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Ahmedabad

Best Home Loan in Ahmedabad: Savings made Simple with NoBroker

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.

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Comparing Home Loan Rates in Ahmedabad

LenderHome Loan Interest Rates In AhmedabadProcessing Fees & ChargesMaximum Loan AmountMaximum Loan Tenure
Aavas Financier Limited Home Loan8%2%-30 Years
Aditya Birla Capital Home Loan9% - 12.50%1%10 Crores30 Years
Andhra Bank Home Loan8.15% - 9.20%0.50% or ₹15000 + GST (whichever is lower)-30 Years
Axis Bank Home Loan8.75% - 14%1%10 Crores30 Years
Bank of Baroda Home Loan8.50% - 10.60%0.25%- 0.50%10 Crores30 Years
Bank of India Home Loan7.80% - 9.65%-7.50 Crores30 Years
Bank of Maharashtra Home Loan8.40%0.25% or 25,000 (whichever is lower)1 Crore30 Years
Canara Bank Home Loan8.85%- 11.25%₹1,500 - ₹10,0003 Crores30 Years
Central Bank of India Home Loan8.45% - 9.20%0.50% or ₹20,000 + GST (whichever of lower)75 Lakhs30 Years
DBS Home Loan8.25% - 9.75%-5 Crores25 Years
Dena Bank Home Loan8.25% - 8.35%0.50%1.5 Crores30 Years
Dhanalakshmi Bank Home Loan7.2%1% or ₹10,00 + GST (whichever is higher)1 Crore30 Years
DHFL Home Loan8.75%-5 Crore30 Years
Federal Bank Home Loan10.15% - 10.30%-15 Crores30 Years
HDFC Ltd. Home Loan8.50% - 9.60%0.50% or ₹3000 (whichever is higher)10 Crores30 Years
IDBI Bank Home Loan8.75% - 11.45%-10 Crore30 Years
IDFC First Bank Home Loan8% - 14%3%10 Crores30 Years
Indiabulls Home Loan8.75%1%2 Crores30 Years
Indian Overseas Bank Home Loan9.55%--30 Years
India Shelter Finance Corporation Home Loan13% - 20%2% - 3% + GST50 Lakhs20 Years
Jammu and Kashmir Bank Home Loan8%0.25% + GST50 Lakhs30 Years
Karnataka Bank Home Loan9.08% - 10.38%0.50% - 2%5 Crores30 Years
Karur Vysya Bank Home Loan9.23% - 12.13%₹2500 - ₹7500 + GST-25 Years
Kotak Mahindra Bank Home Loan8.85% - 9.40%0.50%10 Crores20 Years
LIC HFL Home Loan8.70%0.30% onwards10 Crores30 Years
PNB Housing Home Loan8.50% - 10.85%-2 Crores30 Years
Reliance Home Finance Limited Home Loan9.35% - 13%0.50% - 1.50%-20 Years
South Indian Bank Home Loan7.95% - 9.60%0.50% + GST15 Crores30 Years
State Bank of India Home Loan9.55%₹2000 - ₹10000 + GST5 Crores30 Years
Sundaram Home Finance Ltd Home Loan6.95% - 8.30%0.50%4 Crores25 Years
Tamilnad Mercantile Bank Home Loan9.10% - 9.60%0.50%5 Crores30 Years
Tata Capital Limited Home Loan8.95%2%5 Crores30 Years
Union Bank Home Loan8.75%0.50% or ₹15000 + GST (whichever is lower)-30 Years
Yes Bank Home Loan9.15% - 11.25%1.5% - ₹10000 (whichever is higher) 10 crores35 Years

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:

  1. 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.
  2. Income : Clients may be expected to earn a minimum of Rs. 2-3 lakh per annum
  3. Employment stability : The client would be expected to be in employment for at least 2-3 years which may vary, depending on the lender
  4. Credit score : A credit score of 750 or above would be considered preferable among most lenders
  5. 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 TYPEDOCUMENT
KYC DocumentsAadhaar card, PAN card, passport, and voter ID card
Proof of IncomeSalary slips, income tax returns, Form 16, and bank statements
Property-related DocumentsProperty registration papers, property tax receipts, and NOC from the builder or society
Proof of EmploymentOffer letter, appointment letter, and employment contract
OthersPassport-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.

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.

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

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.
Can I avail of tax benefits on a joint home loan in Ahmedabad?+
Joint loan applicants can claim tax benefits on both the principal and interest components of the loan, subject to certain conditions. Under Section 80C and Section 24 of the Income Tax Act, the maximum deduction allowed is Rs. 1.5 lakhs per person per year for the principal amount and Rs. 2 lakhs per person per year for the interest amount
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