Benefits to the Home Buyers
The challenge of buying a home for the first time can seem so daunting that it's tempting to either just go with the first place within your budget or continue to rent. Budget has always been a constraint to take the first step towards buying home. There are a number of limitations that are imposed on a borrower's eligibility that make it a little difficult for the applicant to access the required amount of money that is required to meet their home buying needs. Often, to bridge that financial gap the applicants end up taking personal loans or gold loans or altogether postpone home buying.
Mortgage Guarantee backed home loans help to improve the affordability to buy a home, provides early access to home-ownership, and adds flexibility in household financial planning.
- Home buyers get access to improved cost of credit by increasing the possibility of getting a loan from one of the large mortgage lenders, whose rates are among the lowest in the market.
- MG backed home loans increase loan eligibility, helping borrowers to secure home loans of higher amounts with longer tenures and lower EMI’s
- With higher loan amount eligibility, home buyers:
- Don’t have to postpone the purchase of the home
- Don’t have to depend on other secondary sources of funds like personal loans, gold loans, which are of shorter durations and significantly more expensive.
- MG backed home loans helps in expanding home-ownership opportunities for home buyers with minimal equity capital (an attribute that is especially powerful for the first-time homebuyers with lower equity savings).
- These home loans also provide home buyers the option to purchase a home with a lower down payment, thereby freeing up their resources to make home improvements, purchase furniture or household goods, maintain their savings and investments, etc.