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If you’re planning to build your dream home, you’re probably aware of the various expenses that come with it. From purchasing the land to constructing the house, the costs can quickly add up. One of the most significant expenses in building a home is the margin money that you need to pay to avail of a home loan.
Fortunately, there’s a way to raise the margin money without depleting your savings or taking on additional debt – with a gold loan. In this article, we’ll explore how a gold loan can help you build your dream home.
A gold loan is a secured loan that uses gold as collateral. You can pledge your gold ornaments and get a loan against them. The loan amount is usually a percentage of the gold’s market value, and the interest rate is typically lower than other types of loans.
If you’re planning to build your dream home, you’ll need to pay a margin money amount to avail of a home loan. The margin money is usually a percentage of the total cost of the house, and it can be a significant amount. This is where a gold loan can come in handy.
Instead of dipping into your savings or taking on additional debt, you can pledge your gold ornaments to raise the margin money amount. This way, you can keep your savings intact and avoid taking on additional debt.
A gold loan can also be helpful if you need to cover unexpected expenses during the construction process. For example, if there’s a delay in the construction, you may need to pay additional rent or accommodation costs. With a gold loan, you can get quick access to funds to cover these expenses without having to dip into your savings.
For example, if you are an existing Muthoot Finance Gold Loan customer and you need quick access to funds, you can top up your gold loan amount by requesting it online on iMuthoot app or you can visit the nearest branch.
Using a gold loan to raise margin money for your home construction has several advantages. Some of these include:
Lower interest rates: Gold loans usually have lower interest rates than other types of loans, making them an affordable option for raising margin money.
Quick disbursal: Gold loans can be disbursed quickly, allowing you to access funds when you need them the most.
No credit check: Since a gold loan is a secured loan, there’s no need for a credit check. This makes it easier for people with poor credit scores to get a loan.
Flexible repayment options: Gold loans usually come with flexible repayment options, you can select the repayment option on the loan amount in 3 months, 6 months, or even after 1 year as per your convenience making it easier for you to repay the loan without putting a strain on your finance.
Building your dream home can be a challenging task, especially when it comes to raising the margin of money. However, with a gold loan, you can easily raise the required funds without putting a strain on your finances. By pledging your gold ornaments, you can get quick access to funds at lower interest rates and with flexible repayment options. So if you’re planning to build your dream home, consider using a gold loan to raise the margin money and make your dream a reality.