Gold loan for Down Payment or Direct Purchase

The mortgage makes up an important part of a home loan, where you support 5% to 30% of the value of the home and receive the rest of the lender. Many lenders are asking for a 20%mortgage loan as your contribution to buying a home. 

If you pay more, your obligation to pay is less. Find out how paying down lowers your EMIs using a home loan calculator.

In some cases, you may find it difficult to raise a down payment, given that you have to arrange for several other loan and home purchases, be it your seller's money, stamp duty, registration fee, or a loan, and make sure you have enough cash on hand each month to pay -EMI.

The following tips will help you increase your mortgage without having to worry about your finances.

1. Select the PMAY program

Pradhan Mantri Awas Yojana was launched by the government in 2015 to provide affordable housing for the people of India. PMAY aims to provide affordable housing for all by 2022, and if you are a beneficiary of this program, you will receive an interest rate of up to 6.5% on your home loan. As this greatly reduces the amount of EMI you have to pay, you do not need to save extra money to be used to pay, and instead, you can use these funds to hold home loans. See the eligibility criteria and other terms for this program for funding.

2. Choose a secure loan

If you do not have enough money to pay off your home loan, there is no better way to get an unsecured loan. You can easily go to a lender and apply for a low-interest loan if you have a good credit score, and meet other eligibility criteria for the lender. You can get a Gold Loan from Canara Bank to get a loan of up to 75%-90% of the LTV of your gold articles.

3. Raise money for your crops

Investment can be an important source of income and finance. If you have a thriving investment portfolio you can easily increase your cash flow payments. Sell ​​other stocks to raise money if the market is working well or simply promise your FDs, mutual fund, and stocks to raise interest rates against security. Promising your security allows you to access high-interest securities with low-interest rates, which on the one hand will pay off your down payment, and on the other hand, allow your investment to continue earning.

Once you have raised your home loan, look for a good lender to get a mortgage. For example, if you choose a Bajaj Finserv Home Loan, you get a maximum penalty of up to Rs. 3.5 crore with self-interest. You will enjoy additional benefits such as additional loans.

The financial requirements that can be met with Canara Bank Gold Loan easily accessible loans are:

1. Business expansion/cash flow financing

2. Children's education

3. The need for agriculture

4. Payment for purchase of goods/vehicles

5. Relax with family

6. Medical emergency

Features of Gold Loan:

1. Get a quick loan: You can get a gold loan quickly at prices ranging from Rs. 10,000 to Rs. 15 Lakhs. Just go to any Canara Bank branch that offers Gold Loan and your jewelry to get a loan.

2. Documents: The documentation process is simple and you will be getting from the most competitive level per gram.

3. Interest rate: The interest rate offered on a gold loan is between 10% per annum to 19.76% per annum

4. Safety: Above all, Canara values ​​the safety of your precious jewelry, which is why experts do everything they can to ensure their complete safety. The process is completely transparent and secure. First, the number of experts in the bank puts the gold jewelry in front of the customer, closes the gold in the wallet, and puts it in the safe room of the bank.