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Get home loans at low interest rates at banks and NBFCs in Amritsar. End-to-end doorstep service through the nearest office. No pre-closure and part payment fee. Offer maximum loan eligibility. Enjoy quick processing and apply on CreditMantri!
Amritsar, the city located in the north Indian state of Punjab, is known for its food, cultural heritage, and historic significance. Is the second-most populous city of Punjab and is a significant commercial and transportation hub of the state. This makes it a preferable place for many people to live in. However, many people often do not have the means to purchase a home in the city. With home loans, the process of buying a home in Amritsar is very easy and quick.
Here is a list of home loan interest rate offerings by some of the top banks in Amritsar:
Kotak Mahindra Bank
State Bank of India
Bank of Baroda
Union Bank of India
Punjab National Bank
Central Bank of India
Some of the preferred banks and home loan lenders in Amritsar, Punjab are listed below:
Recommended read – Home loans at lowest interest rates in Amritsar
Mentioned below are some of the eligibility criteria that are verified against home loan applicants by the banks and lenders in Amritsar:
Indian Residents, Non-Resident Indians (NRIs), and Persons of Indian Origin (PIOs)
18 to 70 years
21 to 70 years
Minimum work experience/ business continuity
Minimum 2 years
Minimum 3 years
Net minimum income/salary
Minimum Rs. 25,000 per month (could differ across banks/lenders and areas)
Minimum Rs. 5 lakh per annum (could vary across lenders and areas)
A credit score above 750
The city of Amritsar was historically known as Ramdaspur. Amritsar is one of the commercial centres in the northern state of Punjab since it is one of the largest cities in the state. It also has cultural significance due to the presence of the world-renowned Golden Temple in the city.
Often termed as a spiritual and cultural centre of the Sikh religion, it attracts thousands of devotees every year. Some of the main commercial activities carried out in Amritsar are carpets and fabric trading, farming, handicrafts, tourism, etc. This makes the city an excellent option for people to build their homes and benefit from the city’s fast-paced development.
Some of the factors that commonly affect a home loan borrower’s eligibility in Amritsar are:
Recommended read – Home loan balance transfer in Amritsar
Here is a list of commonly required documents for home loan applications in Amritsar, Punjab is:
Amritsar is fast catching the eye of property investors and home buyers as it is slated to attain substantial growth in the near future, resulting in expectations of higher property prices. Therefore, it is the right time to buy a home in Amritsar and what better way to buy one than by applying for a home loan at reasonable interest rates.
1. How to get a home loan in Amritsar?
To get a home loan in Amritsar, applicants can either search and apply for it online through any of the reputed bank websites or they can also reach out to the banks through one of the branches in the city.
2. What factors are considered by banks while granting a home loan in Amritsar?
Lenders consider factors such as applicant’s income, job stability and occupation continuity, age, credit history, existing loans, residential status, etc while granting a home loan in Amritsar?
3. Should I take a home loan in Amritsar?
Home loans allow people to buy homes of their choice in Amritsar. Since the city is slowly rising in the cost of living index, homes are slated to get costlier and unaffordable for many. Therefore, with a home loan, one does not have to undergo financial stress while buying a home.
4. Which bank offers the lowest interest rates on home loans in Amritsar?
Some of the banks that offer reasonable interest rates on home loans in Amritsar include ICICI bank, HDFC bank, Axis bank, SBI bank, etc.
5. How can I get a home loan at a lower interest rate in Amritsar?
To get a home loan at lower interest rates in Amritsar, you must ensure that your credit score is maintained at higher levels. A score above 750 has higher chances of availing of a loan at lower rates.
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