Home Loans in Udaipur
The mesmerizing beauty of Udaipur, the city of lakes, makes it a popular destination wedding spot for celebrities and common people. Undoubtedly, many would love to own a house in this beautiful city of Rajasthan that offers ample serenity, various opportunities for economic growth, and has emerging real estate potential. You, too, can fulfil your dream of buying a home in this city through a home loan in Udaipur that starts at a rate of interest of 8.50% per annum. The maximum repayment tenure offered by the best banks and NBFCs in Udaipur is up to 30 years, during which the applicant can choose flexible repayment modes. The processing fee charged by a majority of financial lenders offering home loans in Udaipur ranges between 0.25% - 0.50%.
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Home Loan Interest Rates in Udaipur
The lowest home loan interest rates in Udaipur that any bank offers start at 8.50% per annum. This may go up based on the repayment capacity, type of home loan scheme chosen, and other similar factors. The table below highlights the current home loan interest rate in Udaipur offered by the top 10 banks and NBFCs:
|Basic Bank/NBFC Partner||Name||Max Tenure (in years)||Rate of Interest||Processing Fees (INR)||Contact|
|LIC HFC||30||8.50%||Up to 0.25% (Rs. 25,000 max)||Enquire|
|Aavas Financiers Ltd.||30||8.50% - 17.00%||1.00%||Enquire|
|Bank of Baroda||30||8.60%||Up to 0.50% (Rs. 8,500 min; Rs. 25,000 max)||Enquire|
|HDFC Bank||30||8.65% - 9.85%||Up to 0.25% (Rs. 3,540 min)||Enquire|
|PNB Housing||30||8.75% - 11.45%||Up to 0.50% (Rs. 10,000 max)||Enquire|
|Axis Bank||30||9.00% - 14.005||Up to 0.1% (Rs. 10,000 max)||Enquire|
|State Bank of India||30||9.15% - 12.95%||Up to 0.25% (Rs. 10,000 max)||Enquire|
|ICICI Bank||30||9.25% - 10.05%||0.50% - 2.00%||Enquire|
|Shubham Housing Finance||30||9.90% - 16.00%||Up to 2.00%||Enquire|
|Piramal Housing Finance||30||11.00%||Up to 3.00%||Enquire|
Eligibility Criteria for Home Loans in Udaipur
The top banks and NBFCs in Udaipur have set their particular eligibility criteria based on which they offer home loans to applicants. These are common parameters through which they check the applicant's age, nationality, professional experience, employment status and CIBIL score.
The table below enlists the standard criteria for home loan eligibility in Udaipur:
|Eligibility Parameters||Salaried Individuals||Self-Employed Individuals|
|Professional Experience||Minimum 2 years||Minimum 2 years|
Min: 21 years
Min: 21 years
Minimum Rs. 10,000 per month
Minimum Rs. 10,000 per month
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.
- All home loan applicants trying to get housing finance at top Udaipur banks and NBFCs must be Indian residents
- Both salaried and self-employed home loan applicants should ideally be between 21 and 65 years of age
- Salaried applicants must have a minimum experience of 2 years, and self-employed applicants are required to show business continuity for at least 2 years.
- Both salaried and self-employed home loan applicants must have a Credit/CIBIL score of more than 750 to qualify for availing home loans at Udaipur banks.
Note: The eligibility criteria defined above are subject to variation from one bank/NBFC in Udaipur to another. Kindly check with the particular financial institution that you apply for a home loan for its specific eligibility prerequisites.
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 Udaipur
One of the crucial steps to get a home loan is to arrange for essential documents for a home loan in Udaipur. If you fail to submit the required KYC documents to the lender, you will likely not get your desired home loan. Mentioned below are the standard documents required for home loans in Udaipur:
1. For Salaried Loan Applicants
- KYC documents such as PAN card, Voter ID Card, Aadhaar Card, Driving License and Passport
- Appointment letter, letter of promotion
- Proof of income such as salary slips of the previous 3 months, the latest Form 16, and the last year's IT return
- Bank statements for the last 3 months with salary credits
- A cheque for the processing fee for the loan application
- Property documents such as sale deed, NOC from the builder or housing society, advance payment receipt to the builder, and approved construction plan
2. For Self-Employed Loan Applicants
- KYC documents such as Voter ID, Driving License, PAN card, Aadhaar Card, and Passport
- Business profile and license of the company
- Latest Form 26AS
- Savings account statement of previous 6 months
- Memorandum and Articles of Association of the company
- ITR with computation of income for previous 3 years as proof of income
- Profit & Loss account statements and Balance Sheets for the last 3 years attested by a CA
|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 Udaipur
If you shortlist the best home loan company in Udaipur, then you can expect to choose from a wide range of housing loan schemes that can help you buy a home or plot, renovate or extend an existing home, balance transfer from an existing loan, and flexible top-up plans.
The table below highlights the common types of home loan plans available for potential homeowners who want to buy a home in Udaipur:
|Type of Document Required||The Object of the Loan|
|Home Purchase Loan||To purchase residential housing such as flat/apartment|
|Home Construction Loan||To construct a home on an already purchased plot|
|Home Improvement Loan||To renovate the house by wiring, painting, and other activities|
|Balance Transfer Home Loan||To transfer the existing loan amount to a new lending party offering a lower rate of interest|
|Top-Up Loan||To help the borrower meet personal and professional financial needs|
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.
Best Bank and NBFCs for Home Loans in Udaipur
Getting a home loan in Udaipur from the best banks and NBFCs is not so tough. Most of these offer easy online application procedures and affordable rates of interest. Have a look at the top 5 banks and housing finance companies in Udaipur (partnered with BASIC Home Loan) that can help you get financial help to buy a dream home in Udaipur:
Eligible applicants can get a maximum home loan of up to Rs. 5 crores from the top banks and NBFCs in Udaipur.
The monthly EMI on a Rs. 25 lakh home loan in Udaipur depends on the rate of interest applied by the lender and the repayment tenure.
The validity period of a home loan applicant in Udaipur is generally stated on the application letter. It may vary for different lenders and home loan schemes.
The eligible age set by top banks and NBFCs in Udaipur is between 21 and 65 years. However, this may vary depending on whether the applicant is salaried or self-employed.
The minimum salary required to get a home loan in Udaipur depends on the bank or NBFC and the home loan scheme you choose. So, we advise you to check the same from your chosen lender.