Home Loans in Rajkot
With its rich culture, vibrant markets, and warm hospitality, Rajkot in Gujarat is an ideal place for residence. A home loan in Rajkot can be an ideal solution to get financial help building, buying, or renovating a home in this beautiful city of Gujarat. The home loan interest rate in Rajkot starts at an affordable 8.45% p.a. Banks and housing finance companies in Rajkot may charge a processing fee on home loans ranging between 0.25% and 0.50% of the loan amount. The maximum period within which a home loan can be repaid is up to 30 years.
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Home Loan Interest Rates in Rajkot
The lowest home loan interest rate in Rajkot begins at 8.45% per annum. Most of the eminent lenders offer easy home loans to salaried and self-employed people on minimum documentation. Some of them also offer concessions on home loan interest rates to women borrowers and subsidized rates to economically weaker sections.
Through the table given below, you will be able to understand and compare the interest rates and processing fees of the best 10 banks and housing finance companies offering housing loans in Rajkot:
| 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 (Rs. 1,500 min; Rs. 20,000 max) | Enquire |
|
LIC HFC | 30 | 8.50% | Up to 0.25% (Rs. 25,000 max) | Enquire |
|
Aavas Finance | 30 | 8.50% | Up to 1% of the loan amount + GST | Enquire |
|
HDFC Bank | 30 | 8.65% - 9.85% | Up to 0.25% (Rs. 3,540 min) | Enquire |
|
PNB Housing | 30 | 8.75% onwards | Up to 0.50% (Rs. 10,000 max) | Enquire |
|
Karur Vysya Bank | 30 | 9.23% onwards | Rs. 2,500 - Rs. 7,500 + GST | Enquire |
|
Tata Capital Ltd. | 30 | 8.95% onwards | Up to 0.25% (Rs. 3,540 max) | Enquire |
|
State Bank of India | 30 | 9.15% - 12.95% | Up to 0.25% (Rs. 10,000 max) | Enquire |
|
Federal Home Loan | 30 | 10.15% - 10.30% | Rs. 20,000 max | Enquire |
Eligibility Criteria for Home Loans in Rajkot
When dreaming of getting a home in Rajkot through a housing loan scheme, remember you need to understand and adhere to the eligibility criteria set by your chosen lender, be it a bank or housing finance company. These are common factors the lenders consider when checking your income, age, credit score, and nationality.
Have a look to understand the general home loan eligibility in Rajkot through the table given below:
| Eligibility Parameters | Salaried Individuals | Self-Employed Individuals |
|---|---|---|
| Citizenship | Indian Residents | Indian Residents |
| Professional Experience | 2 years | 2 years |
| Age |
Min: 21 years |
Min: 21 years |
| Monthly Income | Minimum Rs. 15,000 per month |
Minimum Rs. 1.8 lakh per annum |
| 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.
- Leading banks and NBFCs offer home loans in Rajkot to Indian residents
- The standard eligible age limit to apply for a home loan in Rajkot is between 21 and 65 years
- Lenders in Rajkot generally ask for a work experience of 2 and 3 years from salaried and self-employed individuals, respectively
- Applicants with a credit score of 750 and above have a brilliant chance of getting home loans in Rajkot
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 Rajkot
Make sure to learn about the documents required for a home loan in Rajkot so that you submit them all when applying for a housing loan. In case you are not aware of the documents needed for submission at the time of home loan application, then read on to learn about the same, no matter whether you are salaried or self-employed:
1. For Salaried Loan Applicants
- A processing fee cheque in favor of the lender
- General identity documents like Aadhaar card, Voter ID card, Passport
- Salary slips for the previous 3-4 months
- Bank account statements for the previous 3-4 months
- Appointment letter
- Latest ITR
- Property papers
2. For Self-Employed Loan Applicants
- Company profile and business license
- A processing fee cheque in favour of the lender
- General identity documents like Aadhaar card, Voter ID card, Passport
- Salary slips for the previous 3-4 months
- Bank account statements for the previous 5-6 months
- P&L statements for the previous 3 years
- Latest ITR
- Latest Form 26A
- Property papers
| 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 Rajkot
Top banks and lending housing finance companies try their best to help home buyers and existing homeowners get adequate funds to buy or repair a home. For this, they offer them a variety of housing loan schemes in Rajkot.
Listed below in the table are some of the popular housing loan schemes offered by a good home loan agent in Rajkot:
| Type of Document Required | The Object of the Loan |
|---|---|
| Balance Transfer Home Loan | An easy way for existing home loan customers to transfer their outstanding home loan amount to a new lender at a better rate of interest |
| Regular Home Purchase Loan | The most common housing scheme meant to help buyers buy a home |
| Plot Purchase Loan | An excellent financial aid for those interested to buy a plot for building a home |
| Home Construction Loan | This loan is designed to help people construct a home on an already bought plot |
| Home Improvement Loan | With this home loan, existing home owners can improve the internal or external condition of their home |
| Home Renovation Loan | The aim of this home loan scheme is to help people get financial help to renovate their existing home |
| Home Extension Loan | A perfect housing loan for existing homeowners to extend their homes with a new room, floor, or balcony |
| Top-Up Home Loan | A much-needed additional funding to existing home loan customers so that they don’t need to apply for a new loan |
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
The minimum income requirement to get a home loan in Rajkot is Rs. 15,000 per month for salaried.
Yes, several lending institutions offer home loans to purchase a resale property in Rajkot. However, make sure to understand their terms and conditions before applying for one.
Yes, banks and NBFCs in Rajkot offer home loans to self-employed individuals, provided they meet their eligibility criteria.
The leading banks and NBFCs in Rajkot offer home loan schemes like:
- Home Purchase Loans
- Plot Purchase Loans
- Home Construction Loans
- Home Improvement Loans
- Home Renovation Loans
- Balance Transfer Home Loans
- Top-up Home Loans
Different banks and housing finance companies may offer different home loan repayment tenures for home loans in Rajkot. Generally, the minimum tenure is up to 5 years, and the maximum is up to 30 years.