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Eligibility for Home Loan in Ahmedabad
You must be at least 21 years old and less than 65 years old
Net annual income
You should have the minimum annual income required to apply for home loan
Salaried or Self-employed
A permanent residence or rented residence where you have stayed at for a year prior to the loan application
A good credit score certified by a recognised credit bureau
What are the factors that decide my home loan amount eligibility?
Here are a few factors that home loan lenders consider while computing the home loan amount you are eligible for.
The banks or NBFCs ensure that your Equated Monthly Instalments (EMIs) is limited to 50% of your monthly income.
The EMIs of other ongoing loans, if any, are also taken into consideration when deciding the maximum home loan amount, you are eligible for. EMIs of any other ongoing loans will eventually lower the maximum home loan amount you are eligible for.
Another important aspect to remember before you apply for a home loan is that most banks and NBFCs disburse only up to 85% of the property value.
How do I improve my eligible home loan amount?
Here are a few ways you can increase your eligible home loan amount:
You can make your spouse a co-applicant while applying for a home loan. With your spouse’s monthly income being considered during the home loan approval process, the eligible loan amount will also increase.
You can consider choosing longer loan tenures to increase the loan amount you are eligible for.
You can also, alternatively, add your parents as co-applicants while you apply for home loan.
Documentation Required to apply for a Home Loan in Ahmedabad
Proof of Identity
Voter ID Card
Valid Driving License
Proof of Income
For self-employed applicants:
CA certified/audited balance sheet and profit and loss account for the last three years
Income Tax Returns along with the computation of income for the last three assessment years
For salaried applicants:
Income Tax Returns or Form 16
Salary slips for the last three months
Bank statements showing repayment of ongoing loans if any for the last six months
Processing fee cheque
Passport size photographs of all the applicants/co-applicants affixed on the application form and signed across
Types of Home Loans offered in Ahmedabad
Banks and NBFCs offer a wide array of home loan products to choose from. Depending on the customers’ requirements and purpose, home loans in Ahmedabad can be classified into the following types.
Type of Home Loan
Home Loan for Construction
Suitable for those looking to construct their own house rather than purchasing an already constructed property
Home Loan for Purchase
Can be availed by eligible borrowers looking to purchase a new house/flat or purchase an already owned property
Home Improvement Loan
Suitable for those who are looking to repair or renovate an existing property
Home Loan for Extension/Expansion
Offered to prospective borrowers who are looking to extend/expand or alter the structure of their existing property/house
Home Conversion Loan
Can be availed if you wish to move to a new house/flat after having already availed a home loan before and purchases a house/property with it
Home Loan Balance Transfer
Can be opted by those who wish to transfer his/her existing home loan from the existing lender to another home loan due to reasons such as lower interest rates and better customer services offered by the other bank
NRI Home Loan
NRI home loan are specifically designed for Non-Resident Indians (NRIs) who are looking to purchase a residential property in India. The procedures and formalities involved in the approval process for NRI home loans is different from the regular home loans offered by the banks.
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I have taken INDUSIND home loan because my friend suggested it to me.The tenure of the loan is for 17 years with an interest rate of 11.5%. For submission of documents i have to run up and down apart from that it was fine.But it would have been good if the procedure is little short and not to deduct any installment from account without clearing the check first.
My home loan was taken from Development Credit Bank. They are not doing follow up with the customer and they don't respond even though i have called to the customer care. I have availed Pradhan Mantiri Yojana scheme hence from bank side they need to send the required documents to the Government and they haven't provide the photocopy of the documents to the customer and when i asked the documents copy, they charged me Rs. 800. They asked me to take a insurance from ICICI Lombard but they have not provided the insurance copy to the customer. When i call to the call centre, they asked me to visit the branch. They have given me a interest rate of 11.5%. Overall, they need to improve the service.
I have my housing loan from HDFC because documentation process was easy and I can check everything on their net banking. On their portal, they have a option to change the interest rate for that there will be a extra charges based on the credit i have and they will decide the interest rate based on the customer profile. The process is so simple. Whatever the requirement is there for me I can do it on my own through net banking.
I had a home loan from SBI and the sales executive was best because no one provides me this much low rate of interest compared to any other banks but they needs so much documents and their mortgage they do is really worst. Its due to the low rate of interest, i have selected the home loan from SBI. They have offered me a interest rate of 8.24%.
They are cheating existing customer. I got home loan at interest rate of 8.50%. In just one year they increased to 10.9%. When I talked about this then they are saying sorry we can't help. I don't understand how can they are giving loan at 8.50% to new customer.
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Reviewed on Dec 20, 2019
I have taken home loan through Gruh Finance Limited .The rate of interest and the processing fee was nominal.The loan amount got sanctioned on time .This loan is still active and there was no difficulties faced so far .I am satisfied with the overall service .
I have taken home loan directly through DHFL .The rate of interest and the processing fee was very high since had a requirement at that time taken this loan .This loan is still active and the loan got sanctioned on time .There was proper callback and follow up as well.Everything was ok but the service was average according to my point of view.
My home loan was taken from ICICI because i am a banking customer of ICICI from the year of 2012. I purchased the loan amount of Rs. 18 lakhs and i have been paying the EMI amount of Rs. 14900. I have selected the duration of 30 years. They have sanctioned the loan within 10 days.
I have completed my home loan with State Bank of India long back. I got lot of reference for choosing SBI from different people and more over its a Nationalized Bank and I can trust them 90%. Its been an excellent experience. Even I am happy with rate of interest as they offered me 9% and the tenure is 25 years.
I have taken a home loan with HDFC limited on 7 years before which was applied directly to them. At an initial I face an issue from banker has forced me to pay for 11% interest for 5 years. Now it is for 10% after floating. The customer service is no proper response. The fee are okay but the interest are high. They have sanctioned on time.
I have taken a home loan in BANK OF INDIA on 3 years before which was processed directly to bank, on time the loan got sanctioned. The loan amount of twenty four lakhs for the duration of 15 years. The rate of interest and processing fee are nominal.
I have applied for the home loan and using from last 3 years, i got the loan amount in one shot which is 13L, the rate of interest was 10%, the duration for repaying the loan was 20 years. There are pre closer applicable but the locking period is for 2 years.
I have applied Home Loan through One India Bulls housing finance limited. I was sanctioned with the loan of 10 lakhs. They have provided me loan with good rate of interest for the tenure of 25 years. I never has any issues in documentation which was done correctly and smooth.
I had applied for a home loan. I closed the loan application because I have canceled the plan besides, rate of interest is quite high. I am not aware of the processing fee but the loan amount was sufficient for me. Their customer service is really good, very quick response.
I had applied for a home loan from HDFC Bank. An agent told me rate of interest would be 8.6% but when the process started they increased it to 9.6%. So I closed the loan application. Loan amount and tenure was satisfactory. Customer service is ok.
I had applied for a Home loan with ICICI BANK at the time when i was looking for Home loan. There was no delay in my application and it took few days to get things done. The interest rates to be nominal . The loan amount which they gave was satisfactory .
I applied my home loan with HDFC LTD . The rate of interest which they offered to me was very high so i cancel this loan . I said them to negotiate the loan but they have not done . The tenure period was 10 year . Service was good when i applied that time .
I applied my home loan with HDFC BANK . I cancel the loan because rate of interest was very high , i said them to negotiate but they did not accept , i got the loan from another bank with nominal rate of interest it is only 8.40% . Customer service was not good and their response not up to the mark
The rate of interest lesser when compared to others so applied and it got rejected but not said the reason. The documentation process was not done also the expected loan amount was more than 20L also the rate of interest provided was 8-9% approximately. The customer support is good.
I am using the home loan from last 3 years with AADHAR HOUSING FINANCE LTD the documentation process was quick and the loan amount got was quick. The loan amount given with the bank was good, the rate of interest was 7% approx. The duration for repaying the loan is for 10 years.
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ANANT AMARABHAI MAKVANA
Reviewed on Jun 22, 2019