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Banks and NBFCs in Jaipur provide home loans with best repayment options and long tenure periods of up to 30 years. Get fluctuating interest rates and tax benefits. Simple documentation process. Check eligibility for FREE on CreditMantri!
A home is a basic necessity of every individual in India across various social strata. However, a home is not a cheap buying option as it involves a considerable amount of investment. So, a lot of careful thinking goes while buying a house.
Many times, borrowers are not able to buy a home due to the unavailability of funds. To help borrowers realise their dream of owning a home, many lenders now provide various home loan options at affordable rates of interest to customers. A home loan not only helps a borrower in purchasing their dream home but also entails them to tax deductions, resulting in considerable tax savings on their overall income.
Jaipur, the capital of Rajasthan is the largest city in the state. It is famously known as the “Pink City of India”. With a rich Rajput lineage, history and culture, the city has various historic monuments like the Hawa Mahal, Jantar Mantar, Amer Fort, Jal Mahal etc, making it a must-visit city for Indian and foreign tourists alike.
As such, Jaipur is always bustling with activity throughout the year. This has led to an increase in the number of residents to the city, with people vying to have a home of their own. As a result, the demand for home loans has also seen a manifold increase in recent years. Various lenders have thus risen to the opportunity to provide home loans at affordable internet rates to suit their customers varying home loan requirements.
Home loans in Jaipur are currently available with interest rates ranging from 6.80% to 11.50% p.a. for eligible borrowers.Processing fees charged are up to 0.50% of the loan amount. Home loans offered in the city have repayment tenures up to a maximum time of 30 years. The maximum loan amount could range from Rs.30 lakh or no upper limit, depending on the profile of the borrower.
Also Read: Guide to Home Loans
Home loan eligibility features vary from lender to lender. Common eligibility requirements for home loan borrowers in Jaipur are as below.
Salaried or self-employed individuals are both eligible
Job stability is a key criteria
Age of applicant to be between 18 years - 75 years
A good credit score of 750+ helps you secure the best interest rates
Minimum monthly salary of Rs. 10000 required for a salaried individual
A minimum annual income of Rs. 1.8 lakhs is required for a self-employed individual
Salaried employees should provide
Self-employed employees should provide
Mandatary KYC documents for address and identity proof required
Also Read: More about Credit Score requirements for a home loan
A home loan amortization schedule is important for a borrower as it gives basic information pertaining to the loan availed and the repayment terms. The schedule consists of the complete list of all the payments that the borrower needs to make over the tenure of the loan. Every amount on the schedule shows the proportion of interest and principal, which will help the borrower to understand what is the outstanding amount after every EMI payment.
The amortization schedule also has a summary of loan repayment, at times mentioned under a separate section. This summary shows the total interest payments to be made during the loan tenure, and whether the total of principal payments matches the total outstanding loan amount.
Also Read: Calculation of Amortization Schedule of Home Loans
Jaipur has been the centre of great development and activity in recent times. This has led to booming demand for real estate projects among residents, leading to the popularity of home loans. Lenders are making good use of this opportunity by providing tailor-made home loans to their customers.
1. Can I take a joint home loan with my mother?
Yes, you can take a joint home loan with your mother as co-applicant as most lenders have the facility. If your mother is an earning member, then both of you get added benefits in the form of the higher loan amount sanctioned, longer loan tenure, lower rate of interest and tax deductions for both the borrowers separately.
2. What is the minimum age to avail home loans in Jaipur?
Lenders in Jaipur expect the borrower to have completed 18 years of age, for granting home loans.
3. Will my good credit score help me get a home loan?
Yes, having a good credit score will increase your chance of getting a home loan considerably. A good credit score of 750+ also helps you secure the loan at the best interest rates reducing your home loan burden.
4. Will I get tax benefits for availing a home loan?
As per Section 80 C of the Income Tax Act, 1961, a home loan borrower is eligible for a tax deduction on the principal amount up to a maximum of Rs. 1.5 lakhs. Section 24 of the Act also grants deduction to borrowers on interest portion, up to Rs. 2 lakhs on a self-occupied property, while they can claim the whole interest amount as a deduction for the let-out property.
5. Does any lender grant a home loan up to 100% of home or property value?
As per RBI guidelines, a lender can grant only up to a maximum of 90% value of the home value as loans to eligible customers.
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