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Are you looking to own your dream home in Allahabad? We are here to help you find the best home loan in Allahabad that suits your needs. We will help you compare home loans from different lenders. You can get all the latest Allahabad Home Loan interest rates in one place. We will also guide you how to get your home loan approved quickly, the right application procedure and documentation requirements.
Every major home loan lender, whether a bank or an NBFC, has a presence in Allahabad. Borrowers can obtain a house loan for up to 80% of the purchase price. A residential property can be purchased with a loan of up to Rs.10 crores. Similarly, you can get a home loan for up to 85% of the cost of a plot or land, and you can get a home loan for up to 90% of the cost if you want to build a house on your plot or land.
Up to 80% of property value;
Get up to Rs.10 crores
Starts at 6.6% and goes up to 12%
Up to 30 years, based on your age
Starts at about 0.4% and goes up to 2% of the loan amount + GST
Read More: Home Loans from a Bank vs HFC
2,838 - 5,857 / sqft
3,703.69 / sqft
3,879 - 3,927 / sq ft
3,927.27 / sqft
4,286 / sq ft
4,285.71 / sqft
4,178 / sq ft
4,177.78 / sqft
667 - 2,937 / sqft
1,802.03 / sqft
2,385 - 12,903/sqft
8,621.72 / sqft
4,231 / sq ft
4,230.77 / sqft
8,148 - 8,333 / sq ft
8,240.74 / sqft
7,595 / sq ft
7,594.94 / sqft
3,717 - 8,511 / sqft
6,642.86 / sqft
6,403 - 8,500 / sqft
7,880.95 / sqft
4,483 - 5,500 / sqft
5,500 / sqft
2,413 / sqft
5,385 - 8,086 / sqft
6,530.93 / sqft
5,391 / sq ft
5,391.3 / sqft
3,426 / sq ft
3,425.93 / sqft
4,433 - 4,964 / sq ft
4,698.5 / sqft
4,024 / sqft
3,832 / sq ft
3,831.86 / sqft
3,111 / sq ft
3,110.6 / sqft
4,292 - 4,408 / sq ft
4,350.35 / sqft
2,625 - 3,778 / sq ft
3,201.52 / sqft
5,000 / sqft
Starts at 6.55%
0.40% Min of Rs.10000 and a Max of Rs.30000
Starts at 6.75%
0.50%, Min Rs. 3,000
PNB Housing Finance
Starts at 7.35%
0.50%, Min Rs. 10,000
LIC Housing Finance
Starts at 6.66%
Min Rs. 10,000 to
Starts at 8.65%
Starts at 8.45%
Piramal Housing Finance
Starts at 9.00%
GIC Housing Finance
Starts at 10.25%
Min Rs. 2,500
Sundaram Home Finance
Starts at 6.95%
L&T Housing Finance
2.00% Min Rs. 4,999
Buying a home in Allahabad may be the single largest financial decision that an individual can take during his/her lifetime. With a home loan, one can achieve a lifetime dream of owning a home in the city. Considering the many benefits attached to a home loan in the city, it is only wise to borrow one and own a home of your choice.
Home loans can be availed to buy a residential property, or land, or to construct a house;
Home loans to purchase a residential property
A home loan, also known as a housing loan, is a loan used to purchase a house or apartment. Banks typically lend 80 to 85% of the property's market value. They come in a variety of tenure lengths as well as fixed and floating interest rates. This can be used to buy new or previously owned homes that have been resold in the real estate market.
Loans for the purchase of residential plots
This loan is available for the purchase of vacant land or land for residential construction or investment. This loan cannot be used to purchase agricultural land. Land loans, as opposed to home loans, which typically offer 80 to 85% of the property's value, offer up to 90% of the cost.
Loans for home construction
Home construction loans are only available for the purpose of constructing a home on previously owned land. The land could be an empty lot or it could be used to demolish an existing house and build a new one. The loan amount is typically between 85 and 90% of the construction cost.
Loans for home improvement
Borrowers can use these loans to help with home improvement or renovation projects. They can be used for any type of construction or renovation project. Paint jobs, new flooring, plumbing, and exterior elevation work are all covered by home improvement loans. Depending on the project, these loans could range from Rs. 20,000 to Rs. 10 lakhs.
You might also be interested to learn the difference between home loans and loan against property
Banks have strict eligibility criteria for sanctioning a home loan because they are offered for large sums and have long repayment terms. The following are the fundamental requirements:
Also Read: 10 Dos Don'ts While Applying For A Home Loan Online
1. Which is the best bank to get a home loan in Allahabad?
Most leading banks offer home loans for properties purchased in Allahabad. SBI offers one of the lowest interest rates compared to other banks. LIC Housing Finance interest rate is also equally competitive. Private sector banks like HDFC and ICICI give you a lot of value adds. Compare the home loans from all these banks before you settle on one lender.
2. How do I find the monthly EMI for my home loan?
You can use the Creditmantri Home Loan EMI calculator to find the approximate EMI you have to shell out on your home loan.
3. Is credit score an important parameter to get a home loan in Allahabad?
Yes, credit score plays an important role for home loan processing. A credit score of 700 and more is preferred by home loan lenders.
4. How long does it take to get a home loan approved?
A lot of documents must be reviewed before approving a home loan and this takes time. After submitting all required documents, one can expect their home loan to be approved within 30 days.
5. What are the different repayment tenures available for home loans in Allahabad?
Home loans in Allahabad come with a maximum repayment tenure of 30 years. However, this will be based on your age and determined by your lender on a case to case basis.
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