INTRODUCTION
The population of Gujarat is diverse and it has also become one of the most industrialized states in the country making it a popular location for home buying. It is essential to familiarize yourself with the Home Loan Scenario in Gujarat if you are planning to buy a home in any of the states such as Ahmedabad or Rajkot or any other city in the region.
Benefits
The scheme also provides an Interest Subsidy at 3 % to the workers of the organised sector for purchase of house for their use.
- The loan on a house taken by a worker is restricted up to ₹ 15 lakhs or interest subsidy @ 3% based upon bank interest on the actual loan taken.
- The assistance amount will be transferred directly to a beneficiary’s bank account through the DBT mode.
Type of Home loan
- New Home Purchase Loan: This application of purchasing a new residential property.
- Home Construction Loan: To provide for a reasonable expense for building your house where you have bought a plot of land.
- Home Improvement Loan: Some of the objectives of taking a construction loan are for constructing or remodeling your house.
- Home Extension Loan: In particular, with the goal of new rooms and other enlargement of the current home.
- Balance Transfer Loan: To start with, to port, your existing home loan to another lender in the hope of getting a better interest rate.
Options for Loans / Banks / NBFCs
| Banks / Nbfc | R.O.I | Processing fees | Loan | Cibil Score | Apply Now |
| PNB Housing Home Loan | 8.75% – 14% (Reducing Per Annumn) | 0.25% – 0.5% | 5.00 Lacs – 20.00 cr | 625 or above | https://referloan.in/loans/pnb-hfl-loan-home-loan |
Mahindra Finance Home Loan |
9% – 15% (Reducing Per Annumn) | 1% – 3% | 3.00 Lacs – 75.00 Lacs | 650 or above | https://referloan.in/loans/mahindra-finance-home-loan |
| HDFC Bank Home Loans | 8.45% – 10% (Reducing Per Annumn) | 0.5% – 1% | 5.00 Lacs and above | 650 or above | https://referloan.in/loans/hdfc-bank-home-loan |
| Bajaj Housing Finance Home Loan | 8.45% – 10% (Reducing Per Annumn) | 0.2% – 0.5% | 5.00 Lacs – 75.00 cr | 650 or above | https://referloan.in/home-loan/bajaj-housing-finance |
General Eligibility and Document Required for This Type of Loan
Eligibility
- Age: Customers should be between the ages of 21 and 70 years at the time of the loan repayment.
- Income: Employees who earn a minimum of ₹ 15,000 per month are the ones that qualify for the
- scheme. Freelancers are required to provide proof of regular income.
- Employment: Salaried and self-employed applicants must have had at least 3 years of work experience.
Documents Required:
- Proof of Identity: PAN card, Aadhaar card.
- Address Proof: any utility bill or rent agreement.
- Business Proof: Registration certificate, the business license.
- Bank Statements, Income Tax Returns, and Profit & Loss
How Referloan Can Help
ReferLoan is among the rapidly advancing businesses of the Indian nation. It serves all sorts of financial needs through banking and non-banking segments where it interconnects the clients as per the need.
This is how ReferLoan can help!
- Wide Network of Lenders
Referloan works closely with a wide range of partnerships ranging from small players such as SBI, HDFC Bank, ICICI Bank,and others. This helps you have access to several types of loans that best suit your needs.
- Personalized Loan Offers
This way, Referloan adapts to the client’s financial situation and the latter has an offer of loans suitable for him. It assists you in selecting the right loan package that comes with attractive rates of interest and flexible repayment terms.
- Simplified Application Process
Referloan helps applicants to apply for a loan as they have an online application that is easy to complete. It becomes rather simple to analyze the variety of loans offered and complete or submit the necessary paperwork without having to go from one bank to another.
- Expert Guidance
Here users get the help of experts in choosing a loan for themselves. Whether it is eligibility check, document upload or loan approval, your Referloan is backed up by a team of professionals.
- Quick Approvals
Using Referloan, you’ll be able to avail of loans with faster processing times. The processing of applications on the platform guarantees that your application gets processed for approval and you can secure your dream home as soon as possible.
- Transparency and Trust
It should also be noted that Referloan is also very transparent in all the transactions that it conducts. Interest rates, processing fees and other charges are explained in a simple manner to avoid any form of hanky-panky on the side of the lenders.
- Special Schemes and Offers
Referloan updates you with information about the various special schemes and offers by the lenders. This ranges from government subsidies, offers that come during festive seasons and other associated discounts that could help bring down your home loan.
Frequently Questions
- Which are the most preferred cities for home loans in Gujarat?
Ahmedabad is followed by Surat, Vadodara, Rajkot,and Gandhinagar are some of the very preferred locations for home loans in Gujarat. These cities are relatively young and related to real estate this makes these cities appropriate places to invest in homes.
- How much eligibility will I get for a home loan in Gujarat?
The actual loan amount will depend on your income, credit score, and the current value of the property in question. Normally, the amount which is credited by banks and institutions is between 80-90 % of the market value of the property.
- What is the current home loan interest rate in Gujarat?
It is important that the interest rates of home loans are within the % 7-10 range per annum depending on the particular lender, the borrower’s credit file,and the type of rate being fixed or variable.
- What more do homebuyers in Gujarat get to enjoy?
Indeed, the features of Pradhan Mantri Awas Yojana (PMAY) include interest subsidies for first-time home financiers under the CLSS. This scheme can be availed by every person in Gujarat but it focuses more on the lower-income group for their houses.
- Which are the necessary documents needed in applying for a home loan in Gujarat?
Some of the documents required are identity proof, address proof, income proof (salary slip or bank statements) property documents of assets along with a filled loan application form. Sometimes, depending on your circumstances, you might be requested to produce extra documents by the lender you choose.