Jaipur, the pink city, has high real estate value especially
due to the ever-increasing business prospect in the area. Innumerable forts,
palaces, museums which are the ornaments of this city make this place an ideal
location for the tourism industry. Additionally, along with the textile
business from the past, upcoming businesses have grown this city in its
magnitude. With tourism as well as industries raising the intrinsic value and
the population inhabiting this city, Jaipur is currently holding one of the
fastest-growing real estate markets in India.
Consequently, with rising real estate value, immigrants
coming to Jaipur often find it difficult to avail houses. The high prices of
residences in and around this city often force individuals to borrow a home loan in Jaipur to purchase or build
residential properties. These credit advances have numerous features that are
tailor-made to aid customers, especially in situations where the real estate
value is extremely high. Potential borrowers must keep in mind the following
pointers and look for subsequent benefits before getting a home loan in a
costly city like Jaipur.
●
High financing: Jaipur being
an expensive city, individuals trying to buy their residence with a home loan
necessitate high financing from NBFCs. Usually, lenders offer high amounts that
can go up to Rs. 3.5 Crore. Additionally, convenient home loan interest rates
beginning at 8.8% allows a lesser financial burden during EMI repayments.
●
Long term
tenor: High financial aids in loan schemes require lengthy repayment
tenor so that borrowers can repay them at ease while maintaining their other
expenses as well. Subsequently, when borrowers go for a home loan online application or offline application, they are usually offered a tenor
which can go up to 20 years.
●
Subsidies: Government
initiatives like PMAY have been introduced for some time now, offering
subsidies on the rate of interest of home loans. Applicable in both rural and
urban areas, it is important that citizens of Jaipur look up how urban residents can
get a house via PMAY Scheme.
Under this scheme, there
are 3 divisions of subsidy rates. Economically weaker sections (EWS) and low-income
group (LIG) individuals can avail subsidies of 6.5%. For the middle-income group (MIG) individuals, there are 2 categories with
3% and 4% subsidy rates depending on their income bracket.
● Prepayment facility: These
credits usually offer prepayment facility, allowing customers to pay a lump sum
amount to the lender at once. This can be used to pay the full amount and
foreclose the loan before its tenor. Similarly, customers can also pay just a
portion of their loan balance and thereby save a share of their interest
repayment. It is important borrowers use a home loan EMI calculator to
calculate the exact amount they have to pay in case they avail this facility.
● Balance
transfer facility: This facility allows borrowers to transfer
their existing home loan balance to a different financial institution to avail
lower rates of interest and additional benefits. Of the many things to keep track of
when a customer does a home loan balance transfer,
the most crucial is that of interest rate and fee while transferring.
●
Top-up
facility: This comes as a perk of a balance transfer facility. Using this
feature, customers can apply for a top-up loan on their existing loan account.
This can go up to Rs. 50 Lakh.
