Home Loans in Ahmedabad
Residents of Ahmedabad can now easily dream of becoming proud homeowners in the city as there are numerous banks and NBFCs they can turn to for loan options. Home loan applicants can find the financial institutions offering the most competitive interest rates for a home loan in Ahmedabad. The interest rate at a bank in Ahmedabad starts at as low as 8.30% p.a., and the loan amount can be paid back to the lender up to a maximum duration of 30 years. In addition, all banks and NBFCs in Ahmedabad offer loan applicants easy and flexible repayment options via easy EMIs and online payment facilities.
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Home Loan Interest Rates in Ahmedabad
Different banks and NBFCs in Ahmedabad offer different interest rates on home loans. The rates are quite competitive to attract a variety of applicants. The lowest home loan interest rate in Ahmedabad is currently at 8.50% p.a. and may go up to 9.90% p.a. Listed below are some of the top banks and NBFCs in the city and their respective interest rates for home loan applicants:
| BASIC Bank/NBFC Partner | Name | Max Tenure (in years) | Rate of Interest | Processing Fees (INR) | Contact |
|---|---|---|---|---|---|
|
PNB Housing | 30 | 8.50% p.a. onwards | Up to 1% | Enquire |
|
Bajaj Housing | Up to 40 yr | 8.45% p.a. onwards | Up to 7% of the loan amount | Enquire |
|
Cholamandalam | 30 | 9% p.a. onwards | Rs. 5,000 (GST included) | Enquire |
|
ICICI | 30 | 9.25% p.a. onwards | 0.50% of the loan amount | Enquire |
|
Tata Housing | 30 | 8.70% p.a. onwards | 0.50% of the loan amount (GST excluded) | Enquire |
|
Shubham Housing | 30 | 3% of the loan amount | 9.90% p.a. onwards | Enquire |
|
L&T Housing | 30 | 8.30% p.a. onwards | Up to 3% on loan amount + taxes | Enquire |
|
IDFC | 30 | 8.75% p.a. onwards | Up to 3% of the loan amount | Enquire |
|
LIC HFC | 30 | 8.50% p.a. onwards | 0.50% of the loan amount | Enquire |
|
Aavas Financiers Ltd | 25 | 13.00% - 17.00% | Min 1.00% | Enquire |
Eligibility Criteria for Home Loans in Ahmedabad
You would need to satisfy a set of criteria to be considered eligible for home loan applications in Ahmedabad. Every bank and NBFC in the city may have its eligibility criteria; however, all loan applicants must meet some standard requirements. Listed below are some of the common criteria accepted for home loan eligibility in Ahmedabad banks and NBFCs:
| Eligibility Parameters | Salaried Individuals | Self-Employed Individuals |
|---|---|---|
| Citizenship | Minimum Rs. 1,80,000 p.a. | Minimum Rs. 1,80,000 p.a. |
| Professional Experience | At least 1 year in current job and overall professional continuity of at least 2 years | At least 1 year in current job and overall professional continuity of at least 2 years |
| Age |
21-58 years |
21-65 years |
| Monthly Income | NA |
NA |
| CIBIL Score | NA | NA |
Note: Applicants are encouraged to declare any additional sources of income besides those mentioned in the table above to boost their chances of getting a home loan approval.
- Both salaried and self-employed applicants must be able to prove a gross annual income of at least Rs. 1.8 lakhs for home loan applications.
- Salaried loan applicants must be at least 21 years old at the time of loan application and 58 years at the time of maturity.
- The acceptable age range for self-employed home loan applicants must be between 21 and 65 years.
- Salaried loan applicants must be employed in their current jobs for at least a year and should be able to prove overall professional stability for at least 2 years.
- Self-employed professionals must establish at least 3 years of business stability at the time of loan application.
Note:These criteria are subject to variation from one bank to another. It is recommended that you check with the specific bank you are applying to for a home loan for its eligibility requirements.
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Documents Requirement for Home Loans in Ahmedabad
When applying for a home loan at a bank or NBFC in Ahmedabad, you would be asked to submit a predefined set of documents along with your home loan application. This is the general mandate at all banks and NBFCs in the city. Below is a standard list of documents for home loans in Ahmedabad, which nearly all banks and NBFCs demand. There may be certain variations from one bank to another. Hence, it is best to check with your specific bank/NBFC at the time of applying for a home loan.
1. For Salaried Loan Applicants
- Bank passbook entries for salary account for the previous 6 months
- PAN Card
- Salary slips for the previous 3 months (attested) in original or salary certificates with deduction
- Copy of Income Tax Form 16
2. For Self-Employed Loan Applicants
- TDS certificate for previous 3 years
- Copy of profit and loss account, ITR for previous 3 years, balance sheet, and income computation
- Bank statements with entries of salary/professional fee credit for the previous 1 year
| Type of Document Required | Examples of Documents that can be Submitted |
|---|---|
| Proof Of Residency | Aadhaar Card, Valid Passport |
| Proof Of Income | Bank Passbook, Bank statement, Last 3 years IT Return |
| Proof Of Age | PAN Card, Voter ID, Birth Certificate, Registration Certificate Of Establishment |
| Proof Of Employment | Certified Letter from Employee/Company Memorandum |
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Home Loan Options Available in Ahmedabad
A single type of home loan may not be suitable for all customer needs. Keeping this in mind, banks and housing finance companies in Ahmedabad offer a variety of home loan options to customers. The table below presents some of these options available to home loan applicants in Ahmedabad.
| Type of Document Required | The Object of the Loan |
|---|---|
| Home Loan | For the purchase of any residential property |
| Home Loans for NRIs | For offering loans to Indians who live outside but want to build/buy a home in India |
| Home Construction Loan | For building a house |
| Land Purchase Loan | For buying a plot/land for building a home |
| Home Loan Overdraft | For borrowing extra loan amount linked to your current and savings accounts |
| Home Loan Balance Transfer | For transferring existing loan amount from current bank to another (the one offering lower interest rates) |
| Loan Against Property | For taking a loan by putting up your property as collateral to the lender |
| Home Extension Loan | For extending the duration of an existing loan for purposes such as building additional room, floor, or balcony |
| Home Improvement Loan | For making upgrades and renovations to existing property |
| Home Loan Top-Up | For demanding extra loan amount over and above existing loan |
Note:The options tabulated above are the most popular loan options availed of by most customers. Please check with your specific bank for other home loan options that they offer.
FAQs
While looking for a bank in Ahmedabad to avail of a home loan, look for the rate of interest each bank offers. Several banks and NBFCs in the city offer competitive interest rates. Alternatively, you can reach out to one of our BASIC Home Loan team members, who can assist you in choosing the best home loan bank in Ahmedabad.
Yes, several banks in Ahmedabad accept applications for home loans from salaried professionals, provided they meet certain eligibility criteria defined by the bank.
Most banks and NBFCs in Ahmedabad offer home loan amounts starting from Rs. 30 lakh with no capping limit, provided the applicant meets the defined eligibility criteria for the loan.
Yes, Ahmedabad has several popular banks and NBFCs that allow customers to apply for a loan for house purchase in the city.
Different banks have different age-related eligibility criteria for home loan applicants. Some banks grant home loans to customers aged up to 65 years, while for some, this bar is even lower. It is advisable to check the permissible age limit from the specific bank you apply to for the home loan or speak to your BASIC team representative for more details.