Jaipur is one
of the best cities to stay in India, if one wants to enjoy the beauty of
historicity and the amenities of modern life at the same time. A city vibrant
in its zest for life and steeped in culture, Jaipur is reminiscent of a time
when Rajputana was the pride of the nation. Today, high rise apartments jostle
for space with Hawa Mahal and Amber Palace and many are looking forward to
owning a home in this sprawling city with such deep cultural roots. Thankfully,
applying for a Home Loan in
Jaipur has now been made easier by
most banks and NBFCs like Bajaj Finserv and so there is absolutely no reason
why one cannot fulfill this dream.
Before one
applies for a Home Loan, they need to determine for themselves whether they are
eligible for the loan. This can be determined quite easily with the help of a
Home Loan Eligibility Calculator. The calculator is an online tool that will
help you calculate that how much loan are you eligible for. You need to feed a
few details like the date of birth, the monthly income and the tenure for which
you wish to take the loan. You will also be asked if there are any other
sources of income apart from the salary you receive, like interest from a MIS
scheme, investment in mutual funds or rent from an ancestral property on lease
and whether there are any existing EMIs or obligations that have to be
fulfilled. Taking all these factors into account, the calculator will show how
much loan you are eligible for.
Once it is
clear that one is eligible for a Home Loan, the time comes to calculate the
amount of the EMIs that one would be paying each month and this can again be
done with the help of online Housing Loan
EMI calculator. For this, one needs
to fill in information regarding the amount of Home Loan that one was eligible
for, the tenure of the Home Loan and the interest rate that the bank or NBFC is
offering where you wish to apply for the loan. The calculator will give you the
estimate for the EMI amount and also show you a part by part break up regarding
the principal amount repaid each year, the interest calculated for that year
and the total amount you will be paying for interest and principal combined at
the end of the tenure. If you feel sure about the repayment plan, all one needs
to do is go ahead and apply.
When one
applies for the Home Loan, one needs to ensure that the documents required for
Home Loan are in place to avoid rejection of application. The application can
be made online but the documents are verified before the loan is finally
disbursed. Some of them are ID proof, age and address proof, monthly income
proof like salary slips, bank statement for the past three years- which may
depend from bank to bank, the IT returns for the past three consecutive years
and working phone numbers and email which are used for future reference and
identification. If the information provided is correct, then the loan can be
sanctioned in as less as three days, once the processing fee has been cleared
by the applicant.
The lowest housing loan
interest rates are now provided by many banks and NBFCs. They also offer Home
Loan balance transfer facilities and their loan comes with a number of additional
perks that are greatly to the applicant’s advantage. There are provisions for
applying for top up loans and one can also apply for customized insurance once
they become a client of them. The interest rates are anywhere between 8.5% to
15% among the various banks and NBFCs combined in the country and once the
additional benefits are taken into account, it is always a win-win situation
for the loan applicant. Other banks and NBFCs too have their own attractive
policies. The bottomline is that today, anyone can own a property in Jaipur if
they fulfill certain basic criteria and with the rise of the buying power of
the public, the real estate sector has also seen a massive boom in the city, as
the demand for housing grows.
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