Getting yourself a housing loan in Ahmedabad can be a bit tiring. As there are a lot of options to choose from and every other housing loan offer looks too good to be attractive enough.
So how can you decide on which one you should go for? Well this is why we are here to help you solve your problem.
But before we go ahead. Let’s first understand what a housing loan is and how it all works.
Housing loan is just another name for Home loan or mortgage loan and is the amount borrowed by an individual to buy a home. The loan can be borrowed from banks and nbfc companies. The borrowed money is returned back to the banks in the form of EMIs over a period of time.
The amount of loan and interest rate of loan varies from individual to individual. As there are a lot of factors that are taken into consideration while approving a housing loan in ahmedabad for an individual. Such as his past record, credit score, running loans, etc.
The return time can also vary between 10 to 30 years. Normally, an individual has the option to choose the return time period. But in certain cases it might be restricted to 10 or 20 years only.
Different Types Of Housing Loan
Well there are different kinds of housing loans available for an individual to choose from and each of these loans have different objections. Such as:
- Home Loan – Normal home loan to buy a house
- Land Purchase Loan – Loan taken to buy a land
- Home Renovation Loan – Loan taken to renovate the home
- Home Repair Loan – Loan taken to repair some or all areas of the home
- Construction Loan – Loan taken to build your dream house
Things To Notice While Applying For Housing Loan
1) Loan Amount
Loan amount or principal amount is the money you borrow from the bank. Make sure you don’t get an extra amount of loan.
2) Interest Rate
Interest is one of the major factors of housing loan in ahmedabad. As a lower interest rate can help you repay your loan early with lower EMIs. But a higher interest rate will lead to paying higher EMIs and for longer duration.
Normally the interest rate also depends on the loan amount and the duration of repayment.
3) Repayment Duration
Repayment time is the time frame in which you choose to return back the money to the banks or lenders. It can range anything from 10 years to 30 years.
4) EMI Amount
It is the monthly instalment amount which you pay to your bank or lender. Your EMI is the combination of your loan amount and interest. The EMI amount is decided upon the loan amount you choose and the repayment time frame.
Charges For Housing Loan In Ahmedabad
There are different charges associated whenever you apply to get yourself a housing loan. These charges can be – application fees, processing fees, interest rate charges, foreclosure charges, etc.
Every bank or lender charges differently. But here is as to what we at Zatpat Loan and many big banks normally charge:
- Application Fees – Rs 100 (Removed when you apply with us)
- Processing fees – 2% for both salaried and self employed individual
- Interest rate for salaried individual – between 7% to 14%
- Interest rate for self-employed individual – between 9% to 14%
- Variable interest rate – 15% for both (can decrease or increase overtime)
- Foreclosure fees – 3%
- EMI bounce charges – Rs 100 to Rs 2000 per bounce
Calculate Your Housing Loan
There can be instances when you are not able to decide on the amount of housing loan. As you might be confused on the interest rate and time duration.
So to help you with all of this. We have a EMI Calculator that can help you decide on the loan amount that is affordable for you.
You can always get in touch with us through our Contact Form or use one of the methods mentioned below. Below are some of the methods through which you can get in touch with us
Contact Number:- 8866706060
Email:- [email protected]
Branch Address:- 315, 3rd Floor, Tulsi Complex, Opp. Passport Office, Mithakali Six Road, Ahmedabad – 380009
Frequently Asked Questions
1) What is a housing loan?
Housing loan is a loan amount taken by an individual to purchase a house for themselves.
2) What is the duration of a housing loan in Ahmedabad?
A housing loan can be taken for a minimum of 10 years to a maximum of 30 years. An individual has the option to choose the time frame according to him.
3) What is the interest rate on a housing loan?
The interest rate is between 7% to 14% on housing loan in Ahmedabad. It can be lower or higher depending on your financial records.