Best Home Loan In Jaipur
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.
Looking for the best home loan options in Jaipur? With multiple banks and financial institutions offering attractive interest rates and flexible repayment plans, finding the perfect loan to achieve your dream home has never been easier. Explore your choices today!
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:
- Age : The minimum age of the client must be 21 years and the maximum age of the client should not exceed 65 years.
- Income : The minimum annual salary expected from a client would be Rs. 2-3 lakh, but is subject to change depending on the lender
- Employment stability : The applicant is expected to be employed for 2-3 years which is subject to change based on the lender
- Credit score : Most lenders would prefer a credit score of 750
- 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 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 should be noted that the precise documentation needed may vary depending on the lending institution.
Comparing Home Loan Rates in Jaipur
| Lender | Home Loan Interest Rates In Jaipur | 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 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.
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.
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.
