Your home is the birthplace of your dreams and aspirations; it is the cocoon that keeps you safe during a crisis and is the place you celebrate the happiest moments of your life.
We associate many emotions with our homes; love, happiness and safety. With home loans, however, we tend to have a love-hate relationship. To be fair, the process is tedious, may come across as very complicated and can be frustrating because it takes too long to finalize. When RK Group announced the launch of Wonder Home Finance Limited, the question that naturally sprung to my mind was how is it different from other service providers in the market? Let’s find out together.
About the RK Group
The RK Group, is among the leading diversified business conglomerates in India and has its headquarters in Kishangarh, Ajmer, Rajasthan. The Group has been a pioneer in the field of Marble and Cement through the RK Marble and Wonder Cement brands. It also holds the India franchise of The Body Shop, an International cosmetics brand. With the launch of Wonder Home Finance Limited (WHFL), the RK Group announced its entry into the retail housing finance business. This marks a natural shift in the group’s business, which has made an indelible impression in the marble and cement business over many years.
What is the Wonder Home Finance Limited all about?
WHFL aims to deliver unified financial services to the people of India. It has a people-centric business model and service-oriented delivery mechanism, which helps to create an exceptional experience. It further enhances the group’s philosophy of perfection and reaching to the masses. Its vision is in alignment to the government’s vision of ‘Housing for all by 2022’, and is a step towards delivering last mile financial services to the people of this country. With this unique business proposition, WHFL is confident of being able to drive the RK group’s growth to the next level by leveraging the network built by it over the years. With 9 branches throughout Rajasthan, it is all set to open 20 more branches over the next one month. It aims to expand its ability to provide financial assistance to people across the state.
Here’s what Mr. Sanjay Singh Rajawat, Co-founder, CEO & Director of WHFL said at the launch of WHFL, “At Wonder Home Finance Ltd, we aim to deliver the highest quality products & service to our customers through proven professionals, best-in-class technology customer-friendly processes. In the first year of operation, we are setting up 29 branches in Rajasthan, covering approximately 70% households in the state by recruiting over 400 people for this specific market and by the end of Financial Year 2018-19, we expect to begin our services across neighbouring states including Gujarat, Maharashtra & MP with an all India ambition in mind.”
What does Wonder Home Finance Limited give loans for?
WHFL offers loans for:
– the purchase of property and construction of homes by offering end-to-end finance
– the repair/renovation of homes.
– the expansion of existing houses and for resale
– personal and business related needs
How can I apply for a home loan with Wonder Home Finance Limited?
To acquire a loan from WHFL, a borrower needs to have a bank account with proof of its existence to be shown in the form of the bank statement for the last 6 months. The loan amount one can borrow ranges from Rs.5,00,000 to Rs.35,00,000. The maximum amount one can borrow is decided based upon the income and property valuation of the borrower. However, the loan repayment period is flexible and the borrower can choose between the range of 3 to 20 years. The interest rate ranges from 11% to 14% per annum.
The loan process has been simplified for the customer into 4 straightforward steps:
1: Submission of documents including Income certificates, property valuation, KYC and loan application form
2: Verification done via official visits, telephone calls and personal discussion
3: Sanctioning of loan after finishing all formalities related to income, property valuation
4: Submission of all other required documents to disburse money based on the loan type.
Why WHFL is better than other service providers?
This process of sharing and submitting documents is completely safe and total confidentiality of information is assured throughout. The process isn’t riddled with any hidden costs other than what is prescribed as fees and there is complete transparency. EMI options are available for as low as Rs. 5000/month. Loan approvals are made in as fast as 3 days time and borrowers do not have to face needless delays.
WHFL also offers borrowers an option to prepay their loan before the end of the loan period subject to terms and conditions set by NHB.
Wonder Home Finance Limited was incorporated with a view to provide finance through home loans and MSME business loans. It targets lower and middle-income families and has a committed team of professionals who provide help in the localized processing of proposals. They explain and detail on a wide range of financial products that are on offer for individuals. They prioritize the end user’s needs and desire to own their own home by offering highly competitive home loan interest rates that fit each individual’s unique profile. It has the provision to use the Pradhan Mantri Awas Yojana to provide finance to lower and middle-class segment of the society in semi-urban and rural areas. Applying for home loans can seem to be a daunting task but WHFL has done its best to simplify it by making the process customer friendly. This is what gives it the extra edge which will ensure long term success.
That’s it from me on Wonder Home Finance Limited by the RK Group. Do you any questions? Ask away in the comments below.