Byaj Mukt Awas Yojana | Interest Free Loan by Investors clinic
Housing loan is one of the major strategies that people look out when they are opting to buy a home mad they are in need of proper funds to complete the house. And it is really effective for the middle class people since it is the easiest way to pay fully for a housing property. But at the same time it cannot be denied that with this effective solution, you have to encounter the huge burden of interest that comes along with the housing loan. The interest has to be paid for a long period of time and also it adds up to supersite the actual price of property.
We understand that when you are looking for a home the first thing that comes to your mind is how to arrange for the funding of the property. And apart from the location, area and other configurations, one most important thing that bothers the middle class people is how to clear off the interest. What we common people fail to realize is the interest is going to add up to an amount which will be almost double of what you borrowed in the form of loan. This is a huge financial worry that middle class buyers have to face. And to bring you out of this misery, the Investors’ clinic has come up with a really effective scheme known as the Byaj Mukt Awas Yojana.
What is the Byaj Mukt Awas Yojana?
This is actually a scheme in which you need to pay zero percent interest rates. It is really amazing. This scheme has been developed for the homebuyers to make their dream come true without paying any additional payment as interest. The burden of interest is completely removed by initializing this scheme. All you need to do is pay for the initial amount within the period of 100 months and the rest shall be taken care of. You can make the payment of principal amount in the form of installments or you can pay in full. The installments are known as Equal Principal Repayments.
The advantages of Byaj Mukt Yojana:
One of the distinguishing features of this scheme is in case of normal home loans you have to pay for the EMI, which is similar to a monthly, quarterly or half-yearly interest payment. But in-case of the EPR, you need to make zero monthly payments of interest. Only the principal amount shall need o be paid. Thus, you are going to save a huge amount of money that you would have otherwise paid as interest. And also there are other advantages of Byaj Mukt Yojana. They are as follows:
- For eligibility, the buyers who are within the age limit of 57 years are eligible for the Byaj Mukt Yojana. So the age limit is definitely a beneficial factor for a huge number of people which is not available in case of other loans.
- Unlike any other loans, the advantages that you are getting in case of EPR can be transferred during the time of merchandising. The client is liable to reprocess the loan eligibility after the completion of 83 years.
- The client will also enjoy hundred easy installments for the hundred months. So that he does not have to face extreme trouble in paying off the installments. So you shall have a stress free life. The zero interest facility is presently available among a few projects that have been initiated by developers of NCR, Supertech, Home & Soul, Ajnara, Jaypee and Aditya. So now you can definitely opt for the dream home that you always wanted for and you won’t have to face any headaches of paying off the interests. This is really a golden opportunity for the common people.
The different questions:
The first question that comes to our mind is, how is a “zero” interest rate possible? Well, to be very honest, about the zero interest rate, not too much has been mentioned by the Investor’s clinic, but it is a special form of arrangement made between financial institutions and developers. The initiative has been taken up by the Investors clinic.
- How is it going to save the loan tenure?
This is the biggest difference of this scheme in place of the traditional home loan. In a traditional home loan, you have to pay off the installments in a period of 240 months. But in this Byaj Mukt Yojana, you can clear off the principal (without interest) within 100 months and thus your 12 years of lean tenure is saved (240-100=140 months, i.e. almost 12 years). And this is how you can re-use the loan eligibility after 8.33 years.
- Who are eligible for this scheme?
All individuals who are eligible for any traditional home loan can be called as eligible for attaining the Byaj Mukt Yojana also. And the individuals might be salaried employees of any government or private organizations or self employed. The eligibility criteria of attaining the scheme are solely dependent on the monthly income of the person and the credit rating. And the age criterion is individuals who are within 57 years can apply for this loan.
- What are the documents required?
The primary sets of documents are KYC for a customer, the salary slip of first six months, and also the bank statement for 6 months in case of salaried employees. And in case of self employed, the individual needs to show a bank statement of 1 year and 2 years ITR with computation.
- What if the consumers are interested in 80% interest free loans?
In this circumstances, there will be the pro-rate calculation and individuals have to make the payment of rest amount according to the applicable pro-rata. And in case you opt for the 80% interest free loans you shall also be provided with the option of repaying principal amount in 100 months.
- Can the property be sold after a certain period?
Yes it is possible and the property can be resold after anytime you make the purchase. The buyer will be provided with the complete right and advantage of the tenure for 64 months, by paying the EPR. And also you shall have the option of charging a certain premium on the property since the next buyer is also applicable for “zero” interest.
|SL NO||Important factors||Brief Description|
|1.||Advantages of Byaj Mukt Yojana||You won’t have to pay any interests.
The age limit for attaining the loan is 57 years.
The advantages that you get in EPR are transferable within merchandising.
Easy installment payment in 100 months.
|2.||Documents Required||Primary sets of KYC, bank statements and salary slip of salaried employees.
For self employed people 1 year bank statement and 2 years of ITR along with computation.
|3.||Property selling benefits||The property can be sold anytime after buying it, and the buyer will have the advantage of tenure for 64 months. Also a certain amount of premium can be charged because the next buyer is also applicable for “zero interest scheme”.|
|4.||80% interest free loans||There are options for individuals who are interested in taking up the 80% interest free loans. In that case also, they shall be provided with the option of 100 months for repaying the principal amount.|
|5.||Eligibility criteria||Any individuals, salaried employee of a government or private organization is eligible. Also self employed individuals are eligible. The age limit is 57 years.|