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.
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
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:
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.
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.
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.
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.
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.
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 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.
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.
Join 1000+ of fellow readers. Get expert real estate knowledge straight to your inbox absolutely free. Just enter your email address below.
Leave a Reply