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Home Loans in Jabalpur
Surrounded by picturesque landscapes along the Narmada River, Jabalpur is a city that offers relatively affordable real estate options as compared to larger metropolitan cities. People interested in buying a home in Jabalpur can now buy a home with the help of lenders who offer hassle-free home loans. A home loan in Jabalpur starts with an interest rate of 8.45% per annum. Moreover, some banks and housing finance companies are willing to offer concessions on these rates to female borrowers. One can repay the home loan amount within a maximum of 30 years at several leading banks and housing finance companies in Jabalpur. These lenders usually charge a processing fee starting from 0.25% of the loan amount.
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Home Loan Interest Rates in Jabalpur
One of the pivotal factors that borrowers consider when applying for a home loan is its interest rate. The rate of interest on a home loan helps determine the overall cost of borrowing and the affordability of the property. The lowest home loan interest rates in Jabalpur begin at 8.45% per annum. Both private and public banks and housing finance companies offer quick home loans in Jabalpur with minimum documentation.
Here is your chance to learn about the interest rate on home loans and processing fees charged on the same by the best 10 financial institutions offering home loans in Jabalpur:
| BASIC Bank/NBFC Partner | Name | Max Tenure (in years) | Rate of Interest | Processing Fees (INR) | Contact |
|---|---|---|---|---|---|
|
Bank of India | 30 | 8.45% | Up to 0.25% of the loan amount (Minimum: Rs. 1,500; Maximum: Rs. 20,000) | Enquire |
|
Aavas Finance | 30 | 8.50% | Up to 1% of the loan amount + GST | Enquire |
|
LIC HFC | 30 | 8.50% | Up to 0.25% (Maximum: Rs. 25,000) | Enquire |
|
Union Bank of India | 30 | 8.70% | 0.50% of the loan amount (Maximum: Rs. 15,000 + GST) | Enquire |
|
PNB Housing | 30 | 8.75% onwards | Up to 0.50% (Maximum: Rs. 10,000) | Enquire |
|
Bank of Baroda | 30 | 8.60% onwards | 0.50% (Minimum- Rs. 8,500; Maximum - Rs. 25,000) | Enquire |
|
ICICI Bank | 30 | 9.25% - 10.05% | 0.50% - 2.00% of the loan amount | Enquire |
|
Cent Bank of India | 30 | 9.65% | 0.50% of the loan amount (Maximum: Rs. 20,000) | Enquire |
|
Aadhar Housing Finance | 30 | 11.75% - 17% | Upto 3500 +GST | Enquire |
|
Tata Capital Ltd. | 30 | 8.95% onwards | 0.25% of the loan amount (Max: Rs. 3,540) | Enquire |
Eligibility Criteria for Home Loans in Jabalpur
Home loans in Jabalpur can be availed by anyone who can prove eligibility for the same. When we talk about the eligibility criteria for housing loans in Jabalpur, we talk about specific requirements asked by lenders in terms of the applicant's age, income, salary, work experience, credit score, and nationality.
Do not miss checking out the standard home loan eligibility in Jabalpur through the table given below:
| Eligibility Parameters | Salaried Individuals | Self-Employed Individuals |
|---|---|---|
| Citizenship | Indian Residents | Indian Residents |
| Professional Experience | 2 years | 3 years |
| Age |
Min: 21 years |
Min: 21 years |
| Monthly Income | Minimum Rs. 15,000 per month |
Minimum Rs. 1.8 lakh per year |
| CIBIL Score | 750 or above (preferred) | 750 or above (preferred) |
Note: Applicants are encouraged to declare any additional sources of income besides those mentioned in the table above to boost their chances of getting a home loan approval.
- Prominent banks and NBFCs in Jabalpur offer home loans to those residing in India as citizens of India
- To apply for a home loan in Jabalpur, a candidate must be between 21 and 65 years of age
- Banks and financial institutions usually ask for 2 years and 3 years of work experience from salaried and self-employed candidates respectively
- Financial service providers in Jabalpur will not mind approving home loans to applicants with CIBIL scores of 750 and above
Note:These criteria are subject to variation from one bank to another. It is recommended that you check with the specific bank you are applying to for a home loan for its eligibility requirements.
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Documents Requirement for Home Loans in Jabalpur
Submitting the essential documents is a crucial part of a home loan application that can not be missed. Those who fail to submit the documents required for a home loan in Jabalpur are less likely to get home loan approval, which is why document submission is important in a home loan procedure. Listed below are the type of documents required from salaried and self-employed applicants keen to apply for a home loan in Jabalpur:
1. For Salaried Loan Applicants
- Identity Proofs such as Voter ID Card, Aadhaar Card, PAN card
- Bank Statements (6 -12 months)
- Salary Slips (3- 6 months)
- Latest Income Tax Return
- Latest Form 16
- Property details and documents
- Appointment letter
- A processing fee cheque
2. For Self-Employed Loan Applicants
- Identity Proofs such as Voter ID Card, Aadhaar Card, PAN card
- Company license
- Recent Form 26AS
- Latest Income Tax Return
- Bank Statements (3- 6 months)
- P&L account statements (3 years)
| Type of Document Required | Examples of Documents that can be Submitted |
|---|---|
| Proof Of Residency | Aadhaar Card, Valid Passport |
| Proof Of Income | Bank Passbook, Bank statement, Last 3 years IT Return |
| Proof Of Age | PAN Card, Voter ID, Birth Certificate, Registration Certificate Of Establishment |
| Proof Of Employment | Certified Letter from Employee/Company Memorandum |
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Home Loan Options Available in Jabalpur
A good home loan agent in Jabalpur will offer you a plethora of housing loan schemes to choose from. There will be one scheme each for home purchase, plot purchase, home construction, renovation, or extension. This is not all; you will also get a scheme to shift your existing loan amount to a different lender.
The table given below will now acquaint you with the common types of housing loan schemes available in Jabalpur:
| Type of Document Required | The Object of the Loan |
|---|---|
| Home Purchase Loan | This loan aids those keen to buy a new home with sufficient money |
| Plot Purchase Loan | The purpose of this scheme is to help people purchase a residential plot |
| Balance Transfer Loan | A flexible way of helping existing home loan customers to shift their outstanding loan amount to a new lender who is offering a lower rate of interest and more benefits |
| Top-Up Loan | Additional money can be availed apart from the home loan amount by the existing borrower through a home loan top-up |
| Home Construction Loan | This home loan provides sufficient funding to those interested to construct a home on a plot |
| Home Extension Loan | Best home loan scheme designed for those running short of funds to extend their existing home |
| Home Renovation Loan | An affordable home loan scheme for existing home owners who wish to get money to renovate their home |
Note:The options tabulated above are the most popular loan options availed of by most customers. Please check with your specific bank for other home loan options that they offer.
FAQs
Generally, it will take 15-30 days to get a home loan approval in Jabalpur. It is important to submit all the required documents along with a processing fee cheque at the time of home loan application to smoothen the procedure.
No, it is not possible to get 100% financing on a home loan in Jabalpur. However, getting up to 90% of the property cost as the loan amount from leading lenders is possible.
Top lenders in Jabalpur offer fixed and floating rates on home loans. The interest rate is fixed throughout the tenure in fixed plans, whereas it may fluctuate depending on the market conditions in floater plans.
Yes, there are banks and NBFCs that offer affordable government housing loan schemes like Pradhan Mantri Awaas Yojana (PMAY) to the economically weaker sections.
Several banks offer easy home loans in Jabalpur, like:
- Union Bank of India
- ICICI Bank
- Axis Bank
- Bank of Baroda
- Bank of India