Home Loans in Allahabad
Allahabad, also known as Prayagraj, is a city in Uttar Pradesh known worldwide for its confluence of three rivers. The presence of the high court, several educational institutions, cultural and historical centers, and affordability make Allahabad a perfect city for a real estate investment. You, too, can buy a home in this holy city with a home loan in Allahabad. Prominent banks and non-banking financial companies offer home loans in Allahabad for up to 30 years, and they usually charge a processing fee starting from 0.25% of the loan amount and taxes. You can choose a loan to purchase a plot or home, renovate an existing house, or transfer your outstanding loan amount to a new lender with ease due to the presence of several leading banks and NBFCs.
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Home Loan Interest Rates in Allahabad
The lowest Allahabad home loan interest rate starts at 8.45% per annum. Whether you are a salaried or a self-employed person, you can easily apply for a home loan in Allahabad. Some banks also offer the affordable housing scheme from the government PMAY at subsidized rates, while some offer concessions on interest rates for women borrowers.
Listed below in the table are the 10 best banks and housing finance companies offering easy housing loans in Allahabad and their respective rate of interest and processing fee:
| BASIC Bank/NBFC Partner | Name | Max Tenure (in years) | Rate of Interest | Processing Fees (INR) | Contact |
|---|---|---|---|---|---|
|
Bank of India | 30 | 8.45% | Up to 0.25% of the loan amount (Minimum: Rs. 1,500; Maximum: Rs. 20,000) | Enquire |
|
LIC HFC | 30 | 8.50% | Up to 0.25% of the loan amount (Maximum: Rs. 25,000) | Enquire |
|
L&T Finance | 25 | 8.60% onwards | Up to 3% of the loan amount + taxes | Enquire |
|
HDFC Bank | 30 | 8.65% - 9.85% | Up to 0.25% of the loan amount (Minimum: Rs. 3,540) | Enquire |
|
Kotak Mahindra Bank | 20 | 8.75% - 9.60% | Rs. 10,000 - 0.25% | Enquire |
|
ICICI Bank | 30 | 8.75% onwards | 0.50% - 2.00% of the loan amount | Enquire |
|
PNB Housing | 30 | 8.75% onwards | Up to 0.50% of the loan amount (Maximum: Rs. 10,000) | Enquire |
|
Tata Capital Ltd. | 30 | 8.95% onwards | Up to 0.25% of the loan amount (Maximum: Rs. 3,540) | Enquire |
|
Piramal Housing Finance | 30 | 11.00% | Up to 3.00% of the loan amount | Enquire |
|
State Bank of India | 30 | 9.15% - 12.95% | Up to 0.25% of the loan amount (Maximum: Rs. 10,000) | Enquire |
Eligibility Criteria for Home Loans in Allahabad
To be able to get a home loan in Allahabad, you must prove your eligibility for the same. Banks and housing financing companies ask for some basic eligibility requirements from interested borrowers, and they need to submit the related documents to prove their eligibility on those accounts.
Check out the table below to learn about the basic criteria for home loan eligibility in Allahabad:
| Eligibility Parameters | Salaried Individuals | Self-Employed Individuals |
|---|---|---|
| Citizenship | Indian Residents/ NRIs/ PIOs | Indian Residents/ NRIs/ PIOs |
| Professional Experience | 2 years | 3 years |
| Age |
Min: 21 years |
Min: 21 years
|
| Monthly Income | Minimum Rs. 15,000 per month |
Minimum Rs. 15,000 per month |
| CIBIL Score | 700 or above | 700 or above |
Note: Applicants are encouraged to declare any additional sources of income besides those mentioned in the table above to boost their chances of getting a home loan approval.
- Top financial lenders are always ready to grant home loans in Allahabad to residents of India, Non-Resident Indians, and Persons of Indian Origin
- To get a home loan in Allahabad, a person must be within the age limit of 21 to 65 years
- 2 years of work experience is what salaried people have to show, and those who are self-employed must prove a work experience of 3 years in their current business
- Banks in Allahabad expect a decent CIBIL score of 700 or above from those applying for home loans in this city
Note:These criteria are subject to variation from one bank to another. It is recommended that you check with the specific bank you are applying to for a home loan for its eligibility requirements.
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Documents Requirement for Home Loans in Allahabad
Document submission is one of the key procedures to get a home loan in Allahabad. The documents required for home loan in Allahabad are basically required by the lender to verify the address, age, income, property, and other similar details of the applicant. Continue reading to check out the specific document requirements for home loans in Allahabad from salaried and self-employed applicants:
1. For Salaried Loan Applicants
- ID Proofs like an Aadhaar Card, Voter ID Card, and Passport
- Cheque for Processing Fee
- Latest Bank Statements
- Latest Salary Slips
- Latest ITR
- Latest Form 16
- Appointment letter
2. For Self-Employed Loan Applicants
- ID Proofs like an Aadhaar Card, Voter ID Card, and Passport
- Latest Bank Account Statements
- Latest Salary Slips
- Latest ITR
- Latest Bank Statement
- Company License and Business Profile
- Latest Profit and Loss Account Statements
- Latest Balance Sheets
| Type of Document Required | Examples of Documents that can be Submitted |
|---|---|
| Proof Of Residency | Aadhaar Card, Valid Passport |
| Proof Of Income | Bank Passbook, Bank statement, Last 3 years IT Return |
| Proof Of Age | PAN Card, Voter ID, Birth Certificate, Registration Certificate Of Establishment |
| Proof Of Employment | Certified Letter from Employee/Company Memorandum |
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Home Loan Options Available in Allahabad
You can expect a home loan agent in Allahabad to offer many home loan schemes. From constructing a home to renovating a home, from buying a home to buying a plot, and even balance transfer, all types of housing loan schemes are available at the leading financial institutions in Allahabad.
To understand further about the various types of home loans in Allahabad, we are now showing a table listing all the popular housing loan schemes:
| Type of Document Required | The Object of the Loan |
|---|---|
| Plot Purchase Loan | Best home loan scheme for anyone interested in investing in a residential plot |
| Home Purchase Loan | Ideal home loan for people interested in buying a home |
| Flexible Balance Transfer Home Loan | Most convenient way of transferring the outstanding loan amount to another lender at a cheaper rate of interest |
| Top-Up Home Loan | Additional funds available on top of the actual home loan amount to meet sudden financial requirements on the personal or professional front |
| Home Renovation Loan | Most suitable housing loan scheme for those keen to renovate their abode with services like painting, plumbing, carpentry, and so on |
| Home Construction Loan | Designed to offer adequate money to those keen to construct a home on a plot |
| Home Improvement Loan | Best housing loan scheme for those interested to improve the current status of their home |
Note:The options tabulated above are the most popular loan options availed of by most customers. Please check with your specific bank for other home loan options that they offer.
FAQs
The cheapest home loan interest rate in Allahabad starts at 8.45% per annum, offered by the Bank of India.
The CIBIL score requirement for NRI home loan in Allahabad is 750 and above.
The minimum income requirement to get a home loan in Allahabad is Rs. 15,000 per month.
Generally, banks and NBFCs in Allahabad approve home loans within 15-30 days of home loan application, provided the applicant has submitted the relevant documents.
Some banks and housing finance companies offer special benefits to home loan borrowers in Allahabad, especially to women borrowers and applicants belonging to the EWS of the society. Home loan borrowers in Allahabad can also avail tax benefits.