Check Your Eligibility Criteria to Take a Home Loan in Jaipur. - Baltic Master
Check Your Eligibility Criteria to Take a Home Loan in Jaipur.

Check Your Eligibility Criteria to Take a Home Loan in Jaipur.

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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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