Ahmedabad is a densely populated city in Gujarat, India. Having emerged as an economic and industrial hub, it holds the record for being India’s second-largest producer of cotton.
The above details portray Ahmedabad as a serene environment for business and residential purposes. It’s also an amazing place to invest in the real estate market. Now, if you want a large amount of money to spend on a new house or to invest in property development in this city, there’s a nice way to achieve that.
Obtaining a home loan assures you of maximum convenience and a host of fantastic benefits. Read to learn how a home loan can be an outlet for your financial freedom. goodexpressday
The Advantages of Obtaining a Home Loan in Ahmedabad
Below is a list of the advantages that you stand to enjoy when you take a home loan.
Large Loan Amount
Quit applying for loans that demand several documents and pay a low amount. So long as you apply while possessing a great credit score, the required work experience, and a clean debt repayment history, one can take a home loan worth Rs.5/crores or even higher in India.
Loans Connected to an External Benchmark
These days, most home loans are linked to external benchmarks like the repo rate. So, if you take a home loan and decide to be on a floating interest system, you will pay less interest when there are repo rate cuts.
Loan Tenor of 30 Years
Since home loans are big-ticket loans, most lenders agree to sanction these loans for a long tenor. In general, one can pay off a home loan over a period extending up to 30 years. This makes a home loan in Ahmedabad highly affordable for all.
Nil Part-Prepayment and Foreclosure Charges
In compliance with the Reserve Bank of India’s directive, applicants who take home loans at a floating interest rate can opt to either relate a part of the loan, or the entire sum, before the tenor ends at no extra charge. shoppingstops
Efficient Account Management
Say goodbye to the stress of walking to branches of banks and NBFCs to perform tasks that you can now handle from the comfort of your house. These days, most lenders offer an online home loan facility, which makes it possible to apply and manage one’s home loan account while sitting within the comfort of one’s home. Simply log in to download statements and many more.
Things to Consider Before Opting for a Home Loan in Ahmedabad
Before applying for a home loan, you must ensure that you evaluate the following factors:
- ● Property’s size, age, and its location in Ahmedabad
- ● RERA compliance and encumbrance-free title
- ● Property’s price
- ● Property’s design, view, and setup
Home Loan in Ahmedabad: Documents and Eligibility Requirements
Below is a list of the needed documents and the eligibility requirements for taking a home loan in Ahmedabad:
Documents
- ● Proof of identity like a Permanent Account Number (PAN)
- ● Proof of address like a utility bill
- ● A passport-size photograph
- ● Bank account statements of 3 months ago
- ● Latest salary slips
- ● Income Tax Returns
Eligibility Criteria
● Applicants must be Indian citizens residing in India.
● Salary earners must be aged between 23 and 62 years while professionals must be aged between 25 and 70.
● Applicants need work experience of up to 3 years.
Final Thoughts
These days, with a home loan in Ahmedabad, one can avail of high loan amounts at interest rates as low as 6.70%. Further, one can avail of benefits, such as an adaptable tenor to facilitate easy repayment, doorstep service for document collection to ease the burden of application, and much more.