Home Loans in Jaipur
Jaipur, the Pink City, is not only a home to various monuments but also a home to a booming real estate industry. Affordable residential properties, rapidly growing infrastructure and appealing rentals make Jaipur one of the first choices for many aspiring homeowners. The presence of top banks and NBFCs offering home loans in Jaipur at affordable interest rates starting at 8.45% per annum eases it out for people willing to buy dream homes in this beautiful city of Rajasthan. Not just banks, there are several NBFCs offering housing finance Jaipur and mortgage loans in Jaipur. The maximum repayment tenure for home loans in Jaipur is up to 30 years, and most top lenders charge a processing fee of 0.25% - 0.50% of the loan amount.
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Home Loan Interest Rates in Jaipur
Since it would impact your financial commitment, it is essential to find out the interest rate offered by Banks and NBFCs in Jaipur. These financial institutions usually offer a loan amount of up to 90% of the property cost. The lowest interest rate any bank in Jaipur offers on a home loan starts at 8.45% per annum. The table below highlights the current home loan interest rate in Jaipur offered by the top 10 banks and NBFCs:
| BASIC Bank/NBFC Partner | Name | Max Tenure (in years) | Rate of Interest | Processing Fees (INR) | Contact |
|---|---|---|---|---|---|
|
LIC HFC | 30 | 8.50% | Up to 0.25% (Rs. 25,000 max) | Enquire |
|
Union Bank of India | 30 | 8.70% | 0.50% (Rs. 15,000 max) | Enquire |
|
PNB Housing | 30 | 8.75% - 11.45% | Up to 0.50% (Rs. 10,000 max) | Enquire |
|
Aavas Financiers Ltd. | 25 | 8.50% - 17.00% | 1.00% | Enquire |
|
Bank of India | 30 | 8.45% | Up to 0.25% (Rs. 1,500 min; Rs. 20,000 max) | Enquire |
|
State Bank of India | 30 | 9.15% - 12.95% | Up to 0.25% (Rs. 10,000 max) | Enquire |
|
HDFC Bank | 30 | 8.65% - 9.85% | Up to 0.25% (Rs. 3,540 min) | Enquire |
|
Federal Bank | 30 | 10.15% - 10.30% | Rs. 20,000 | 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 Jaipur
The best banks in Jaipur offer easy home loans to both salaried and self-employed applicants based on some eligibility criteria. Different banks and NBFCs may have different figures for these eligibility criteria. However, in general, they verify the applicant's age, nationality, employment status, minimum income, and CIBIL score.
| Eligibility Parameters | Salaried Individuals | Self-Employed Individuals |
|---|---|---|
| Citizenship | Indian | Indian |
| Professional Experience | Total experience of more than 2 years and minimum 1 year in current employment | Total experience of more than 2 years and minimum 1 year in current employment |
| Age |
Min: 21 years |
Min: 21 years |
| Monthly Income | Minimum Rs. 1,80,000 per annum |
Minimum Rs. 1,80,000 per annum |
| CIBIL Score | 750+ (preferred) | 750+ (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.
- All home loan applicants trying to get housing finance at top Jaipur banks and NBFCs must be Indian residents
- Both salaried and self-employed home loan applicants should ideally be between 21 and 70 years of age
- Salaried applicants must have a total experience of more than 2 years and a minimum of 1 year in the current employment, and self-employed applicants are required to show business continuity for at least 3 years.
- Both salaried and self-employed home loan applicants must have a Credit/CIBIL score of more than 750 to qualify for availing home loans at Jaipur banks.
Note: The eligibility criteria defined above are subject to variation from one bank/NBFC in Jaipur to another. Kindly check with the particular financial institution that you apply for a home loan for its specific eligibility prerequisites.
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 Jaipur
To avoid any disappointments in getting a housing loan, an applicant must arrange for essential documents for home loan in Jaipur. These are general KYC documents used by lenders to verify the credibility of the applicant based on their age, address, income, property to buy, and bank transaction history.
1. For Salaried Loan Applicants
- KYC documents such as PAN card, Voter ID Card, Aadhaar Card, Driving License and Passport
- Appointment letter, letter of promotion
- Proof of income such as salary slips of the previous 3 months, the latest Form 16, and the last year's IT return
- Bank statements for the last 3 months with salary credits
- A cheque for the processing fee for the loan application
- Property documents such as sale deed, NOC from the builder or housing society, advance payment receipt to the builder, and approved construction plan
2. For Self-Employed Loan Applicants
- KYC documents such as Voter ID, Driving License, PAN card, Aadhaar Card, and Passport
- Business profile and license of the company
- Latest Form 26AS
- Savings account statement of previous 6 months
- ITR with computation of income for previous 3 years as proof of income
- Profit & Loss account statements and Balance Sheets for the last 3 years attested by a CA
- Memorandum and Articles of Association of the company
| 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 Jaipur
Options are galore when it comes to finding banks and housing finance companies in Jaipur for a home loan. The table below highlights the common types of home loan options available for aspiring homeowners who want to buy a home in Jaipur:
| Type of Document Required | The Object of the Loan |
|---|---|
| Home Purchase Loan | To purchase residential housing such as flat/apartment |
| Plot Purchase Loan | To purchase a land or plot, where construction will be completed within a fixed period |
| Home Construction Loan | To construct a home on an already purchased plot |
| Home Improvement Loan | To renovate the house by wiring, painting, and other activities |
| Home Extension Loan | To add another floor, room, or balcony in an already existing home |
| Pre-Approved Home Loan | To existing customers help meet financial obligations |
| Balance Transfer Home Loan | To transfer the existing loan amount to a new lending party offering a lower rate of interest |
| Top-Up Loan | To help the borrower meet personal and professional financial needs |
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
No bank or NBFC offers a 100% home loan in Jaipur. An eligible applicant can expect a home loan of up to 90% of the property cost from the top banks in Jaipur.
You can apply for a home loan in Jaipur online by visiting the lender's official website or by visiting the nearest branch. Alternatively, you may contact the BASIC Home Loan team to get assistance in the home loan application procedure.
Some top banks and NBFCs in Jaipur offer home loans up to Rs. 5 crores based on the eligibility and repayment history of the applicant.
Generally, many banks and NBFCs offer home loans to applicants aged between 21 to 70 years. However, this may vary depending on whether the applicant is salaried or self-employed.
Banks in Jaipur have their pre-determined eligibility criteria for lending home loans to applicants. These are general eligibility criteria like age, nationality, CIBIL score, employment status, and minimum income of the applicant.