® 
Max Tenure
5 yrs
Best Rate
7.35%
Processing Fee
10,000₹*
Features
- * Upto 30 years Loan Tenure
- * No Prepayment or Foreclosure charges
- * Funding up to 90%* of the property cost
- * Customized eligibility programs
- * Accessible network & decades of experience
Pricing
- Interest rate – 7.35%
- Processing Fees – 0.25% of loan amount or Rs. 10,000/- (salaried), 0.5% of loan amount or Rs. 10,000/- (self-employed)
Documents Required
- Age Proof (PAN Card, Passport, Any other Certificate from Statutory Authority)
- Residence Proof (Passport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory Authority)
- Education Qualifications – Latest Degree
- Latest Salary-slips for 3 months or 3 years Income Tax returns for Self Employed
- Bank Account statement for last 6 months (Salary Account) or 12 months for Self Employed
Max Tenure
30 yrs
Best Rate
6.90%
Processing Fee
0%*
Features
- Best ROI in the industry
- For women beneficiaries 0.05% less than normal rate
- Speedy Sanction
- No prepayment charges
- No hidden charges
- Interest calculated on daily reducing balance
- Longer Repayment tenor
Pricing
- Interest Rate: 6.90% to 8.90%
- Processing Fee: 0
Documents Required
- ID proof(PAN card, Pass port/Voter Id/Employer ID/Driving Licence/ Aadhaar Card/MNREGA No) with 2 PP photos
- Residence proof: Latest Tel bill, Bank Statement / Elec bill / Ration Card / letter from employer)
- Certificate from employer confirming confirmation of continuous service - For Salaried Only
- A brief note on nature of business / activity / business licence in case of self-employed
- Form 16 for last 3 years
- Bank Statement / Pass book of salary or Business A/c for last 6 months
- Balance sheet and P&L Account for last 3 years - For Self Employed
- Salary Slip for last six months - for Salaried
- Income Tax returns with taxpaid challans for last 3 years - For Self Employed
Max Tenure
15 yrs
Best Rate
12%
Processing Fee
3-5%
Features
- Loan on Cash income
- Past Bureau issues also considered.
- Funding on gram panchayat , B khata , Properties under municipal limits also funded.
- Loan starts at 5 lacs.
Pricing
- Interest Rate: 12 % to 18%
- Processing Fee: 3 - 5%
Documents Required
- Identity proof such as Pan Card, Voters ID Card, Passport.
- Address proof such as electricity bill, ration card.
- Income proof documents, if available.
- Bank pass book or Bank Statements.
- Property documents, if property identified.
How to Get a Home Loans in Ahmedabad
Gujarat’s largest city and trade hub is the city of Ahmedabad. It is also the state’s start-up and financial capital. Home to some of the best educational institutes and manufacturing establishments in the country, the city has experienced rapid urbanisation in recent years. People from across the country come to Ahmedabad for pursing studies, conducting trade, and even visit various tourist attractions.
Availing of a home loan in Ahmedabad is a wise decision as prices of houses continue to rise in the city and remain unaffordable for most. With rapid development in the city and active social life, Ahmedabad makes for an ideal city to live in. Individuals who wish to become homeowners in this historic Indian city can simply opt for a home loan from one of the reputed banks after searching for different home loan options available.
Why is Ahmedabad a great city to live in?
Here are some of the top reasons why Ahmedabad is a sought-after city for those who want to own homes:
- The city features in the list of 100 cities that have been approved by the Ministry of Urban Development’s (MoUD) under the Smart City Mission
- It makes for one of the best cities as far as urban planning is concerned
- It offers many amenities and luxuries as a developed metro city and still comes with a reasonable cost of living
- Comparatively, low property rates let people purchase their dream homes by sourcing a home loan in Ahmedabad
- The city boasts of vibrant culture, friendly people and good food. It is also a place to dive into Indian history and culture
- It is also known as one of the cleanest cities in the country
Recommended read – Microfinance housing loan in Ahmedabad
What is a home loan?
A home loan provides essential financial support to home buyers who wish to fulfil their dream of owning a home. A home loan is a secured loan that ensures that the home buyer avoids any financial distress while purchasing a dream home. Whether it is an apartment home or a commercial property, home loans allow individuals to buy a property of his/her choice. Often, people use home loans for home restorations or renovation purposes. Home loan interest rates are dependent on the ongoing property rates and also lending rates of various banks.
Advantages of a home loan
Some of the advantages of borrowing a home loan are:
- Income tax benefits: To allow more people to easily purchase their own house, the government of India offers tax deductions on the principal and interest payment of home loans. A home loan borrower can claim a tax deduction of a maximum of Rs 1.5 lakhs under Section 80C of Income Tax of India 1971 Act within a financial year. A deduction of up to Rs. 2 lakhs can be availed on the interest component as per Section 24B of the Income Tax of India Act. These deductions are only available once the construction of the home is complete. A home loan borrower cannot claim the income tax deductions if the property is still under construction.
- No prepayment cost: In the case of home loans, lenders don’t charge prepayment penalties if repayment is made before time. Thus, if a home loan borrower has surplus funds, he/she can use them for making part payment for a home loan and reduce the debt burden. However, there may be prepayment fees in the case of floating rate home loans.
- Option of Balance Transfer: A home loan borrower can avail of the facility of transferring an existing home loan to a different lender if there is a lower interest rate available with the other lender. Before availing of this facility, one can check out the Balance Transfer Calculator to gauge whether it will be beneficial to opt for this.
- Longer repayment Tenure: Home loans usually come with the longest repayment tenures going up to as much as 30 years. This can help borrowers to reduce the burden of equated monthly instalments by availing of a longer tenure. By using a loan EMI calculator, one can know how EMIs can change with changes in the home loan tenure.
- Capital appreciation: Home loan borrowers can also benefit from the rise in property prices over time.
Recommended read – Get home loans at lowest interest rates in Ahmedabad
Conclusion
People living in Ahmedabad need not shell out heavy rentals as they can easily own a home of their choice by availing of a home loan at reasonable interest rates. The city is witnessing rapid urbanization resulting in an influx of home loan providers who offer maximum benefits to home loan borrowers.
FAQs – Home Loans in Ahmedabad
1. How to get a home loan in Ahmedabad?
To avail of a home loan in Ahmedabad, the commonly followed steps include, filling in the application form of the bank, submit all the necessary documents, and submit the property documents against which the loan is being sought.
2. How long does it take to get a home loan in Ahmedabad?
A home loan in Ahmedabad usually takes around 15-30 days for processing but it may take longer if any of the documents are incomplete or depending on the procedure followed by the bank or lender.
3. What is the minimum income requirement to get a home loan in Ahmedabad?
The minimum income requirement to get a home loan in Ahmedabad is Rs. 25,000. This amount could change depending on the lender’s terms and also as per the applicant’s credit profile.
4. What is the lowest interest rate on a home loan in Ahmedabad?
The interest rates on home loans in Ahmedabad can vary across banks. The current lowest interest rate on home loans in Ahmedabad is 6.50%.
5. What is the eligibility criteria for availing of a home loan in Ahmedabad?
Self-employed or salaried individuals with a regular source of income are eligible for a home loan in Ahmedabad. Home loans are available for applicants who are at least 21 years old and should not be more than 65 years at the end of the loan tenure.
Ahmedabad Home Loan - Customer Reviews
AFTAB ALAM
good service