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Jaipur

Best Home Loan in Jaipur: Saving More made Easier with NoBroker

It is essential to explore different lenders and their interest rates and make comparisons before making a firm decision. Here’s a quick look at the best home loan interest rates in Jaipur.

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Comparing Home Loan Rates in Jaipur

LenderHome Loan Interest Rates In JaipurProcessing 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 Jaipur

In order to be considered for a home loan in Jaipur, interested clients are expected to fulfil the following criteria:

  1. Age : The minimum age of the client must be 21 years and the maximum age of the client should not exceed 65 years.
  2. Income : The minimum annual salary expected from a client would be Rs. 2-3 lakh, but is subject to change depending on the lender
  3. Employment stability : The applicant is expected to be employed for 2-3 years which is subject to change based on the lender
  4. Credit score : Most lenders would prefer a credit score of 750
  5. Property valuation : The property being purchased will have to be in accordance with the bank’s legal and valuation criteria.

Documents Required To Get The Best Jaipur Bank Home Loan Interest Rates

To complete a home loan application in Jaipur, the client will require the subsequent documents:

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 should be noted that the precise documentation needed may vary depending on the lending institution.

Tax Benefits On Home Loan Rates In Jaipur

Clients who apply for home loans would avail certain tax benefits . Here are the key tax benefits of home loans in Jaipur:

  • Tax deduction on interest payment : According to Section 24 of the Income Tax Act, 1961, taxpayers can claim a deduction of up to Rs. 2 lakh on the interest paid towards a self-occupied property. However, there is no maximum limit for the deduction on the interest paid for a property that is rented out.
  • Tax deduction on principal repayment : Section 80C of the Income Tax Act, 1961 enables borrowers to claim a deduction of up to Rs. 1.5 lakh on the repayment of the principal amount of a home loan.
  • Tax benefits on joint home loans : In case of a joint home loan, every borrower has the right to claim tax deductions on both the interest and principal repayment of the loan, based on their share in the loan amount.
  • Tax benefits on pre-construction interest : Taxpayers are eligible to claim a deduction on the interest paid during the pre-construction period, in five equal instalments. The deductions can be availed starting from the year in which the construction of the property is completed
  • Tax benefits on stamp duty and registration charges : Borrowers are eligible to claim a deduction on the expenses incurred on stamp duty and registration charges while purchasing a house, up to a maximum limit of Rs. 1.5 lakh, under Section 80C of the Income Tax Act.

NOTE:The tax benefits associated with home loans are subject to alterations in tax laws and regulations. It is advisable for borrowers to seek guidance from a tax expert for detailed information regarding the tax benefits of home loans.

Top 5 Locations To Buy Homes In Jaipur

Listed below are some of the preferred locations in Jaipur for home purchase along with some extra information:

  • Malviya Nagar : It is an up-and-coming locality, known for its modern infrastructure and excellent connectivity.

  • Tonk Road : It is a well-connected area, with several commercial and residential projects in the vicinity.

  • Manasarovar : It is a popular residential area, with several schools, hospitals, and other amenities in the vicinity.

  • Vishali Nagar : It is a well-developed locality with excellent connectivity and infrastructure.

  • Jagatpura : It is a fast-developing locality, situated near the airport, and is preferred by professionals and students.

FAQs
What is the difference between fixed and floating interest rates on home loans in Jaipur?−
Home loans can have either fixed or floating interest rates, with fixed rates providing stability and predictability throughout the loan tenure while floating rates are subject to market fluctuations and can vary over time, potentially being lower than fixed rates when market conditions are favourable.
What is the maximum loan amount I can get for a home loan in Jaipur?+
In Jaipur, eligibility for home loans is determined by income, credit score, and property value, with banks typically offering up to 80% of the property value and maximum loan amounts varying by lender, commonly ranging from Rs. 10-20 crores.
Can I prepay my home loan in Jaipur without penalty?+
While prepayment of home loans is usually allowed without penalty, some lenders may charge fees if the prepayment amount exceeds a specific limit or if it occurs within a designated period, such as the first year of the loan
How long does it take to process a home loan application in Jaipur?+
Processing periods for home loans in Jaipur may take up to 2-3 weeks for document verification, property appraisal, and loan approval, but expedited processing may be available for certain types of loans.
Can I avail of tax benefits on a joint home loan in Jaipur?+
Joint loan applicants can claim tax benefits on both the principal and interest components, subject to certain conditions, with a maximum deduction of Rs. 1.5 lakhs per person per year for the principal amount and Rs. 2 lakhs per person per year for the interest amount under Section 80C and Section 24 of the Income Tax Act, respectively.
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