Compare Home Loan Interest Rate Offered by Various Banks & HFCs in Jaipur
|Name of Lender||Up to Rs. 30 Lakh||Above Rs. 30 Lakh to Rs. 75 Lakh||Above Rs. 75 Lakh|
|SBI||8.50% - 10.15%||8.50% - 10.05%||8.50% - 10.05%|
|HDFC||8.50% - 10.35%||8.50% - 10.60%||8.50% - 10.70%|
|LIC Housing Finance||8.45% – 10.10%||8.45% – 10.30%||8.45% – 10.50%|
|Kotak Mahindra Bank||8.85% onwards||8.85% onwards||8.85% onwards|
|PNB Housing Finance||8.50% - 14.50%||8.50% - 13.00%||8.50%-10.85%|
|Punjab National Bank||8.65%-9.60%||8.60%-9.50%||8.60%-9.50%|
|Bank of Baroda||8.50% - 10.65%||8.50% - 10.65%||8.50% - 10.90%|
|Union Bank of India||8.75% – 10.75%||8.75% – 10.95%||8.75% – 10.95%|
|IDFC First Bank||8.85% onwards||8.85% onwards||8.85% onwards|
|L&T Housing Finance||8.60% onwards||8.60% onwards||8.60% onwards|
|Bajaj Housing Finance||8.70% onwards||8.70% onwards||8.70% onwards|
|Tata Capital||8.95% onwards||8.95% onwards||8.95% onwards|
Note: Rates as of 31st March 2023
Features of Home Loans offered in Jaipur
- The home loan interest rates offered by banks, HFCs and NBFCs usually start from 8.45% p.a.
- The maximum tenure for home loans extends up to 30 years.
- The loan to value (LTV) ratio for home loans is up to 90% of the property value. The maximum LTV ratios for housing loan applicants, according to the loan amount, are provided below:
|Home Loan Amount||LTV Ratio|
|Up to Rs 30 lakh||Up to 90% of total property cost|
|Above Rs 30 lakh to Rs 75 lakh||Up to 80% of total property cost|
|Above Rs 75 lakh||Up to 75% of total property cost|
- Existing home loan borrowers can exercise the home loan balance transfer option to move their loan to another lender at lower interest rates.
- Home loan customers in Jaipur can also avail top up on home loans and use the proceeds to fulfil their personal/professional needs. Existing borrowers can also opt for overdraft on their home loans to take care of both their planned and unplanned expenses.
- Prospective home loan borrowers, belonging to EWS, LIG and MIG groups, can opt for Pradhan Mantri Awas Yojna (PMAY), provided by Govt. of India. It is a part of the credit linked subsidy scheme (CLSS) and is designed to meet the demands of affordable housing in India.
- Select existing customers of housing loan lenders can pre-approved for home loans depending on their credit scores, income, occupation profile, etc.
- According to the RBI’s guidelines on prepayment of home loans, lenders providing housing loans with floating interest rates cannot levy prepayment charges. However, lenders can either charge or waive off the prepayment charges on home loans at fixed interest rates.
Income Requirements of Home Loans in Jaipur
- Salaried home loan applicants with minimum monthly income of Rs 10,000 usually have higher chances of getting home loan approval.
- Lenders usually provide home loans in Jaipur for self-employed applicants with annual incomes of Rs 1 lakh and above.
Eligibility Criteria of Home Loans in Jaipur
The home loan eligibility criteria may differ from one lender to another. Some of the eligibility conditions for availing home loans are mentioned below:
- Salaried applicants employed in private entities, public sector units and government bodies.
- Self-employed professionals like accountants, lawyers, doctors, engineers, CS, architects, etc. and non-professionals like contractors, commission agents, traders, etc.
Banks, HFCs and NBFCs offering home loans in Jaipur usually set the minimum age to apply for home loans at 18 years. However, lenders also mandate home loan borrowers to repay the loan amount usually by the time they are 70 years old.
Home loan providers in Jaipur usually approve loan applications of Resident Indians with some lenders also offering home loans to PIOs, NRIs and OCIs.
Home loan lenders in Jaipur consider loan applicants with CIBIL/credit scores of 750 and above as financially sound. Therefore, such applicants are more likely to avail home loans at lower interest rates.
- Lenders offering home loans in Jaipur usually consider loan applications of salaried individuals with work experience of minimum 2 years.
- Self-employed home loan applicants having business continuity of minimum 2 years are more likely to avail housing loans offered by home loan lenders in Jaipur.
Documents Required for Home Loans in Jaipur
Lenders offering home loans in Jaipur usually ask prospective borrowers to submit the following home loan documents:
For Salaried Applicants
- KYC documents including PAN card, driving license, Aadhaar card, passport, voter ID, etc.
- Employment contract, appointment letter, letter of increment/promotion, etc.
- Last 3 month salary certificates, bank statement of last 6 months with salary credits, Form 16, ITR, etc. for income proof
- Bank statements showing repayment of ongoing loans, if any
- Property related documents
- Cheque for processing fee in favour of the home loan provider
- Proof of own contribution
Additional Documents for Self-Employed Applicants
- Last 3 years ITR with income calculation
- Profit & loss account and balance sheet of last 3 years duly attested by a chartered accountant (CA)
- Last 6 months savings bank account statement of the applicant and current account statement of the business entity
- Latest form 26AS
- Business profile
- Business address proof
Note: The list of home loan documents required mentioned above are not exhaustive, as lenders may ask prospective borrowers to submit further documents based on their profiles.