Max Tenure
5 yrs
Best Rate
7.35%
Processing Fee
10,000₹*
Features
- * Upto 30 years Loan Tenure
- * No Prepayment or Foreclosure charges
- * Funding up to 90%* of the property cost
- * Customized eligibility programs
- * Accessible network & decades of experience
Pricing
- Interest rate – 7.35%
- Processing Fees – 0.25% of loan amount or Rs. 10,000/- (salaried), 0.5% of loan amount or Rs. 10,000/- (self-employed)
Documents Required
- Age Proof (PAN Card, Passport, Any other Certificate from Statutory Authority)
- Residence Proof (Passport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory Authority)
- Education Qualifications – Latest Degree
- Latest Salary-slips for 3 months or 3 years Income Tax returns for Self Employed
- Bank Account statement for last 6 months (Salary Account) or 12 months for Self Employed
Max Tenure
30 yrs
Best Rate
6.90%
Processing Fee
0%*
Features
- Best ROI in the industry
- For women beneficiaries 0.05% less than normal rate
- Speedy Sanction
- No prepayment charges
- No hidden charges
- Interest calculated on daily reducing balance
- Longer Repayment tenor
Pricing
- Interest Rate: 6.90% to 8.90%
- Processing Fee: 0
Documents Required
- ID proof(PAN card, Pass port/Voter Id/Employer ID/Driving Licence/ Aadhaar Card/MNREGA No) with 2 PP photos
- Residence proof: Latest Tel bill, Bank Statement / Elec bill / Ration Card / letter from employer)
- Certificate from employer confirming confirmation of continuous service - For Salaried Only
- A brief note on nature of business / activity / business licence in case of self-employed
- Form 16 for last 3 years
- Bank Statement / Pass book of salary or Business A/c for last 6 months
- Balance sheet and P&L Account for last 3 years - For Self Employed
- Salary Slip for last six months - for Salaried
- Income Tax returns with taxpaid challans for last 3 years - For Self Employed
Max Tenure
15 yrs
Best Rate
12%
Processing Fee
3-5%
Features
- Loan on Cash income
- Past Bureau issues also considered.
- Funding on gram panchayat , B khata , Properties under municipal limits also funded.
- Loan starts at 5 lacs.
Pricing
- Interest Rate: 12 % to 18%
- Processing Fee: 3 - 5%
Documents Required
- Identity proof such as Pan Card, Voters ID Card, Passport.
- Address proof such as electricity bill, ration card.
- Income proof documents, if available.
- Bank pass book or Bank Statements.
- Property documents, if property identified.
How to Get a Home Loans in Lucknow
Lucknow is the capital city of the state of Uttar Pradesh. It is also often known as the cultural capital of the state. Lucknow also held an important place in the colonial era and today is home to big industries and top educational institutions in the country. It is also a very good tourist destination and along with Agra and Varanasi, it forms the Uttar Pradesh Heritage Arc giving a much-needed boost to tourism in the state.
The citizens of Lucknow enjoy good infrastructure facilities as the city is the capital of the state, however, there is still a long way to go. The new infrastructure projects being developed in the state have given a good boost to the real estate sector in the city. Residents can get loans at relatively cheaper rates to make their dream of owning a home true.
Given below are the key details of home loans in Lucknow.
What is a home loan?
A home loan is a long-term loan offered by banks and other lenders to purchase a new house, apartment or plot of land for the construction of a new house. The loan is given to eligible borrowers provided they meet all the eligibility criteria of the lenders. Borrowers have to provide a percentage of the property (minimum 10%) as margin money for this loan and the balance is provided by the lender for the purchase of a new home.
There are multiple lenders in the market today that provide home loans based on their internal eligibility criteria. The rate of interest on these loans is different for every lender as per their guidelines and the cost of lending the funds. The top lenders for home loans in the city of Lucknow are mentioned below.
| Lender | Interest rate | Processing fees | Maximum loan |
|---|---|---|---|
SBI | 6.80% - 7.15% | 0.4% of loan amount (Rs. 10,000 – Rs. 30,000) | No upper limit depends on individual eligibility |
HDFC Bank | 6.75% - 7.65% | 0.50% of loan amount or Rs. 3,000 (whichever is higher) | No upper limit depends on individual eligibility |
ICICI Bank | 7.15% - 7.55% | 0.50% - 2% of loan amount (Rs. 1500/Rs, 2000) | No upper limit depends on individual eligibility |
PNB Housing | 7.35% - 9.55% | Rs. 10,000 (applicable taxes) | Up to 90% of property loan amount |
Bank of Baroda | 6.75% - 8.25% | As per the bank’s guidelines | No upper limit depends on individual eligibility |
Canara Bank | 6.95% - 8.90% | 0.5% of loan amount (Rs. 1,500 – Rs. 10,000) | Depends on the annual income of the borrower |
Axis Bank | 6.90% - 8.55% | As per the bank’s guidelines | Depends on the annual income of the borrower |
Kotak Mahindra Bank | 6.60% - 7.20% | 0.5% - 1% of loan amount | Up to 90% of the property loan amount |
LIC Housing Finance | 6.90% - 7.90% | As per lender’s guidelines | Up to Rs. 15,00,00,000 |
Bank of India | 6.85% - 8.30% | 0.25% of loan amount (Rs. 1,500 – Rs. 20,000) | Rs. 5,00,00,000 |
What is the eligibility of home loans in Lucknow?
The eligibility parameters for the home loan are different for every lender. There are multiple criteria set by the lenders that have to be met by the applicants to be eligible for the home loans. Some of the basic criteria that are commonly reviewed by most lenders are mentioned below.
Age of the applicant
Most lenders provide loans to applicants between the age group of 18 years to 75 years. Lenders require the applicants to be of maximum of 75 years of age (in some cases 70 years) at the time of maturity of the loan.
Income of the applicant
The income of the applicant is an important criterion for the sanction of a home loan. The amount of loan is based on the repayment capacity of the applicant and any co-applicant if any.
Employment status of the applicant
The employment status of the applicant is also checked. The employment of the applicant has to be active and stable. The rate of interest will also vary if the applicant belongs to the salaried or self-employed category.
Residential status
The residential status of the applicant is another parameter looked at by the lenders. The interest rate will be comparatively lower for a resident Indian as compared to an NRI.
What are the documents needed for a home loan in Lucknow?
The applicants need to provide a specific set of documents to support their eligibility that has to be verified by the lender before sanctioning the loan. Some of the basic documents that have to be provided by the applicant are mentioned hereunder.
- Proof of age
- Birth certificate
- Voter id
- Aadhaar card
- Ration card
- Proof of identity
- Pan Card
- Aadhaar card
- Passport
- Driver’s license
- Voter id
- Proof of income
- Salary slips for the past 3 years
- ITR for past 2 year
- Form 16
- Proof of address
- Aadhar card
- Passport
- Pan Card
- Ration Cards
- Rent agreement
- Utility bills
- Employment proof
- ITR for the past 2 years
- Latest salary slips
- Form 16
- Bank statement for the past 6 months
- Passport size photographs
How to apply for a home loan in Lucknow?
Home loans are long term loans are come in many variants like land loans, repairs and renovation loans, standard home loans, etc. These loans can be easily applied through online or offline mode of application depending on the convenience of the applicant. The process of application for each mode is tabled below.
Offline mode
Offline mode is the traditional mode of the loan application. The applicant will have to visit the nearest branch of the bank or their home branch to get a home loan. The application form has to be duly filled and submitted along with the required documents to ensure smooth and faster processing of the loan.
After due verification of the loan and the eligibility of the applicant, the loan will be sanctioned to them for the amount applied or the amount that they are eligible for. The balance amount is to be provided by the applicant as margin money. The loan will be sanctioned within 7 to 10 days working days based on the lender’s policy and the amount will be credited to the account of the applicant.
Online mode
The online mode of application is through the website of the bank or through internet banking or mobile banking. The applicant will have to visit the website of the lender to make an application for a home loan or request a call back for the same. The executive of the bank will approach the applicant for further process of application where the applicant will have to submit the required documents along with the application form. The loan will be sanctioned based on the documents submitted and [provide the applicant is eligible for a loan.
FAQs – Home loan in Lucknow
1. What is the current rate of interest offered by lenders for home loans in Lucknow?
A. The current rate of interest offered by lenders for home loans in Lucknow is starting from 6.60% per annum.
2. What is the maximum tenure of home loans in Lucknow?
A. The maximum tenure of a home loan in Lucknow is between 20 years to 30 years depending on the lender.
3. Is a home loan provided only by banks?
A. No. Home loans are provided by banks as well as HFCs (Housing Finance Corporations).
4. How is the home loan repaid?
A. Home loan is to be repaid in equated monthly instalments or EMIs that include the principal amount as well as interest on the loan.
5. Can a person apply for a joint home loan in Lucknow?
A. Yes. Joint home loans or co-application of home loans is allowed in Lucknow provided the co-applicant is an eligible family member (spouse, parent, children)
Lucknow Home Loan - Customer Reviews
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