fees presented, they will approve your home loan on terms.
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What should everyone know about home loans?

Shubham housing development finance company ltd. provides you with the Home Loan perfectly suited to fit your needs. We also offer Home Loans to salaried and self-employed individuals wishing for a space of their own in their home town or village.

Common loan against property myths busted

Shubham Housing

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