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Home Loans in Amritsar
Amritsar, “The City of the Golden Temple” with its vibrant atmosphere, rich culture, and delicious food, is a perfect place to live. If you too are keen to buy a home in Amritsar then go ahead with the help of some eminent banks and non-banking financial companies that offer hassle-free housing loans in Amritsar. Applying for a home loan in Amritsar is quite simple and can be done online with the help of the BASICHomeloan team. The lowest interest rate on Amritsar home loans begins at 8.45% per annum. Most of these lending institutions offer home loans for as long as 30 years and charge a nominal processing fee starting from 0.25% of the loan amount.
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Home Loan Interest Rates in Amritsar
Applying for a housing loan in Amritsar is a good idea. The home loan rate in Amritsar at most popular lenders starts at 8.45% per annum. One can choose to get a home loan on a floater or fixed rate basis, whichever is suitable and cheaper.
For your convenience, we are now presenting a table displaying the rate of interest and processing fees of the 10 best lending banks and housing finance companies in Amritsar:
| 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 (Rs. 1,500 min; Rs. 20,000 max) | Enquire |
|
LIC HFC | 30 | 8.50% | Up to 0.25% (Rs. 25,000 max) | Enquire |
|
Aavas Financiers Ltd. | 25 | 8.50% onwards | 1.00% | Enquire |
|
HDFC Bank | 30 | 8.65% - 9.85% | Up to 0.25% (Rs. 3,540 min) | Enquire |
|
PNB Housing | 30 | 8.75% - 11.45% | Up to 0.50% (Rs. 10,000 max) | Enquire |
|
Federal Bank | 30 | 8.80% | 0.50% of the loan amount (Rs. 3,000 + GST min; Rs. 7,500 + GST max) | Enquire |
|
Tata Capital Ltd. | 30 | 8.95% - 12.00% | Up to 0.25% (Rs. 3,540 max) | Enquire |
|
Cholamandalam HFC | 30 | 9.00% - 20.00% | Rs. 5000 | Enquire |
|
State Bank of India | 30 | 9.15% - 12.95% | Up to 0.25% (Rs. 10,000 max) | Enquire |
Eligibility Criteria for Home Loans in Amritsar
Something as precious as money can be granted to someone if one shows worth. In the same manner, banks and non-banking financial companies in Amritsar ask applicants to meet their eligibility criteria to get home loans. These are simple parameters that these lending institutions use to verify the borrower’s important credentials.
The table displayed below reveals the generally followed criteria for home loan eligibility in Amritsar:
| Eligibility Parameters | Salaried Individuals | Self-Employed Individuals |
|---|---|---|
| Citizenship | Indian/ PIO/ NRI | Indian/ PIO/ NRI |
| Professional Experience | 2 years | 3 years |
| Age |
Min: 18 years |
Min: 18 years |
| Monthly Income | Minimum Rs. 25,000 per month |
Minimum Rs. 25,000 per month |
| CIBIL Score | 750+ (preferred) | 750+ (preferred) |
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.
- Home loans in Amritsar are granted to eligible Indian residents, Non-Resident Indians, and Person of India Origin
- Salaried applicants must be 18- 70 years in age and self-employed candidates must be 21 - 70 years in age
- Work experience required for salaried applicants is 2 years and from self-employed applicants is 3 years
- Applicants with a credit score of 750 and above can easily get housing loans in Amritsar
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 Amritsar
When it comes to money lending, the first thing a lender will check is a set of KYC documents, which will help verify the borrower's age, minimum income, credit score, and nationality. The documents required for a housing loan in Amritsar may vary depending on whether you are a salaried or a self-employed borrower. Have a look at the list of documents for home loans in Amritsar:
1. For Salaried Loan Applicants
- General documents like Aadhaar Card, Voter ID Card, Driving License
- Bank statements for the past 3 months
- Salary slips for the past 3 months
- Last filled Form 16
- Last filled IT return
- Appointment letter
- A cheque in favor of the lender for the processing fee
- Important property documents
2. For Self-Employed Loan Applicants
- General documents like Aadhaar Card, Voter ID Card, Driving License
- License of the company
- Business profile
- Last filled Form 26AS
- Bank account statement of previous 6 months
- ITR of the last 3 years
- P&L account statements for the last 3 years
- Balance sheets of the previous 3 years appropriately attested by a CA
| 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 Amritsar
If you choose a good home loan company in Amritsar, you can expect all home loan schemes at affordable rates. From a home purchase loan to a plot purchase loan, from a home construction loan to a home renovation loan, all types of housing loan schemes will be laid in front of you by a reliable lender in Amritsar.
Want to know about the common types of home loan schemes offered in Amritsar? Then, have a look at the table below:
| Type of Document Required | The Object of the Loan |
|---|---|
| House Purchase Loan | Ideal to buy a residential home |
| House Construction Loan | Perfect to construct a house on an already bought plot |
| Balance Transfer Home Loan | Apt to transfer the remaining loan amount to a new lender at a cheaper rate of interest |
| Plot Purchase Loan | Apt to buy a land or plot for home construction purposes |
| House Extension Loan | Perfect to get funds to add a balcony, extra room, or floor in an already existing home |
| House Improvement Loan | Ideal to renovate an existing home by painting, wiring, carpentry, and similar services |
| Top-Up Home Loan | Best to help the borrower with financial requirements for personal or professional reasons |
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
Home loan borrowers in Amritsar can avail of tax benefits in the form of deductions up to Rs. 2 lakh on the interest amount under Section 24B and up to 1.5 lakhs on the principal amount under Section 80D of the Income Tax Act.
The minimum income required from salaried applicants for a home loan in Amritsar is Rs. 25,000 per month.
Home loan EMI in Amritsar can be easily calculated using parameters like the interest rate, tenure, and the principal amount. You can use the easiest online home loan EMI calculator available at the BASICHomeloan official website.
Yes, almost all banks and non-banking financial companies offer home loans in Amritsar to self-employed applicants if they meet the pre-determined eligibility criteria set by them.
Home loans in Amritsar are available on the following types of properties:
- Builder floors
- Apartments
- Villas
- Residential plots
- Approved housing projects