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Home Loan & Tax Benefits for Property Buyers in Jaipur

by Ashiana / / 6556 views/ Reading Time: 4 minutes

Jaipur is a rapidly evolving tier-II city and one of the fastest-growing tier-II cities in the country. As a result, the real estate market here has also boomed in the last few years. Many reasons propel this growth, including infrastructure developments, proximity to Delhi, the booming IT industry, and multiple business opportunities.

If you’re also looking to buy a home in Jaipur, you can quickly get your house financed through banks and NBFC(Non-Banking Financial Companies). However, check and compare the interest rates across various banks and institutions and the multiple tax benefits that can make your home more affordable.

Home Loan & Tax Benefits for Property Buyers in Jaipur

Home Loan Options in Jaipur


Whether it is Jaipur or any other city in India, most of the banks and NBFCs offer home loans starting from as low as ₹5 lakhs and going all the way to ₹5 crores, with the tenures extending up to 30 years. The interest rates on these loans start from 8.75% per annum, however, they vary based on your credit score, loan amount, and overall profile. You can get a discounted interest rate if you apply for a joint loan with your spouse.

Some of the key factors that affect your home loan eligibility include – your income, your employment type, your credit score, and the property valuation. 

Ref: https://www.tatacapital.com/home-loan/home-loan-in-jaipur.html 

Key Benefits of Home Loans


  • Competitive Interest Rates: Many financial institutions in Jaipur offer home loans at affordable interest rates, making home buying more accessible.
  • Flexible Repayment Options: You can choose from various repayment plans, with tenure options ranging from a few years to three decades.
  • Quick Approvals and Minimal Documentation: Many lenders offer digital loan application processes, reducing the paperwork hassle.
  • Tax Benefits: Home loan borrowers in India are eligible for tax deductions, significantly reducing their financial burden.

Tax Benefits on Home Loans


A home loan not only helps you buy your dream house but also provides several tax advantages under the Income Tax Act, of 1961. Here’s how you can save money:

1. Deduction on Interest Payment (Section 24(b))


You can claim a deduction of up to ₹2 lakh per year on the interest paid for a self-occupied property. If the property is rented out, there is no upper limit on the interest deduction, but the overall loss set-off under house property income is capped at ₹2 lakh.

2. Deduction on Principal Repayment (Section 80C)


Under Section 80C, you can claim a tax deduction of up to ₹1.5 lakh per year on the principal repayment of your home loan. This benefit applies only to self-occupied or rented properties and is available only after construction.

3. Tax Benefits on Joint Home Loans


If you’ve taken a home loan jointly (with your spouse, parent, or sibling), both co-borrowers can claim tax deductions separately on both interest and principal repayment. Each borrower can claim up to ₹2 lakh on interest under Section 24(b) and up to ₹1.5 lakh on principal repayment under Section 80C, provided they are co-owners of the property.

4. Pre-Construction Interest Deduction


If you purchase an under-construction property, you cannot claim tax benefits on interest payments until the construction is completed. However, the interest paid during this period can be claimed in five equal installments starting from the year of possession.

5. Tax Deduction on Stamp Duty & Registration Charges


Section 80C also allows a deduction of up to ₹1.5 lakh on stamp duty and registration charges. This one-time benefit must be claimed in the year of property registration.

Things to Keep in Mind Before Taking a Home Loan


  • Check Your Credit Score: A credit score of 750 or above increases your chances of getting a loan with a lower interest rate.
  • Compare Interest Rates: Different banks and NBFCs offer different rates. Make sure to compare and choose the best option.
  • Evaluate EMI Affordability: Use a home loan EMI calculator to understand how much you’ll be paying monthly.
  • Consider Additional Costs: Apart from EMIs, keep in mind processing fees, prepayment charges, and other hidden costs.

Why Jaipur is a Great City for Homebuyers


Jaipur’s real estate market has been growing steadily, thanks to its planned infrastructure, affordable property rates compared to metro cities and increasing employment opportunities. Popular localities like Malviya Nagar, Vaishali Nagar, Mansarovar, Tonk Road, and Jagatpura offer excellent residential options with modern amenities.

Finding the Right Property in Jaipur


Finding a trusted real estate developer in a booming real estate market like that of Jaipur can be a bit of a challenge. Ashiana Housing has been developing and maintaining residential real estate for more than 45 years and actively working in Jaipur.

Our housing projects in Jaipur include Premium Homes and Villas. Ashiana Nitara is our latest addition to our Premium Homes brigade. Located near Delhi Public School on Ajmer Road, Jaipur, Nitara offers premium 2 & 3 BHK apartments designed for luxury and investment. With high ceilings, open spaces, and modern amenities, it ensures comfort, elegance, and promising ROI – your gateway to a better tomorrow.

At Ashiana, we have a strong track record of delivering comfortable, thoughtfully designed homes, and our projects focus on providing a holistic living experience, catering to various needs, from family homes to retirement residences, ensuring that you invest in a property that suits your lifestyle. 

Conclusion


Jaipur is a real estate hotspot and will continue to be the same for a few more years to come. If you’re looking to buy a home or simply invest in Jaipur’s real estate, home loans can be the right way to go about it – without having to break your bank. However, it is very crucial to compare the interest rates across various banks and institutions, and also go through the tax benefits that you can avail, so that you can make an informed decision. As Jaipur continues to develop, now is a great time to invest in a home and secure your future.
Tags: ashiana housing, premium homes, Investment,
Category: Real Estate, Premium Homes, Investment,

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What’s the difference between fixed and floating home loan interest rates?

Fixed rates stay constant throughout the loan tenure, ensuring stability while floating rates fluctuate based on market conditions. Floating rates can sometimes be lower, making them beneficial when interest rates drop.

Loan eligibility depends on income, credit score, and property value. Most banks finance up to 80% of the property’s price, with maximum loan amounts varying by lender, usually between ₹10-20 crore.

Yes, prepayment is usually allowed without penalties. However, some lenders may impose charges if prepayment exceeds a certain limit or happens within a specific period, like the first year.

About The Author

Ashiana, Ashiana Housing build homes. Homes surrounded by vast green spaces and fresh breeze. Homes cocooned in secured gated complexes. Homes where futures are forged and there are opportunities to grow. And Homes in environments brimming with healthy activity, trust and respect. At heart, we build communities with care.

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