Home Loans in Agartala

How to Get a Home Loans in Agartala

Agartala is the capital city of Tripura in India. It is situated on the banks of the Haora River. It is the second-largest city in the north-eastern region of India. Agartala is made up of two words, Agar and tala. Agar is a type of perfume tree and tala is a storehouse. The city attracts many sightseers every year due to its many temples, palaces and rich heritage.

The city of Agartala has a strong population of more than 4 lakh people as it continues to attract traders and businessmen who prefer to settle in the city in the long run. This is when the need for home loans comes into the picture. The city is seeing an increasing demand for home loans as the demand for homes continues to rise.

What is a home loan?

A home loan is a secured loan that provides the necessary financial support to home buyers while purchasing a dream home. It ensures that the buyer’s financial condition is not impacted. Whether it is a multi-storied house or a commercial property, home loans can help an individual to buy the property of his/her choice. It can also be used for a home extension or renovation purposes. The interest rate of home loans is also influenced by the ongoing property rates.

Which are the best home loan providers in Agartala?

Listed here are some of the top home loan providers in Agartala as per interest rate offerings:

What is the home loan eligibility in Agartala?

Home loans in Agartala are generally sanctioned against 70% to 85% of the property value. Home loan eligibility can differ across banks and lending institutions. These may also vary as per the loan schemes. Here are some of the eligibility criteria followed by most lenders while filtering home loan borrower applications:

• Nationality: Indian Residents, Non-Resident Indians (NRIs) and persons of Indian origin (PIOs)
• Credit score: 750 and above
• Age limit: 18 - 70 years
• Work experience: At least 2 years (for salaried individuals)
• Business continuity: At least 3 years (for self-employed individuals)
• Minimum salary: Rs. 25,000 per month (varies across lenders & locations)
• Loan amount: Up to 90% of property value

Apart from the one’s listed above, home loan eligibility in Agartala can also depend on the property being bought and the location of the property.

Recommended read: Tips to Improve home loan eligibility

What are the tax benefits on home loans in Agartala?

There are many tax benefits associated with home loans. People in Agartala can avail these under the Income Tax Act of 1961. These home loan tax benefits allow home loan borrowers to save a substantial sum of money annually. Here are some of the tax benefits that one can get on home loan EMI payments:

Apart from Section 24(b) of the IT act, home loan borrowers can claim tax benefits on home loan interest either under Section 80EEA or Section 80EE.

How to avail of a home loan at a low interest rate in Agartala?

Since home loans are generally larger sized loans, banks and lenders do a thorough assessment of a borrower’s credit history, income, property to be purchased, etc. Borrowers seeking a home loan must be aware of the various factors that lenders consider while processing a home loan application. Low-interest rates may come with more eligibility conditions. Mentioned below are factors that can help borrowers in improving their eligibility for lower interest rate home loans in Agartala:

• Credit Score: A home loan borrower’s credit score is a reflection of his/her credit behaviour in the past. Those who make EMI and credit card bill payments on time and in full are likely to have a good credit score. A credit score above 750 is preferred by lenders for granting a home loan. As per the latest RBI guidelines, banks can now use an applicant’s credit score to determine home loan interest rates. Thus, applicants must work towards a higher credit score to get home loans at a lower rate of interest.
• Income and employment: Another determining factor that lenders consider while granting a home loan in Agartala is the applicant’s income, employment type and employer’s profile. Home loan applicants with a stable job at a reputed organization or the government are preferred by lenders. Self-employed individuals who have an erratic income flow or an unstable job may find it tough to get a home loan at a lower interest rate
• Loan amount: The home loan amount one applies for in Agartala can also impact the interest rates. Home loans of up to Rs. 30 lakhs generally come with a lower interest rate as compared to home loans of higher amounts. To avail of a better interest rate on a home loan in Agartala, one should try and make a higher down-payment. This will help in reducing the overall loan burden and also fetch a lower interest rate on a home loan.
• Type of home loan: Home loan interest rates in Agartala also differ as per the type of home loan sought. Regular home loans come with standard rates while plot loans or NRI home loans may have higher interest rates.
• The lower interest rate for women borrowers: Most banks in Agartala provide concessional home loan rates, typically 0.5% lower than the applicable interest rate, to women borrowers. Hence, it is advisable that married couples in Agartala consider taking a joint-home loan where the wife is the primary applicant to get a lower interest rate.

Recommended read – Learn about different home loan scheme

Conclusion

Buying a home in Agartala may no longer be a dream for many as people can avail of home loans at reasonable interest rates in the city. With an increasing number of home loan providers in the city, the people of Agartala can now apply for a home loan with a bank of their choice.

FAQs – Home Loans in Agartala