Best Home Loan In Guwahati: Savings Made Simpler With NoBroker
Having all the immediate information gathered in one place would be easier for interested clients. Given below is some information on home loan rates in Guwahati.
Looking for the best home loan options in Guwahati? With various banks and lenders offering competitive interest rates and flexible repayment plans, you can find the ideal loan to help you achieve your dream home. Start exploring your options today!
Eligibility For Home Loan In Guwahati
To be eligible for a home loan in Guwahati, interested clients are required to meet the following criteria:
- Age : The home loan applicant must be at least 21 years of age to be considered eligible and should not be over 65 by the time the loan matures
- Income : Interested applicants are expected to earn a minimum of Rs. 2–3 per annum Employment stability
- Employment stability : The applicant should be employed for a minimum of 2-3 years, which may vary, depending on the lender.
- Credit score : Most lenders would prefer an applicant with a credit score of 750 or above
- Property valuation : The property in consideration must adhere to the bank’s legal and valuation criteria.
Documents Required To Get The Best Guwahati Bank Home Loan Interest Rates
Clients will be expected to submit the following documents to apply for a home loan in Guwahati:
| 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 keep in mind that the documents that would be requested from the client would differ depending on the lender.
Comparing Home Loan Rates in Guwahati
| Lender | Home Loan Interest Rates In Guwahati | 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 Guwahati
Below is a list of the most sought-after and highly recommended areas in Delhi that are ideal for purchasing a home, along with some accompanying details :
- Beltola : Beltola is a residential area located in the southern part of Guwahati. It is a well-developed locality with good connectivity to other parts of the city. The area is known for its peaceful environment, well-planned layout, and availability of essential amenities.
- Zoo Tiniali : Zoo Tiniali is another popular location in Guwahati. It is located in the heart of the city and is well-connected to other parts of Guwahati. The area is known for its commercial and residential properties, making it an ideal location for people looking for both.
- Six Mile : Six Mile is a rapidly developing area in Guwahati. It is located on the outskirts of the city and is well-connected to other parts of Guwahati. The area is known for its affordable properties, peaceful environment, and good connectivity.
- Kahilipara : Kahilipara is a residential area located in the western part of Guwahati. It is a well-planned locality with good connectivity to other parts of the city. The area is known for its peaceful environment, availability of essential amenities, and good infrastructure.
- Dispur : Dispur is the administrative capital of Assam and is located in the heart of Guwahati. It is well-connected to other parts of the city and is known for its commercial and residential properties. The area is popular among people looking for properties in the heart of the city.
Tax Benefits On Home Loan Rates In Guwahati
Applying for a home loan offers a plethora of tax benefits to clients. Here are some of the key tax benefits of home loans in Guwahati:
- Tax deduction on interest payment : A deduction of up to Rs 2 lakh is applicable to the clients according Section 24 of the Income Tax Act, 1961, on interest paid for a property occupied by the client and would have no maximum limit in the case where the property is rented out.
- Tax deduction on principal repayment : Clients will be able to claim up to Rs 1.5 lakh worth deduction on the principal repayment of a home loan which comes under Section 80C of the Income Tax Act, 1961.
- Tax benefits on joint home loans : In the case of a joint loan, each client can claim tax benefits on the interest paid and the principal repayment, in proportion to their share in the loan.
- Tax benefits on pre-construction interest : Beginning from the year in which the construction is completed, clients will be able to claim, in five equal instalments, a tax deduction on the interest paid during the pre-construction period.
- Tax benefits on stamp duty and registration charges : Prospective clients will be able to claim a deduction on stamp duty and registration charges paid during the purchase of a house, subject to a maximum limit of Rs. 1.5 lakh under Section 80C.
NOTE:Tax benefits are subject to changes in tax laws and regulations. Clients are advised to consult a tax expert for detailed information on the tax benefits of home loans.
FAQs
What is the difference between fixed and floating interest rates on home loans in Guwahati?
Home loans in Guwahati can be classified into two categories: fixed and floating interest rates. Fixed rates remain constant throughout the loan term, whereas floating rates can fluctuate based on market conditions. Fixed rates provide stability and predictability in loan repayments while floating rates have the potential to be lower when market conditions are favourable.
What is the maximum loan amount I can get for a home loan in Guwahati?
To be eligible for a home loan in Guwahati, applicants' income, credit score, and property value are taken into consideration. Lenders typically offer up to 80% of the property value, with the maximum loan amount varying among lenders. In Guwahati, the upper limit for home loans is commonly set at Rs. 10-20 crores.
Can I prepay my home loan in Guwahati without penalty?
While some banks allow prepayment of home loans without a penalty, others may charge a fee if the prepayment amount exceeds a certain limit or occurs within a specified period, such as the first year of the loan.
How long does it take to process a home loan application in Guwahati?
Home loan processing times in Guwahati vary by lender and can 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.
