Top Pointers to Keep in Mind While Getting a Home Loan in Jaipur

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.


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.

It is important for potential borrowers to check out all the details of a housing loan scheme before finalizing it. Home loans in Jaipur can go up to quite high amounts and consequently, customers must be cautious not to default on their EMI repayments.

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