Comparison table for Home Loan Interest Rates offered by Top Banks/HFCs
|Name of Lender||Up to Rs. 30 Lakh||Above Rs. 30 Lakh to Rs. 75 Lakh||Above Rs. 75 Lakh|
|SBI||8.50% - 10.15%||8.50% - 10.05%||8.50% - 10.05%|
|HDFC||8.50% - 10.35%||8.50% - 10.60%||8.50% - 10.70%|
|LIC Housing Finance||8.45% – 10.10%||8.45% – 10.30%||8.45% – 10.50%|
|Kotak Mahindra Bank||8.85% onwards||8.85% onwards||8.85% onwards|
|PNB Housing Finance||8.50% - 14.50%||8.50% - 13.00%||8.50%-10.85%|
|Punjab National Bank||8.65%-9.60%||8.60%-9.50%||8.60%-9.50%|
|Bank of Baroda||8.50% - 10.65%||8.50% - 10.65%||8.50% - 10.90%|
|Union Bank of India||8.75% – 10.75%||8.75% – 10.95%||8.75% – 10.95%|
|IDFC First Bank||8.85% onwards||8.85% onwards||8.85% onwards|
|L&T Housing Finance||8.60% onwards||8.60% onwards||8.60% onwards|
|Bajaj Housing Finance||8.70% onwards||8.70% onwards||8.70% onwards|
|Tata Capital||8.95% onwards||8.95% onwards||8.95% onwards|
Note: Rates as of 31st March 2023
Features of Home Loans offered in Lucknow
- Banks/HFCs providing home loans in Lucknow usually offer home loan interest rates starting from 8.45% p.a.
- Home loan lenders in Lucknow may offer repayment tenures extending up to 30 years.
- According to the regulatory cap set by RBI for LTV ratio for home loans, lenders can provide LTV ratio for up to 90% of property value for their home loan applicants. The LTV ratio for loan applicants is also decided based on the final home loan amounts as mentioned below:
|Home Loan Amount||LTV Ratio|
|Up to Rs 30 lakh||Up to 90% of the property’s cost|
|Above Rs 30 lakh to Rs 75 lakh||Up to 80% of the property’s cost|
|Above Rs 75 lakh||Up to 75% of the property’s cost|
- Existing home loan customers of other lenders can use the home loan balance transfer facility to transfer their ongoing loan to another lender at lower interest rates.
- Lenders also offer the facility of top up on home loans to their existing housing loan customers to fulfil any additional requirements related to their personal/professional needs or for the purpose of home construction, home renovation and home extension.
- Existing housing loan borrowers can also avail the overdraft facility on their home loans.
- Home loan lenders in Lucknow offer pre-approved home loans to select existing customers based on factors like their income, credit scores, occupation profile etc.
- Prospective home loan borrowers, looking for affordable housing, can avail the Pradhan Mantri Awas Yojna (PMAY) scheme provided by the Govt. of India.
- RBI has directed banks, HFCs and NBFCs not to levy any charges of prepayment of home loans with floating interest rates. However, home loan lenders can charge prepayment fees for home loans with fixed interest rates. They also have the discretion to waive off prepayment charges, either in partial or total, for fixed interest rate home loans.
Income Requirements of Home Loan in Lucknow
- For salaried: Lenders offering home loans in Lucknow usually consider loan applications of prospective borrowers with monthly incomes of Rs 10,000 and above.
- For self-employed: Home loan applicants with annual incomes of Rs 1 lakh and above are usually considered as eligible by home loan lenders.
Eligibility Criteria of Home Loan in Lucknow
Although the eligibility for home loans may differ from one lender to another, some of the main home loan eligibility criteria for lenders offering housing loans in Lucknow are as follows:
- Salaried employees working in public and private sector units
- Self-Employed professionals including lawyers, doctors, CA, CS, architects, engineers, etc.
- Self-Employed non-professionals including contractors, commission agents, traders, etc.
Loan applicants availing home loans in Lucknow should be at least 18 years old. However, lenders usually mandate that their home loan borrowers repay the loan amount by the time they are 70 years old.
Lenders offering home loans usually prefer resient Indians as their loan applicants. However, some lenders also offer NRI Home Loans to NRI, PIO and OCI loan applicants.
Lenders consider prospective home loan borrowers with Credit/CIBIL score of 750 and above as creditworthy. Therefore, lenders are more likely to approve the home loans of such applicants. Home loan applicants with higher credit scores have higher chances of availing lower home loan interest rates from banks, HFCs and NBFCs.
- Lenders offering home loans in Lucknow usually consider loan applications of salaried individuals with minimum 2 years of work experience.
- Self-employed home loan applicants with business continuity of 2 years and above are more likely to avail housing loans offered by home loan lenders in Lucknow.
Documents Required for Home Loan in Lucknow
Banks, HFCs and NBFCs offering home loans in Lucknow usually ask prospective borrowers to submit the following documents while applying for home loans:
For Salaried Applicants
- KYC documents including PAN card, Aadhaar card, voter ID, passport, driving license, etc.
- Income Proof including salary slips of last 3 months, last 6 month bank statements with salary credits, Form 16, ITR, etc.
- Appointment letter, letter of increment/promotion, employment contract, etc.
- Property related documents
- Bank statements showing repayment of ongoing loans (if any)
- Proof of own contribution
- Cheque for processing fee in favour of the home loan provider
Additional Documents for Self-Employed Applicants
- Income Proof: ITR of last 3 years with income calculation
- Balance sheet and profit & loss account statement of last 3 years duly attested by CA
- Last 6 months savings account statement of the individual and current account statement of business entity
- Latest Form 26AS
- Proof of address of business
- Business profile
- Memorandum of Association (MOA) and Articles of Association (AOA) of the company
Note: The home loan documents list mentioned above is not exhaustive, as lenders may ask for additional documents based on the profile of their loan applicants.