Best Home Loan In Ahmedabad
To make some of the decisions easier and to help choose the best option, below is a quick overlook at some of the best home loan rates in Ahmedabad.
Eligibility For Home Loan In Ahmedabad
Clients are expected to fulfil some of the requirements to qualify for a home loan in Ahmedabad. Some of them are:
- Age : Clients must be at least 21 years old to be eligible for a home loan and must not exceed 65 years by the time of the maturity of the home loan.
- Income : Clients may be expected to earn a minimum of Rs. 2-3 lakh per annum
- Employment stability : The client would be expected to be in employment for at least 2-3 years which may vary, depending on the lender
- Credit score : A credit score of 750 or above would be considered preferable among most lenders
- Property valuation : The property the client wishes to purchase must be in accordance with the bank’s legal and valuation criteria.
Documents Required To Get The Best ahmedabad Bank Home Loan Interest Rates
You will need the following documents to apply for a home loan in ahmedabad:
| DOCUMENT TYPE | DOCUMENT |
|---|---|
| KYC Documents | Aadhaar card, PAN card, passport, and voter ID card |
| Proof of Income | Salary slips, income tax returns, Form 16, and bank statements |
| Property-related Documents | Property registration papers, property tax receipts, and NOC from the builder or society |
| Proof of Employment | Offer letter, appointment letter, and employment contract |
| Others | Passport-size photographs, loan application form, and declaration of assets and liabilities |
It is important to note that the exact documents required may vary depending on the lender and the loan amount.
Comparing Home Loan Rates in Ahmedabad
| Lender | Home Loan Interest Rates In Ahmedabad | Processing Fees & Charges | Maximum Loan Amount | Maximum Loan Tenure |
|---|---|---|---|---|
| Aavas Financier Limited Home Loan | 8% | 2% | – | 30 Years |
| Aditya Birla Capital Home Loan | 9% – 12.50% | 1% | 10 Crores | 30 Years |
| Andhra Bank Home Loan | 8.15% – 9.20% | 0.50% or ₹15000 + GST (whichever is lower) | – | 30 Years |
| Axis Bank Home Loan | 8.75% – 14% | 1% | 10 Crores | 30 Years |
| Bank of Baroda Home Loan | 8.50% – 10.60% | 0.25%- 0.50% | 10 Crores | 30 Years |
| Bank of India Home Loan | 7.80% – 9.65% | – | 7.50 Crores | 30 Years |
| Bank of Maharashtra Home Loan | 8.40% | 0.25% or 25,000 (whichever is lower) | 1 Crore | 30 Years |
| Canara Bank Home Loan | 8.85%- 11.25% | ₹1,500 – ₹10,000 | 3 Crores | 30 Years |
| Central Bank of India Home Loan | 8.45% – 9.20% | 0.50% or ₹20,000 + GST (whichever of lower) | 75 Lakhs | 30 Years |
| DBS Home Loan | 8.25% – 9.75% | – | 5 Crores | 25 Years |
| Dena Bank Home Loan | 8.25% – 8.35% | 0.50% | 1.5 Crores | 30 Years |
| Dhanalakshmi Bank Home Loan | 7.2% | 1% or ₹10,00 + GST (whichever is higher) | 1 Crore | 30 Years |
| DHFL Home Loan | 8.75% | – | 5 Crore | 30 Years |
| Federal Bank Home Loan | 10.15% – 10.30% | – | 15 Crores | 30 Years |
| HDFC Ltd. Home Loan | 8.50% – 9.60% | 0.50% or ₹3000 (whichever is higher) | 10 Crores | 30 Years |
| IDBI Bank Home Loan | 8.75% – 11.45% | – | 10 Crore | 30 Years |
| IDFC First Bank Home Loan | 8% – 14% | 3% | 10 Crores | 30 Years |
| Indiabulls Home Loan | 8.75% | 1% | 2 Crores | 30 Years |
| Indian Overseas Bank Home Loan | 9.55% | – | – | 30 Years |
| India Shelter Finance Corporation Home Loan | 13% – 20% | 2% – 3% + GST | 50 Lakhs | 20 Years |
| Jammu and Kashmir Bank Home Loan | 8% | 0.25% + GST | 50 Lakhs | 30 Years |
| Karnataka Bank Home Loan | 9.08% – 10.38% | 0.50% – 2% | 5 Crores | 30 Years |
| Karur Vysya Bank Home Loan | 9.23% – 12.13% | ₹2500 – ₹7500 + GST | – | 25 Years |
| Kotak Mahindra Bank Home Loan | 8.85% – 9.40% | 0.50% | 10 Crores | 20 Years |
| LIC HFL Home Loan | 8.70% | 0.30% onwards | 10 Crores | 30 Years |
| PNB Housing Home Loan | 8.50% – 10.85% | – | 2 Crores | 30 Years |
| Reliance Home Finance Limited Home Loan | 9.35% – 13% | 0.50% – 1.50% | – | 20 Years |
| South Indian Bank Home Loan | 7.95% – 9.60% | 0.50% + GST | 15 Crores | 30 Years |
| State Bank of India Home Loan | 9.55% | ₹2000 – ₹10000 + GST | 5 Crores | 30 Years |
| Sundaram Home Finance Ltd Home Loan | 6.95% – 8.30% | 0.50% | 4 Crores | 25 Years |
| Tamilnad Mercantile Bank Home Loan | 9.10% – 9.60% | 0.50% | 5 Crores | 30 Years |
| Tata Capital Limited Home Loan | 8.95% | 2% | 5 Crores | 30 Years |
| Union Bank Home Loan | 8.75% | 0.50% or ₹15000 + GST (whichever is lower) | – | 30 Years |
| Yes Bank Home Loan | 9.15% – 11.25% | 1.5% – ₹10000 (whichever is higher) | 10 crores | 35 Years |
Top 5 Locations To Buy Homes In Ahmedabad
Here is a quick glance on some of the top leading and preferred locations in Ahmedabad, viable for home purchase along with some supporting information:
- Satellite : This is a well-developed residential area located in the western part of Ahmedabad, known for its upscale homes, good infrastructure, and proximity to major commercial centres.
- Prahlad Nagar : This is a trendy residential area in Ahmedabad with a good mix of modern and traditional living options, including apartments, villas, and bungalows.
- Vastrapur: : This area is located in the western part of Ahmedabad and offers a peaceful and serene living environment, surrounded by greenery and natural beauty.
- Bodakdev: : This is a prime residential area in Ahmedabad with excellent social infrastructure, including good schools, hospitals, and shopping centres.
- Maninagar: : This is a well-established residential area in Ahmedabad, located in the eastern part of the city, and known for its affordable housing options and good connectivity to other parts of the city
Tax Benefits On Home Loan Rates In Ahmedabad
Home loans offer a number of tax benefits to the clients. The following are some of the key tax benefits of home loans in Ahmedabad:
- Tax deduction on interest payment : Clients can enjoy certain tax benefits according to the provisions of the Income Tax Act, 1961. A self owned property can claim deduction up to Rs. 2 lakh on interest paid and there is no upper limit for a rented out property.
- Tax deduction on principal repayment : Under Section 80C of the Income Tax Act, 1961, clients can claim a deduction of up to Rs. 1.5 lakh on principal repayment. This can help lower the taxable income and reduce tax liability.
- Tax benefits on joint home loans : If a home loan is taken jointly, both clients can claim tax benefits on the interest paid and principal repayment, in proportion to the share in loan.
- Tax benefits on pre-construction interest : Clients can claim a tax deduction on the interest paid during the pre-construction period, in five equal instalments, starting from the year in which construction is completed.
- Tax benefits on stamp duty and registration charges : Clients can claim a tax deduction on stamp duty and registration charges paid while purchasing a house, up to a maximum limit of Rs. 1.5 lakh under Section 80C.
NOTE:It is important to note that tax benefits related to home loans may be impacted by changes in tax laws and regulations. Therefore, borrowers are strongly advised to seek the advice of a tax expert for comprehensive information regarding these benefits.
FAQs
What is the difference between fixed and floating interest rates on home loans in Ahmedabad?
Home loans in Ahmedabad can have either a fixed or floating interest rate. If borrowers choose a fixed rate, the interest rate remains constant for the entire loan term, providing predictability and stability in loan repayments. On the other hand, floating rates are subject to market fluctuations and can change over time. Although floating rates can be lower than fixed rates when market conditions are favourable.
What is the maximum loan amount I can get for a home loan in Ahmedabad?
To determine eligibility for a home loan in Ahmedabad, banks typically consider factors such as income, credit score, and property value. Most lenders offer up to 80% of the property value, with the maximum loan amount varying depending on the bank. In Ahmedabad, the maximum loan amount is usually set between Rs. 10- 20 crores.
Can I prepay my home loan in Ahmedabad without penalty?
Some banks allow prepayment of home loans without imposing a penalty fee. However, if the prepayment amount exceeds a specific limit or occurs within a designated period, such as the first year of the loan, a fee may be charged.
How long does it take to process a home loan application in Ahmedabad?
Processing times for home loans in Ahmedabad vary by bank and typically take up to 2-3 weeks for document verification, property appraisal, and loan approval. However, some lenders may offer expedited processing for specific loan types.
