Home Loan in Lucknow
Are you a Lucknow resident looking for a residential property for you and your loved ones? We at BASIC can help you realize your dream faster. We have a list of some of the top banks and NBFCs in Lucknow (all BASIC partners) that can offer you the best and the most competitive home loan interest rates in the city (starting at 8.50% per annum). The maximum loan repayment tenure for home loans in Lucknow is permissible for up to 30 years. In addition, the process for a home loan in Lucknow is relatively easy and can be carried out from the comfort of your home. For more details, read below.
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Home Loan Interest Rates in Lucknow
The numerous banks and NBFCs in Lucknow co-exist in the city, offering competitive interest rates to home loan applicants. To help you make an informed choice, tabulated below are the home loan interest rates in Lucknow that are offered by the top 10 banks and NBFCs in the city.
|Basic Bank/NBFC Partner||Name||Max Tenure (in years)||Rate of Interest||Processing Fees (INR)||Contact|
|HDFC Bank||30||Starts at 8.50% p.a.||Up to 0.50% of the loan or Rs. 3,000 (whichever is higher)||Enquire|
|LIC Housing Finance||30||Starts at 8.50% p.a.||0.50%||Enquire|
|Axis Bank||30||Starts at 9.00% p.a.||Up to 1% of the loan amount||Enquire|
|Aditya Birla Housing||30||Starts at 9.05% p.a.||Up to 1% of the loan amount||Enquire|
|Union Bank of India||30||Starts at 9.30% p.a.||0.50% of the loan amount||Enquire|
|Federal Bank Home Loan||30||Starts at 8.80% p.a.||0.50% of the loan amount||Enquire|
|SBI Bank Home Loan||30||Starts at 9.15% p.a.||0.35% of loan amount + GST||Enquire|
|Bank of Baroda||30||Starts at 8.40% p.a.||Nil||Enquire|
|Bank of India Home Loan||30||Starts at 8.30% p.a.||0.25% of the loan amount||Enquire|
|Indian Overseas Bank Home Loan||30||Starts at 9.10% p.a.||0.50% of home loan amount||Enquire|
Eligibility Criteria for Home Loans in Lucknow
The banks and NBFCs in Lucknow lay out some eligibility requirements for home loan applicants. Here are some of the most commonly accepted criteria borrowers must adhere to.
|Eligibility Parameters||Salaried Individuals||Self-Employed Individuals|
|Professional Experience||3 years||3 years|
Rs. 30,000 for applicants below 37 years
Consistent income for 5 years
|CIBIL Score||Higher than 725||Higher than 725|
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.
- All applicants for home loans at Lucknow banks must be Indian citizens.
- Salaried applicants must be aged between 23 and 65 years old, while self-employed applicants must fall in the age bracket of 23 and 75 years.
- Salaried applicants must be able to show proof of work experience for at least 3 years. Self-employed applicants must have continuity of business for at least 5 years.
- The CIBIL score of both sets of applicants must be 725 or higher.
Disclaimer: The eligibility criteria listed above are indicative only. These may vary from one bank to another. Please check with your Lucknow bank for the exact set of eligibility requirements for home loan applicants.
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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Document Requirement for Home Loans in Lucknow
If you plan to seek a home loan amount from a bank/NBFC in Lucknow, you would need to submit a specified set of documents along with your home loan application. Listed below are some of the most commonly asked documents for home loans in Lucknow:
1. For Salaried Loan Applicants
- Proof of income such as salary slips of the previous 3 months, bank statements from the previous 6 months with entries of salary credits, and ITR
- Proof of employment such as letter of increment, letter of appointment from current employer, contract of employment (if applicable)
2. For Self-Employed Loan Applicants
- Latest copy of Form 26AS
- ITR filing proof for the previous 3 years
- License for professional practice (applicable for professionals like doctors and lawyers)
- The company’s Articles of Association (AOA) and Memorandum of Association (MOA)
- Certificate of Registration of the company
- Statement of profit and loss and balance sheet for previous 3 years (attested by professional CA)
- Proof of address of business
- Details of business license
|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 Lucknow
Different banks and NBFCs in Lucknow offer a variety of home loan schemes to meet the varied requirements of the applicants. The table below highlights the key types of loans offered to home loan borrowers by top banks and housing finance companies in Lucknow, as well as the objective of the loan being demanded:
|Type of Document Required||The Object of the Loan|
|House Construction Loan||To build a house from scratch|
|Home Loan||To buy a residential property such as a flat/apartment|
|Home Loan Overdraft||To borrow more money linked to your current and savings accounts|
|Loan Against Property||Loan granted by putting up your property as collateral to the bank|
|Home Loans for NRIs||For Indians residing outside of the country but aspiring to build/buy residential property in India|
|Home Improvement Loan||To undergo renovations and upgrades in existing property such as wiring, repainting, etc.|
|Home Loan Top-Up||Additional loan amount over and above the existing home loan|
|Home Extension Loan||To extend the duration of an existing loan amount to build an extra room, balcony, or floor|
|Home Loan Balance Transfer||To transfer an existing loan amount to another bank offering a lower interest rate|
|Land Purchase Loan||To buy a land/plot for constructing a house|
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 Banks and NBFCs for Home Loans in Lucknow
You will find numerous good options if you are looking for leading names in banks and NBFCs in Lucknow to apply for a home loan. The city provides several options to applicants to avail of home loans. Different financial institutions in Lucknow offer competitive interest rates on home loans with easy and flexible repayment options. Listed below are some of the top banks and housing finance companies in Lucknow:
Lucknow has several banks and NBFCs that offer customers home loans at competitive interest rates. The interest rates offered by one bank/NBFC may vary from those offered by another based on the different home loan schemes offered as well as the profile of the loan applicant.
Generally, no bank or financial institution would grant the borrower a full 100% home loan amount for security reasons. According to guidelines laid down by the RBI, only 90% of the property value can be availed of as a home loan from any lender in India.
A borrower is entitled to request 90% of the home loan amount from a bank or NBFC in Lucknow, provided the loan amounts to Rs. 30 lakhs or lower.
The easiest way to apply for a home loan is to maintain a high CIBIL score. A good CIBIL score reflects a good financial record for the applicant and makes it easier to convince banks to grant the loan amount without much hassle.
Different banks and NBFCs in Lucknow may have different cap limits on the permissible amount of home loan that they can offer to the applicants. As a general RBI rule, a borrower is only entitled to receive up to 90% of the home loan amount if the loan is Rs. 30 lakhs or lower.