Home Loan

One of the priorities of life for a person is having his own house and hence it is one of the most important and emotional decisions of one’s life. We understand the importance of buying a home and we do a special research-based approach while borrowing a Home Loan for our clients.

Borrowing pattern is very important in a home loan as the liquidity, loan repayment ability is not the same with all clients. We arrange various types of home loans wherein EMI can also be structured based on future expected income. 

We strive to provide you with the best loan products and information so that you can get off on the right foot when it comes to shopping for your home loan. PMAY subsidy is also available on purchase on new house if a person fulfils the criteria of scheme. There are also income tax benefits in home loan principal and interest repayment amount.

Home Loan is provided mainly for below objectives

• Loan for purchase of ready to occupy house
• Loan for self-construction
• Loan for purchase of residential plots
• Balance transfer of existing home loan
• Home renovation

Home loan highlights –

• Tenure – 5 to 30 years
• Rate of Interest 8.10% onwards
• Processing fee of Banks – 0.5% to 1% and 0.5% stamp duty.
• Credit score of over 600 points or -1 cibil score can also be considered.

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Pradhan Mantri Awas Yojna

“Home is the starting place of love, hope and dreams”. Housing is a dream for weaker sections of the society but under this scheme your dream will turn to reality.

It basically targets the Middle Income Group (MIG), Lower Income Group (LIG) and Economic weaker section of society (EWS).

Eligibility Criteria for scheme:

• The beneficiary family should not own a house either in his/her name or in the name of beneficiary family members.
• The house to be purchased should contain female ownership mandatorily.(It is mandatory only in case of EWS/LIG but not in MIG-I and MIG-II)
• Property should fall within 4452 statutory towns as per 2011 census and other areas as notified from time to time.

Below mentioned is the brief guideline of PMAY scheme-

Moksha Financial Services Pvt Ltd will turn your dream into reality. It is the path which will lead to your own house. We always keep client requirements first & foremost and will get your requirement done at lowest affordable rates. So come to Moksha Finance to fulfill your dream. Read more

Affordable Housing

‘Housing is a question of will…and not a rocket science’.

A stable home in our lives is at the center of our happiness. It affects all aspects of our society. Nothing is better than going home and eating food with family.

Affordable housing refers to housing units that are affordable by that section of the society whose income is below the medium household income. It addresses the housing needs of the lower or middle income households.

In present scenario, home loan from a Bank or NBFC needs a lot of documentation and you have to fit in their criteria for getting your loan. But we at Moksha Financial Services Pvt Ltd will get your loan done on minimum documentation and lowest affordable rates.

As the government is aiming for “Housing for all by 2022” so we are also contributing in this mission by arranging affordable housing loans for lower and middle income groups.

Following cases can be covered under this scheme-

• Cash salaried person
• Self employed person with no Income tax Returns
• Legal issues in property.
• Acceptable issues in your CIBIL score.

As currently banks do not provide loan to a layman with above matters. But we have tie ups with NBFCs and Nationalised banks who provide timely loans at lowest affordable rates, on specific cases. Read more

Business Loan

Business income generates livelihood for entrepreneurs hence it’s nurturing, growth & expansion is of utmost priority. Short term business loan is required at many stages like for setting up new business or expansion in form of working capital or term loans.

Generally, Business loans are unsecured no collateral is required, but one must possess any commercial or residential property for being eligible for business loan.

How can a Business Loan benefit -

• Facilitate in expansion and scale-up plans
• Meeting up working capital needs and for asset purchase
• Increasing sales which leads to more profits
• Upgrading processes and advance technology to catch with market trends
• Branding and augmenting market presence

Basic eligibility for a Business Loan Different lenders have varying criteria for loan approval, but there are a few basic rules:

• The business shall be registered as a proprietary firm, partnership firm, LLP or a Company
• A credit score of 650+
• Working from atleast 24 months with growing cash flow
• Sound banking transactions
• Product potential & margins

A self-employed individuals / business owners in the age group of 23 to 65 years

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Loan Against Property

Loan against property (LAP) or Mortgage loans is one of the preferred ways of raising funds against a residential or commercial property by parking its papers with banks or institutions as a mortgage. We expertise in structuring loan against property deals for our clients according to specific requirements such as long repayment schedules, flexi repayments. The purpose of LAP can be for meeting business or personal financial needs.

Mortgage loans are given upon mortgage of commercial property/plot, residential property/plot & Industrial property. It can also be given for the purchase of commercial property, Open Plot, Builder Projects & Industrial Properties. The property gets transferred on the buyer’s name. We suggest our clients to take pre-approval of commercial properties, purchase loans and then search property accordingly which always helps to negotiate good deals.

LAP Highlights -

• Type of Security: Residential Property, Commercial Property or plots (residential or Commercial), Industrial property can be offered as security.
• Tenure of Loan: 5 years -15 Years
• Indicative Rate of Interest:
  (i) In case of Residential Property- 9.00% onwards
  (ii) In case of Commercial Property- 9.10% onwards
  (iii) In case of Plots- 10.00% onwards
  (iv) In case of Industrial property- 9.50% onwards
• Expenditure: Estimated 0.50% Stamp duty + approx 1.00% Processing Fees+ GST.
  Loan To Value – LTV of the property is based on usage permission like Residential, commercial, Industrial, etc.

Drop Line Overdraft Limit (DOD)

Drop Line Overdraft Limit (DOD) is type of Loan against property. It is also given to firms and individuals also upon mortgage of commercial property, residential property/plot & Industrial property. Every year DOD limit is reduced by a fixed amount and remaining amount is available for use.

• Tenure of Loan: 10- 15 years
• Rate of Interest: 9.25% – 10.5%
• Expenditure: 0.50% Stamp duty+1.00% Processing Fees+ GST.
• Loan To Value: LTV of the property is based on type of property like residential, commercial, etc..

Documents required for LAP/ mortgage loans -

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Education loan

Education loan is provided for higher education in Graduate/ Post Graduate courses from domestic or international education institute. The required eligibility -

For domestic Institutes:

Approved courses leading to Graduate/ Post Graduate degree or Post Graduate Diploma conducted by recognised colleges/ universities recognised by UGC/ AICTE/ Government/ AIBMS/ ICMR etc.

For international Institutes:

Job oriented Regular degree or post graduate diploma/ professional courses offered by reputed institutes at Under Graduate (UG) and Post Graduate (PG) level in any discipline offered by foreign Institutes/ Universities preferably in USA, UK, Australia, Canada, Singapore, Europe, Hong Kong and New Zealand.

Expenses covered

• Fee payable at college/ school/ hostel
• Examination/ library/ laboratory fee
• Travel expenses/ passage money for studies overseas
• Insurance premium for student borrower
• Caution deposit, building fund/ refundable deposit supported by institution bills/ receipts
• Purchase of books/ equipments/ uniforms/ instruments
• Purchase of computer at reasonable cost if required for completion of the course
• Any other expense required to complete the course like study tour, project work, thesis.

FAQs

Is margin money required for education loan?

What is maximum tenure of loan?

Maximum tenure varies from 7 years to 15 years

Is collateral security required?

Yes, collateral security is required by Banks for loan above Rs. 20 lakh. Security can be owned by parents, relative or any third party guarantor.

Checklist of Documents to be submitted along-with duly filled Loan Application Form -

Note: All documents should be self-attested.

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Personal Loan

A personal loan is a right funding facility provided by well known Banks and NBFCs of India like IDFC, HDFC, Axis, Fullerton, etc. that helps one meet up money requirements for various times of life like medical emergencies, wedding, education, home renovation, asset purchase, business requirements, etc.

It is an unsecured form of loan for short period of 6 months to 60 months.

Eligibility for a Personal Loan

• Age of over 18 years
• Have proof of income, like Salary slip for last three month, Income tax returns for self employed,
• Minimum salary should be above Rs. 15,000/- credited in bank account
• For self-employed individual with atleast Rs. 3 Lakh annual net income.
• Sound banking transaction for last 6 months
• No default in loan EMIs or credit card bills

Meeting the above requirements makes you eligible for personal loans in general. But to get the best interest rates and conditions, you’ll need:

• A credit score that is average to excellent – ideally over 650
• No history of payment defaults
• Working in reputed or well-known organisation

Documents Required for Personal loan -

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