Ahmedabad, also known as the financial capital of Gujarat, is one of the largest cities in India. The city provides excellent infrastructure facilities with an expanding education and industrial sector. As we know there are many multiple start-ups in the city and they are further expand employment opportunities, which encourage real estate investors to invest in several housing projects. There are many real estate projects in the city, by which buyers have so many multiple options to choose from them and leading to increasing demand for home loans in Ahmedabad. Various banks and housing finance corporations are expanding their branches in city due to surge in home loan applications.
Features and Benefit of Home Loan in Ahmedabad
Flexible Interest Rates
Due to the growing demand for housing loan in the city, lenders are offering attractive home loan schemes with lower interest rates. Fixed as well as floating interest rates are provided for a flexible time frame as far as repayment is concerned.
Home Loan Balance Transfer Facility
This helps buyers shift their loan amount to new lender who offering lower interest with existing for different interest regime.
Pre-approved Home Loan Facility
Many banks and housing finance corporations readily provide pre-approved home loan facilities in smart cities including Ahmedabad. This facility is mutually beneficial for both lenders and borrowers. It helps the former retain potential customers and provides easy access to home loans for the latter.
Customized Repayment Options
Lenders provide flexibility in repayment process by allowing specific number of instalments for paying down payment and processing fees. Such features help the lenders win consumers’ trust as well as provide financial relief to loan applicants.
Home Loan Eligibility Criteria
Any citizen of India above the age of 21 years with a stable source of income is eligible to avail a home loan in Ahmedabad. Individual applicants their employment stability should be 1 year and total employment experience 2 years is require for loan grant.
- business firms should able to show stable income over Rs 1.80L/PA and mini. Rs.3 lakh PAT along with business experience at least 3 years.
Documents Required for Availing Home Loan in Ahmedabad
Minimal documents are require for availing of a home loan in Ahmedabad. For that you need to submit your KYC and bank statements of the last six months with application form. People who are doing job for them latest salary slip is mandatory as income proof. Self-employed applicants need to submit their income tax return (ITR) report and documentary evidence of business.
Types of Home Loan in Ahmedabad
increase in population is surge the demand for house in city and builders are investing in residential properties. Lenders have come up with new schemes with different types of home loans to draw the buyers’ attention.
- Home Purchase Loan: This is the most frequently availed loan for buying residential property, ready-to-move-in flats, under construction flats, and others.
- Improvement Loan: This loan is tailored for individuals who are seeking financial support for refurbishing, extending their existing house, and other reconstruction activities.
- Loan for Buying a New Property or a Flat: Lenders provide a lower interest rate on home loans for purchasing new property or flats. Borrowers are also allowed to avail of a longer home loan tenure on such home loans.
- Pradhan Mantri Awas Yojana Urban (PMAY-U): PMAY-U is a government scheme that aims to provide affordable home loans to eligible urban poor and middle-income groups. You can avail home loan from any bank or housing finance corporation by applying through the official website of PMAY-U.
If you are planning to buy a home loan in Ahmedabad, know that now is the right time to do so. The interest rates are at an all-time low and lenders are coming up with great offers to entice customers.