The word “Loan” plays a huge part of more than 60% in a middle class Indian’s life. Whenever you want to opt for a home loan to purchase a new home, renovate the old home or invest in an under construction property, the main concern we have is toward the correct lender. With the best deals in the market being offered by every lender, it is a tough choice for the average customer to make and hence we must place more emphasis on finding that correct lender which can solve all of your problems.
Hence keeping the needs of the customer as the highest preference, RK Group has ventured into the home finance business by launching “Wonder Home Finance Ltd.” under a license received from the National Housing Bank. With this, Wonder Home Finance can now help customers in purchasing their dream homes. They will commence their business by setting up 29 new branches across the state of Rajasthan. Post that, they will begin operations in Gujarat, Maharashtra and Madhya Pradesh till the end of this financial year 2018-19.
RK group has been in the industry for a very long time and hence they will use their name and history to their advantage to gain customers. Their work is in line with the Pradhan MantriAwasYojana where they aim to provide finance to lower and middle-class segment of the society in semi-urban and rural areas.
The launch was held in Jaipur in a press conference with the media where Shri. Ashok Patni, Chairman of the RK Groupmentioned about their plans to deliver the best services to their customers and give them a good experience. They also support the vision of the government of “Housing for all by 2022”.
Sanjay Singh Rajawat the CEO and Director of WHFL mentioned about their aim of maintaining a customer friendly process. They aim to expand their services in the neighbouring states near Rajasthan and soon all over India. They believe that the process of getting your dream home is tough and hence they would be with the customers on each step of the process to make it simple for them.
Raunak Singh Mohnot, CFO, Head – Strategy & MarketingofWHFL in his speech mentioned about the confidence they have with their brand and how soon their customer centric approach would take them way ahead in this business.
Overall, purchasing a home is not an easy task. The same can also be said about choosing your lender. WHFL can solve both these problems as they not only have a user friendly process but also help you every step of the process in order to ensure that you get your dream home quickly.
Today, in order to avail any loan whether it is secured or unsecured, you need a good credit score. Maintaining a good credit history is important for everyone. This helps in getting a good interest rate and possible waivers on many fees and penalties from the lender. This also applies in case of a home loan.
Taking a home loan in India is a long term relationship for the borrower with the lender. If the person has a bad credit score, he/she might either not get a loan or might have to accept the loan at a higher rate of interest. This means there is a possibility of rejection to get a loan or paying higher EMI’s. In order to ensure this doesn’t happen, allow me to explain using 4 simple steps on how you can come out of this situation and get your home loan approved quickly;
Check your credit score – You need to understand your current credit score. Hence apply for a credit report and know your score. This helps you to understand your current condition and help you in planning to improve your score for future benefits.
Improve your credit score – After you make a plan, be disciplined and follow it. This will ensure that the credit score is improving within the planned tenure. You can opt for a credit card and a personal loan for help. Pay the bills and EMI’s on time without any default. Over a period of 6-12 months, this will help you increase your credit score.
Check for different lenders – There are many lenders in the market apart from the Banks like NBFC’s that provide you loans with average or bad credit scores. You need to understand that the rate of interest would be higher than other lenders but there is a possibility of getting a loan.
Correct documentation – Once you finalize on a lender and agree with all the terms and conditions mentioned in the loan application, keep all the necessary documents like income, personal details, property documents etc ready to ensure the loan process goes through in a smooth way.
The importance of maintaining a good financial profile is needed for every person. This can help you save money and get a loan approved quickly at a lower rate. Please ensure you read the terms and conditions in the loan agreement. Only after understanding them, sign it.
Financial knowledge is the need of the hour for all. It’s our duty to be informed about current events in the market. As compared to the past decade, we’ve been pumping more money in the mutual fund market. People now understand the importance of SIP (Systematic Investment Plan) and its benefits after 3-5 years. Many want to invest in stock market for longer period and many want to invest in real estate. We now understand the importance of life and medical insurance.
Hence the average person today is informed, actively looks for more investment options and ways to strengthen their financial profile. We might consider closing our old accounts and credit cards that are not being used today. Let me tell you why that’s a bad choice.
Your credit score is calculated for a long time and takes time to improve or fall. This credit score includes history of all the loans you took using old accounts and credit cards. When you plan to close your old account or credit card, you need to understand that your credit score will reduce. Yes, when the account is closed, your credit history for that entire active period is wiped out. Hence if you had a good score, that will fall and you will have to begin building your score from scratch.
The same applies for your old credit card. If you close your old credit card because the new one has better benefits etc then the credit history attached to that card will be wiped out. Hence it’s very important to use and maintain your old accounts in case you plan to take a new loan/debt. In conclusion I’d like to tell you that it’s best to think wisely, pay your bills due, pay loan EMI’s without defaulting and that will help you maintain a strong financial profile.