Home Loans in Ludhiana
A home loan in Ludhiana from a bank or non-banking financial company can be the perfect solution for those hesitating to buy a dream home in this beautiful city in Punjab. The cheapest home loan interest rate in Ludhiana begins at 8.45% per annum. Generally, banks and housing finance companies charge up to 0.50% of the loan amount as the processing fee for home loan applications. Based on the eligibility criteria, a borrower may also get a home loan in Ludhiana for up to 30 years as the repayment period.
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Home Loan Interest Rates in Ludhiana
Talking about the lowest home loan interest rates in Ludhiana, one can apply for a housing loan starting at 8.45% per annum. Economically weaker sections (EWS) can also look for affordable housing loan scheme PMAY sponsored by the government at some eminent banks and NBFCs in Ludhiana.
Have a look at the table below to understand the variations in the rate of interest and processing fee charged by the top 10 banks and housing finance companies in Ludhiana:
| 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 (Min: Rs. 1,500; Max: Rs. 20,000) | Enquire |
|
LIC HFC | 30 | 8.50% | Up to 0.25% (Max: Rs. 25,000) | Enquire |
|
HDFC Bank | 30 | 8.65% - 9.85% | Up to 0.25% (Min: Rs. 3,540) | Enquire |
|
PNB Housing | 30 | 8.75% onwards | Up to 0.50% (Max: Rs. 10,000) | Enquire |
|
Tata Capital Ltd. | 30 | 8.95% onwards | Up to 0.25% (Max: Rs. 3,540) | Enquire |
|
Indian Bank | 30 | 8.60% onwards | 0.25% of the loan amount | Enquire |
|
YES Bank | 35 | 9.40% | 1.5% of the loan amount or Rs. 10000, whichever is higher + GST | Enquire |
|
India Shelter | 20 | 10.50% onwards | Upto 2.50% of the loan amount | 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 Ludhiana
One of the most important things that is considered when granting home loans is the borrower's repayment capacity, which is estimated based on factors like income, age, and CIBIL score. All these are what we count as the eligibility criteria for home loans.
We are trying to ease it out for you by highlighting the home loan eligibility in Ludhiana parameters followed in general by several banks and NBFCs:
| 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. 1.8 lakh per year |
| CIBIL Score | 750 or above | 750 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.
- Banks and NBFCs in Ludhiana grant home loans to Indian residents. Some also lend money in the form of home loans to NRIs and PIOs
- The minimum age limit to apply for a home loan in Ludhiana is 21 years, and the maximum age limit is 65 years (at the time of loan repayment)
- The general work experience requirement set by banks and housing finance companies in Ludhiana is 2 years for salaried and 3 years for self-employed applicants
- 750 is considered a decent credit score for those who wish to apply for a home loan in Ludhiana
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 Ludhiana
Submitting documents is a key step in a home loan application procedure. Whether you are a salaried or a self-employed individual applying for a housing loan, you need to submit some general KYC documents to verify your age, address, income, and property details. So, here is a complete list of required documents for home loan in Ludhiana:
1. For Salaried Loan Applicants
- KYC documents like Voter ID Card, Aadhaar Card, PAN card
- A cheque in favor of the lender for the processing fee
- 2-3 months bank statements
- 2-3 months salary slips
- Appointment letter
- Recent ITR
- Recent Form 16
- Property documents
2. For Self-Employed Loan Applicants
- KYC documents like Voter ID Card, Aadhaar Card, PAN card
- Company license
- Business Profile
- 2-3 years ITR
- Recent Form 26AS
- 2-3 years of P&L account statements
- 2-3 years balance sheets
- 2-3 months bank account statement
| 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 Ludhiana
A reputed home loan company in Ludhiana will offer you a wide range of housing loan schemes to choose from. It is your call to choose a home purchase or plot purchase loan or a home construction or renovation loan. Besides, there are several other options from the top banks and NBFCs to consider.
The list below aims to give you a clear idea about 5 best financial service providers in partnership with BASIChomeloan that offer the most convenient home loans in Ludhiana:
| Type of Document Required | The Object of the Loan |
|---|---|
| Plot Purchase Loan | Ideal housing loan scheme to buy a plot for residential purpose |
| Home Purchase Loan | Best housing loan scheme to buy a property for residential purpose |
| Home Improvement Loan | Aims to help an existing homeowner improve a home with services like electrical fittings, plumbing, and carpentering |
| Home Construction Loan | The most suitable housing loan offer for those keen to construct a home on a plot |
| Home Renovation Loan | Offers adequate funds to homeowners who wish to renovate an already-bought home |
| Home Extension Loan | Perfect home loan to assist the homeowner in extending an existing house with a balcony, floor, or room |
| Balance Transfer Home Loan | Interesting way to shift the outstanding home loan amount to a new lender at better interest rates |
| Top-Up Home Loan | Convenient way for existing home loan borrowers to arrange for extra funds without stressing out about 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.
FAQs
Bank of India offers home loans in Ludhiana starting at a rate of interest of 8.45% per annum. Besides, several other banks and housing finance companies like LIC HFC and HDFC Bank offer affordable housing loans in Ludhiana.
Generally, financial service providers offer home loans up to 60 times their net monthly income, so for a monthly salary of Rs. 50,000 in Ludhiana, one may expect a home loan of up to Rs. 24 lakhs.
A home loan borrower is free to choose between a fixed rate and a floater rate of interest on home loans in Ludhiana, as several financial service providers offer both to eligible applicants.
Usually, banks and NBFCs take up to 10 days to process a home loan in Ludhiana. It may take a bit longer if the applicant fails to submit all the required documents with the home loan application.
The prepayment of a home loan means paying off a part or the entire outstanding loan amount before the scheduled repayment tenure. The prepayment period in Ludhiana may vary from bank to bank and NBFC to NBFC. So, we advise you to confirm the same from your chosen lender.