PAN, the 10-digit alphanumeric number allotted the government new directive profits your income Tax filing. It is a firm or entity which is now available online as e-PAN in ‘on the spot’ for people seeking to reap the unique identification for the primary time.
The Income Tax collateral had launched an ‘on the spot’ Aadhaar-based PAN allotment June 2018. In view of an increasing number of human beings applying to acquire the permanent Account quantity (PAN) for their economic and tax purposes. This article articulates the use of PAN card while availing a home improvement loan via Buddy Loan aggregator.
Importance of a PAN card to avail of a home improvement loan!
Home Improvement loans are a form of personal loan that helps you in obtaining funds for redecorating or renovating your home. Home is where our story begins, and hence it stays close to our hearts. Buddy Loan App understands the various emotions attached to each one’s home and supports by providing home improvement loans.
The housing loan eligibility differs from one financial institution to another; however, the Buddy Loan ensures that the eligibility criteria are minimal and not very cumbersome for everyone to secure a loan. Further, the option of home loan finance makes it easier and convenient for all who wish to acquire a Buddy Loan, as anyone from anywhere at any time can apply for a home loan. The following are the steps to apply to secure home loan finance.
- Fill in your personal, financial, home, employment, and other required details.
- Submit the documents that are necessary for the application for a loan.
- Choose the loan amount and tenure of the loan that you are looking for.
- Wait for the approval of your loan application
- If approved, the funds of the loan will be credited to your bank account within 48 hours.
For home loan finance, several documents are required to be submitted along with the application. Few of the core documents to be submitted are:
- Identity Proof: Identity proof includes a passport, driving license, voter ID, and PAN Card. Any of the above can be submitted.
- Address Proof: Proof of residence such as Leave and License Agreement or Utility Bill for at least three months old or passport. Anyone of these documents can be submitted along with the application for a loan.
- Income Proof: Proof of income is another important requirement that needs to be submitted. The proof can be the latest which is the bank statement of about 3 months where salary or income has been credited.
Therefore, PAN Card is not necessary, or an essential requisite for applying for a personal home loan if any other Identity proof like a passport, driving license or voter’s ID is submitted by the applicant of the loan.
Obtaining a home improvement loan is not very cumbersome, especially in Buddy Loan. Buddy Loan ensures to make the process of getting a loan easier and more convenient for those in need of funds, as Buddy Loan has lesser formalities, comfortable tenure for repayment and lower interest rates too. Later, we discuss the number of benefits a home improvement loan can serve you with a PAN card.
The benefits of a home improvement loan!
Traditionally, a housing loan was taken whenever there was a need to renovate the home premises. The process of applying for a home loan, check for housing loan eligibility, choosing the best housing loan, and then comparing the latest housing loan interest rates was lengthy. Buddy Loan disburses home improvement loans at lower interest rates depending on your credit history.
A lot of time was also spent with the home loan finance company trying to sort out documentation, terms & conditions, etc.
Thanks to home renovation personal loans from Buddy Loan, all of this can be avoided completely.
Benefits of a home improvement loan
- This is a form of online home loan where the purpose is for renovation, refurbishment. A housing loan company that provides home loans generally also offers home improvement loans.
- No lengthy wait periods, no extensive documentation, no visiting banks/bank officers, no waiting for approvals. The process is completely online, transparent, and fast.
- Eligibility criteria for obtaining the home renovation loan can be checked online. The results come within hours. It could be by way of SMS or an email or an executive from the bank calling up to inform. This is unlike traditional loans where loan eligibility is checked after a long process of background verification, validation of documents submitted, signed approvals from various levels of bank managers, etc.
- The creditworthiness and credit score of the borrower improves. If repayments are made on time and without delay, the credit score of the borrower improves.
- Nominal interest rates are charged on home renovation loans. Instead of taking a personal loan and refurbishing one’s home, it is ideal for taking a home improvement loan and redoing one’s home. This is because unlike general personal loans, home improvement loans enjoy lower interest rates. Some home renovation loan product interest rates are even comparable to the lowest housing loan interest rates.
What is the difference between a home improvement loan and home maintenance loan?
Both are technically the same. While home improvement refers to extending the home’s capabilities, decorative value, aesthetics, live-ability, home maintenance refers to maintaining the home to make it safe to live in. Both activities improve the life of the home, increase their market value, and improve living conditions.
Therefore, a safe and secure home that is clean and tidy is not only healthy but improves overall satisfaction, fulfilment levels. A home is not just shelter; it is a refuge, a personal sanctuary, an extension of a person, a place to harbour peace, love, and good living.
For those of you, who are looking for minimal documentation and instant loan, Buddy Loan is most favourable for people with PAN card. A new PAN will is allotted on the term of a one-time password (OTP) sent over the “dynamic mobile range” connected with the legitimate Aadhaar number of a person.
This brand-new e-PAN, received by this process, will have the same name, date of delivery, gender, mobile variety and deal with that is present in the man or woman’s Aadhaar. Basically, the information remains the same.