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Lucknow banks and NBFCs provide home loans that are flexible and at low interest rates. Fast processing and simple documentation. Customized loans as per your requirement. Get instant online approval, top up facilities and balance transfers. Apply now!
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.
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.
6.80% - 7.15%
0.4% of loan amount (Rs. 10,000 – Rs. 30,000)
No upper limit depends on individual eligibility
6.75% - 7.65%
0.50% of loan amount or Rs. 3,000 (whichever is higher)
7.15% - 7.55%
0.50% - 2% of loan amount (Rs. 1500/Rs, 2000)
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
6.95% - 8.90%
0.5% of loan amount (Rs. 1,500 – Rs. 10,000)
Depends on the annual income of the borrower
6.90% - 8.55%
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)
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.
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.
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.
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 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.
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.
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)
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