Home Loan in Ahmedabad

Are you Eligible to get a Home Loan Subsidy?

Do you find yourself dreaming about the perfect house to live in? Have you sometimes looked at apartments by the road and wished if you could own it? Buying a home of your home is now easier than ever with home loans at unbelievable EMI and interest rates. Now you can calculate your finances and increase/decrease your loan tenure accordingly. Home loans can be obtained by all strata of people, both salaried and self-employed.

Anyone between the ages of 21 and 65 are eligible to apply for a loan, depending on the type of employment. It is to be noted that loan payments are not applicable after retirement.

A minimum net annual income of 5-7 lakhs is required to apply for a loan, depending on the type of employment. A loan of 50% of the net pay is generally granted to the borrower.

There are two types of employment options that come into consideration while applying for a loan- salaried and self-employed. While professionals who are working in a corporate organization fall into the first category, others like doctors, small retail businessmen, etc. fall into the second category.

The borrower should have worked in the current job/business/profession for atleast a year, and should have a prior work experience of a minimum of two years.

The borrower is applicable for a loan irrespective of whether he stays in an owned/rented property.

The borrower should have resided for a minimum of one year at his/her current residence.

The credit rates which are accepted differs from one financial organization to another. However, a good credit rate as recognized by the credit bureau should make the borrower eligible for the loan.

Once you decide on whether you want to purchase a plot or a fully constructed loans, you can then sort out your finances and apply for a home loan in a bank that will cater to the rates of interest that you can afford. There are some documents, however, that you need to submit as a standard statement of your income and expenditure.

Identity Proof- Aadhar Card/PAN Card/Passport/Voter’s ID

Residence Proof- Aadhar Card/Ration Card/Passport/Voter’s ID/Water bill/Electricity bill

Income proof:

Employment Proof:

Tax Proof:

• Salaried- Latest Form 16
• Self Employed- Latest ITR form
• Property documents
• Processing fee cheque

Co-applicant’s documents

Bank wise 2017 & 2018 Interest rate, processing fee, loan amount, and tenure range

*As per rules, the applicability of GST for home loans will be at a consistent rate of a minimum of 18%.

Home Loan Eligibility:

• Age (21–65 years)
• Educational qualifications
• Job stability and income bracket
• Credit score and repayment capacity
• Liability of other loans, such as personal loan, credit card etc.
• Assets such as property, jewellery etc.