Affordable Housing Finance Companies that you need to know for your safe shelter
A home is the basic necessity of everybody’s life. Home is a place which is used as a permanent residence but nowadays everything is going very costly and income is limited to fulfill their needs. So people have to take a loan from banks or have to search for an affordable housing finance companies to meet the basic requirement of life, this is the reason for the growing business of home finance companies.
Home loan is the heaviest loan that most of the people take because of its advantages, people can take it easy for 15 consecutive years or more and in term of loan amount and tenures, it is also very good to take it. If one wants to purchase a new house and is unable to afford it, you don’t need to worry because this is the best way to buy a house. Taking a home loan is not too expensive compared to other available loans, so one can take it with ease and can pay the full amount of the purchase by the time the loan ends.
This loan helps people to achieve a tangible or a real asset that really appreciates for a long time. Nowadays if one living in a rented house the amount being paid by him/her is too high so borrowers think that instead of paying rent they can use that amount as an EMI to buy a new house or set a tangible asset for themselves. So this is preferable and wise decision to buy a new house using loan facilities if you are a plan to live in your own house. Taking home loans by affordable housing finance companies is beneficial for business growth also.
According to a recent report growth of home loan finance companies has increased by crores in past five years. Home loans by housing finance companies become larger from Rs 1,000 crore as of March 2013 to Rs 27,000 crore as of December 2017. This has driven to an eruption in housing finance companies. There are 26 housing finance companies which are registered with National Housing Banks and focused particularly on economically housing loans ,FSG report says that one of the big reason for growth was the credit linked subsidy under the Pradhan Mantri Awas Yojana that gives genuine reduction of up to Rs 2.67 lakh for a loan of Rs 6 lakh . Ashish Karamchandani, MD OF FSG said that the pradhan mantra was yojna has decreased the cost of home loans making it fairly affordable.