A major decision to consider would be applying for a home loan. Are you about to buy a home loan investment property?
Udaipur is a beautiful place to think about when looking for a home. Surrounded by beautiful lakes, majestic forts and rolling landscape it’s a great place for families to settle. While the home itself may be exciting to purchase, it can be a bit worrying how you are going to fund it, especially if it’s your first home loan. MyMoneyMantra breaks down the home loan process in Udaipur for you, explaining all the steps and the features of home loans available in Udaipur, so you know what you are eligible for and how much will be your monthly EMI outgoings.
Step 1: Check Your Eligibility
Before visiting any bank / Housing finance company for home loan in Udaipur, check home loan eligibility. All Banks / Housing finance companies in Udaipur look at these criteria to decide home loan eligibility.
Age: Usually between 21–65 years.
Applicant Type: Both salaried and self-employed individuals/borrowers can apply for these loans. Minimum Income: Rs. 25000/– per month.
Credit Report: A CIBIL score of 700+ will enhance the prospects of sanction of loan and also assist us in negotiating a better interest rate from banks and finance companies.
In addition to the EMI for your Home Loan, you should also consider the total EMIs towards your existing loans like Car Loan/ Personal Loan etc. and make sure that your salary is not entirely exhausted in paying all these EMIs.
An EMI calculator or online EMI calculator is a very useful tool to calculate monthly EMI or equivalent monthly installments. Using this tool will help you decide how much amount of loan you can comfortably handle to avoid burden on your monthly income.
Step 2: Decide Loan Amount and Property
Next, decide:
The total cost to buy a property (flat or villa) in Udaipur in locations like Pratap Nagar, Shobhagpura, Fatehpura etc.
Down payment (usually 10–20% from your own savings).
Loan amount you need from the bank.
In Udaipur first a rough loan sanction is obtained and then one looks for an option within that pre-approved budget before purchasing the property.
Step 3: Choose the Right Lender
Compare multiple lenders in Udaipur:
Nationalised banks (SBI, PNB, HDFC Bank, etc.).
Private banks (ICICI, Axis, etc.).
Aavas Financiers Ltd., Bajaj Housing Finance Corp., Bajaj Finserv, Grih Uddeshya (formerly Grih Provisions).
Check:
Interest rates (fixed vs. floating).
Processing fees.
Prepayment charges and customer service.
In addition to the below mentioned lenders of home loans in Udaipur, there are many Udaipur based listing sites or portals which helps you to compare home loan offers and also gets you in touch with home loan providers all at one go.
Step 4: Prepare Your Documents
Original ID proofs (Aadhar Card, Pan Card, Passport, Drivers License) Copy of ID proofs (Aadhar Card, Pan Card, Passport, Drivers License), 2-3 month’s Pay
KYC: Aadhaar, PAN, passport‑size photos, address proof.
Income proof:
Self Employed/Professional : Annual income, Form 16A (if any) and Bank Statements.
Self‑employed: ITR, business registration, audited balance sheet.
Original copy of all property documents such as Agreement to Sell, Allotment Letter, Builder NOC and Land/Property records (if applicable).
Please ensure that you have all relevant information to hand prior to submitting your request in order to avoid any unnecessary waiting time whilst your request is being processed.
Step 5: Apply for the Home Loan
You can apply in Udaipur in two ways:
Offline Application Form: This can be completed and signed collection from any of our branches or downloaded, completed and sent to our offices. When submitted, the offline application form must be accompanied by a photocopy of your current passport.
Branch visit: Alternatively you can visit a number of branches in Udaipur. Many banks have offices in Hiran Magri, Pratap Nagar etc. all over Udaipur, near City Centre.
Most lenders will help you fill out the form and check your income and any property details that you provide, and in some cases they may require further information.
Step 6: Document Verification and Property Check
Once you apply, the lender:
Verifies your documents (income, employment, credit history).
We verify your residential and office addresses (tele-verification or field visit).
Official valuers assess the property for value.
Legal verification: Which verifies if the property has any disputes, loans or encumbrances.
This stage of the application process will take 7 to 15 days in Udaipur, depending on how quickly you can get documents sent in.
Step 7: Get the Sanction Letter
If all is well then the bank issues home loan sanction letter which would detail the following :
Approved loan amount.
Interest rate, tenure, and EMI.
Processing fee and other charges.
Please ensure you read the letter carefully. You can discuss the rate and terms with us before acceptance of the loan contract. You can also compare our offer with that of other lenders before deciding whether to accept our offer.
Step 8: Property Registration and Agreement
Before final disbursement in Udaipur:
Please ensure that Sale Agreement / Allotment Agreement is signed and registered with Builder / Seller as applicable.
This property needs to be registered with the local sub‑registrar office and payment of stamp duty and registration charges would be required.
We also provide loan for under construction projects and the loan liability shall continue to remain with the builder till the time the construction of the project is completed. For release of payments to the builder by the Bank, builder shall need to furnish the Bank certification / evidence of his achievement of the specific milestones for completion of the project.
Step 9: Sign the Loan Agreement
You sign the home loan agreement and submit:
Original property documents (mortgaged to the bank).
Post‑dated cheques (PDCs) or automatic ECS mandate for EMIs.
Once all documents and payments have been received and recorded, the file is sent to the lender for disbursement.
Step 10: Disbursement and EMI Start
Disbursement time for Udaipur is 15 to 30 business days. Some private lenders and fintech lenders can disbursal a loan sooner.
For Turnkey flats, the bank shall pay to the builder/seller as the case may be. For Ready to occupy flats, the payment shall be made to the seller only.
We provide finance for under construction properties and pay on a stage by stage basis as the construction is completed.
Early repayment charges would be 2% of the outstanding loan amount if the loan is repaid within six months from disbursement, 1% if it is repaid between six months to one year from disbursement and there would be no early repayment charges
Tips for First‑Time Buyers in Udaipur
It is common practice to research and compare home loan offers from 2–3 banks/HFCs before finalising the interest rate. For those who do, the lender is more
It’s wise to have a buffer in your budget for the interiors, tiles & fixtures and also for registration costs of the property which will generally not be covered by the home loan amount.
Please ensure that you have a good CIBIL Score and do not take any other loan/s till the time your home loan application is under processing. Similarly, please do not take any other loan/s after the home loan has been sanctioned.
Right Property & Right Finance: Find both with the help of local experts. Get in touch with Udaipur property consultants & Udaipur realtors listed on udaipurproperty.com for best possible advice on buying property in Udaipur.
We guide you through the home loan application process to make it smooth, transparent and hassle free. Whether you are purchasing a 2 BHK in Pratap Nagar or a larger independent single villa in Shobhagpura, we are here to make a wise, informed and smart investment in your Udaipur dream home.
