look news india
Home Loan: If you want to buy a house, but you do not have income proof like income tax return or salary slip, then the path to home loan can open for you. Major government banks of the country are considering giving home loans even to people without normal income documents. In this scheme, some new methods will be used to check income.
How will the new plan work?
Government banks are now considering new methods to check the income of home loan takers. For example, if there is a street vendor then his earnings can be considered as his income through QR code. Apart from this, his income can also be estimated from the average billing.
Objective of the scheme and Pradhan Mantri Awas Yojana
This scheme is being made at a time when approval has been given to build 3 crore houses under the Pradhan Mantri Awas Yojana (PMAY) 2024. PMAY includes rehabilitation of slum dwellers, interest subvention scheme for economically weaker section and middle income group people and providing affordable houses.
Why has relief been given to those who do not have income proof?
Generally, people who do not have documents of their income take loans from non-banking financial companies (NBFCs), which charge 1.5-2% more interest than banks. Under this scheme, government banks will be able to give loans at low interest rates to such people by joining the affordable housing scheme. However, banks still require documents such as income tax returns and bank statements.
Can income be estimated by visiting the farm?
Many government banks are considering that they can go to the field and assess people’s income and approve home loans. At the recent meeting of the Indian Banks Association, several bankers suggested that the government should provide partial guarantee for cases where documents of income are not available.
Big relief to small businessmen
If government banks approve home loans without income document, then small businessmen and people in the unorganized sector will get great relief.