Home Loans in Jalandhar

Bustling markets, an excellent sports goods industry, and an emerging real estate market make Jalandhar in Punjab an ideal city to own a home. Perhaps this is why one can easily get a home loan in Jalandhar from the best banks and housing finance companies. The cheapest home loan interest rate in Jalandhar begins at 8.45% p.a. Home loans in Jalandhar city can be repaid within 30 years. Banks and NBFCs may charge a processing fee ranging between 0.25% - 0.50% or higher of the loan amount for processing each home loan application in Jalandhar. 

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Home Loan Interest Rates in Jalandhar

The most affordable home loan rates in Jalandhar start at 8.45% per annum. The maximum time period for which a borrower can get home loans in Jalandhar is up to 30 years. Some banks offer home loans to non-resident Indians, but most of them prefer lending money as home loans to Indian residents. 

The table drafted below will help you compare the rate of interest and processing fee charges on home loans in Jalandhar by the top 10 banks and non-banking financial companies:

BASIC Bank/NBFC Partner Name Max Tenure (in years) Rate of Interest Processing Fees (INR) Contact
bank Bank of India 30 8.45% Up to 0.25% of the loan amount (Min: Rs. 1,500; Max: Rs. 20,000) Enquire
bank LIC HFC 30 8.50% Up to 0.25% (Max: Rs. 25,000) Enquire
bank HDFC Bank 30 8.65% - 9.85% Up to 0.25% (Min: Rs. 3,540) Enquire
bank Union Bank of India 30 8.70% 0.50% of the loan amount (Min: Rs. 15,000 + GST Enquire
bank PNB Housing 30 8.75% onwards Up to 0.50% (Max: Rs. 10,000) Enquire
bank Tata Capital Ltd. 30 8.95% onwards Up to 0.25% (Max: Rs. 3,540) Enquire
bank State Bank of India 30 8.50% - 12.95% Up to 0.25% (Rs. 10,000 max) Enquire
bank Piramal Housing 30 11.00% onwards Upto 3% of the loan amount Enquire
bank Aadhar Finance 30 11.75% - 17% Rs. 3,500 + GST Enquire
bank Federal Home Loan 30 10.15% - 10.30% Rs. 20,000 max Enquire
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Eligibility Criteria for Home Loans in Jalandhar

Home loans in Jalandhar are granted by financial lenders based on some eligibility requirements. These are simple parameters like the age of the applicant, their nationality, income status, and credit history. The purpose of setting these eligibility requirements is to ensure that the money is lent to reliable borrowers in terms of a home loan.

Do not forget to check the home loan eligibility in the Jalandhar table given below:

Eligibility Parameters Salaried Individuals Self-Employed Individuals
Citizenship Indian Residents/ NRIs/ PIOs Indian Residents/ NRIs/ PIOs
Professional Experience 2 years 2 years
Age

Min: 21 years
Max: 65 years 

Min: 21 years
Max: 65 years 

Monthly Income

Minimum Rs. 10,000/ monthly

Minimum Rs. 10,000/ monthly

CIBIL Score 750 or above (preferred) 750 or above (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.

  • Most of the banks and housing finance companies offer home loans in Jalandhar to Indian residents, but there are a few that offer these loans to NRIs and PIOs too
  • An applicant has to be a minimum of 21 years of age at the time of home loan application and a maximum of 65 years at the time of loan maturity
  • Salaried and self-employed people can apply for home loans in Jalandhar provided they have a work experience of 2 and 3 years, respectively
  • Jalandhar banks will happily approve home loans to candidates with a credit score of 750 and above

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 Jalandhar

Your home loan approval may get rejected or delayed if you fail to submit the required set of documents to the lender along with the home loan application form. So, to make it easier for you to gather all the documents for home loan in Jalandhar, we are here presenting you the entire list of such documents:

1. For Salaried Loan Applicants

  • KYC documents like Voter ID Card, Aadhaar Card, PAN card
  • 3 months bank statements 
  • 3 months salary slips 
  • Recent IT return
  • Recent Form 16
  • Property documents 
  • Appointment letter
  • A cheque in favor of the lender for the processing fee 

2. For Self-Employed Loan Applicants

  • KYC documents like Voter ID Card, Aadhaar Card, PAN card
  • Company license
  • Business profile 
  • Recent Form 26AS
  • 3 years P&L account statements 
  • 3 years balance sheets 
  • 6 months bank account statement
  • 3 years ITR 
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 Jalandhar

Shortlisting a home loan company in Jalandhar based on the interest rate is one thing, and choosing the right housing loan plan is another. There are several types of schemes available for different purposes, like buying, constructing, renovating a home, transferring the balance, and even top-up. 

Need help determining which home loan scheme will suit you best? Then, go through the list of popular home loan schemes available in Jalandhar and pick the one that meets your needs:

Type of Document Required The Object of the Loan
Loan for Plot Purchase Home loan plan for those who want to buy a plot for home construction
Loan for Home Purchase Home loan scheme for those who want to buy a residential home
Loan for Home Construction Home loan plan for those who wish to construct a house on a plot
Loan for Home Renovation Home loan scheme for those who wish to renovate a home
Loan for Home Extension Housing loan scheme for those who wish to extend their home with a balcony, floor, or a room
Flexible Balance Transfer Home Loan Best option to shift the existing home loan amount to a new lender at a better rate of interest
Top-Up Home Loan Affordable option to manage sudden financial requirements without applying for a new loan

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.

Best NBFCs and Banks for Home Loans in Jalandhar

Finding the best home loan lender in Jalandhar might be confusing due to the availability of so many options. So, read on to see the table that lists the best 5 banks and housing finance companies in Jalandhar offering home loans in partnership with BASICHomeloan:

Top Banks for Home Loans in Jalandhar (BASIC Partner) Top NBFCs for Home Loans in Jalandhar (BASIC Partner)
Bank of India LIC HFC
HDFC Bank Aadhar Finance
Axis Bank Piramal Housing
SBI PNB Housing
Union Bank of India Tata Capital Ltd.

FAQs

First of all, shortlist the bank or NBFC to apply for a home loan, then choose the housing loan scheme. Next, fill out the home loan application form and submit all the required documents and a processing fee cheque. The easiest way to apply for a home loan in Jalandhar is online through the BASIChomeloan team. 

Yes, home loan borrowers in Jalandhar can get special tax benefits under Section 80C and 24B of the Income Tax Act, wherein they can enjoy tax deductions on the interest paid and principal amount of the home loan amount.

Yes, financial providers in Jalandhar offer joint home loans provided the co-applicant is an immediate family member like spouse, parent, child, or a sibling.

The average interest rate for home loans in Jalandhar is 8.45% - 9.50% per annum. 

The maximum loan repayment tenure offered by banks on home loans in Jalandhar is up to 30 years.