Home Loans in Ayodhya
Buying a home in Ayodhya can be a compelling choice for several reasons, combining its historical significance, cultural richness, and emerging economic opportunities. No matter whether you have sufficient funds to buy a home in Ayodhya or not, you can still buy a dream home with the help of a housing loan. There are several eminent banks and NBFCs that offer convenient home loans in Ayodhya. The interest rate on home loans in Ayodhya begins with as low as 8.50% per annum, and these lenders generally charge a processing fee starting at just 0.25% of the loan amount.
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Home Loan Interest Rates in Ayodhya
Securing a home in a city like Ayodhya is a significant milestone, and for many individuals, it is possible only through a home loan. The most affordable home loan interest rates in Ayodhya start at 8.50% per annum. Several banks and NBFCs offer home loans in Ayodhya at a floater and a fixed rate basis to applicants who are salaried or self-employed.
The table given below highlights the processing fee and the rate of interest on home loans offered by the leading 10 lenders in Ayodhya:
| BASIC Bank/NBFC Partner | Name | Max Tenure (in years) | Rate of Interest | Processing Fees (INR) | Contact |
|---|---|---|---|---|---|
|
Aavas Finance | 30 | 8.50% onwards | Up to 1% of the loan amount + GST | Enquire |
|
LIC HFC | 30 | 8.50% onwards | Up to 0.25% or Rs. 25,000 | Enquire |
|
Indian Bank | 30 | 8.60% onwards | Up to 0.25% of the loan amount | Enquire |
|
HDFC Bank | 30 | 8.65% onwards | Up to 0.25% or Rs. 3,540 | Enquire |
|
Union Bank of India | 30 | 8.70% onwards | 0.50% of the loan amount or Rs. 15,000 + GST | Enquire |
|
PNB Housing | 30 | 8.75% onwards | Up to 0.50% or Rs. 10,000 | Enquire |
|
State Bank of India | 30 | 9.15% onwards | Up to 0.25% or Rs. 10,000 | Enquire |
|
ICICI Bank | 30 | 9.25% onwards | 0.50% - 2% of the loan amount | Enquire |
|
Bajaj Housing | 40 | 8.50% | Up to 7% of the loan amount + 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 Ayodhya
The eligibility criteria for home loans in Ayodhya, like any other location, is determined by financial institutions and is subject to vary from one lender to another. Some common factors considered to evaluate an individual's eligibility for a housing loan in Ayodhya are age, citizenship, income, CIBIL score, and work experience.
It is time you check the table given below to understand the basic home loan eligibility in Ayodhya:
| Eligibility Parameters | Salaried Individuals | Self-Employed Individuals |
|---|---|---|
| Citizenship | Indian Residents/ NRIs/ PIOs | Indian Residents/ NRIs/ PIOs |
| Professional Experience | 2 years | 3 years |
| Age |
Min: 21 years |
Min: 21 years |
| Monthly Income | Rs. 15,000 per month |
Rs. 1.8 lakh per year |
| CIBIL Score | 700 or above | 700 or above |
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.
- All the leading banks and NBFCs in Ayodhya happily offer home loans to the citizens of India. There are some lenders who also offer housing loans to NRIs and PIOs
- The minimum age to get a home loan in Ayodhya is 21 years, and the maximum age at the time of loan repayment should be 65 years
- The working experience expected from salaried applicants is 2 years, and it is 3 years for applicants who are self-employed
- The standard CIBIL Score expected from applicants for a home loan is 700 or 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 Ayodhya
It is equally important to be well-versed with the necessary documents required for home loan in Ayodhya to navigate the complexities of this procedure. Much like elsewhere, lenders in Ayodhya require a set of KYC documents to assess the eligibility and credibility of the applicants. So, here is a list of essential documents that you must submit when applying for a home loan in Ayodhya:
1. For Salaried Loan Applicants
- ID Proofs like Voter ID Card, Passport, Aadhaar Card, PAN card
- Salary Slips (3 months)
- Bank Statements (6 months)
- Last-filled ITR
- Last-filled Form 16
- Property details
- Appointment letter
- A processing fee cheque
2. For Self-Employed Loan Applicants
- ID Proofs like Voter ID Card, Passport, Aadhaar Card, PAN card
- Business Profile and Company License
- ITR ( 3 years)
- Balance Sheets and Profit and Loss Statements (3 years)
- Bank Statements (6 months)
- Last-filled Form 26AS
| 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 Ayodhya
Reputed home loan agents in Ayodhya will offer you a variety of housing loan schemes to choose from. Whether you wish to buy a residential home or a plot, or invest money to repair and renovate your existing home, or you want to shift the outstanding balance to a new lender, there is a scheme for every such purpose.
To understand further about the kinds of housing loan schemes available in Ayodhya, we suggest you to go through the table below:
| Type of Document Required | The Object of the Loan |
|---|---|
| Plot Purchase Loan | The purpose of this housing loan scheme is to help potential buyers invest in a residential plot, where they can construct a home |
| Home Purchase Loan | This home loan is just apt for those who have insufficient funds to buy a dream home |
| Home Renovation Loan | Through this housing loan scheme, existing homeowners can renovate their home without facing money crunch |
| Home Construction Loan | An ideal housing loan scheme to get funds to construct a home on a residential plot |
| Home Extension Loan | A good housing loan scheme to help existing homeowners extend their homes with a new balcony, room, or floor without financial crunch |
| Top-Up Loan | An interesting way to get more finances on top of the loan amount to meet sudden financial commitments |
| Balance Transfer Loan | The most convenient way to shift the remaining loan amount to a different lender for a better rate of interest and benefits |
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
Home loan borrowers in Ayodhya can get several tax benefits under Section 24 and Section 80C of the Income Tax Act. Under Section 24, the borrower can get a maximum deduction of Rs. 2 lakh per annum on the interest rate for a self-occupied property. Under Section 80C, the borrower can get a maximum deduction of Rs. 1.5 lakh per financial year on the home loan principal repayment.
Yes, banks and NBFCs in Ayodhya offer convenient home loans to salaried applicants who succeed in proving their eligibility.
A home loan EMI is calculated based on factors like loan tenure, rate of interest, and the principal loan amount.
Yes, leading financial lenders in Ayodhya offer home loans to self-employed individuals, provided they fulfill the other eligibility criteria set by the lenders.
To process each home loan application, lenders charge a processing fee, which may vary for different lenders. Usually, lenders charge a processing fee ranging between 0.25% and 1% of the loan amount, while there are some who do not charge this processing fee.