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Home Loan in Lucknow
The city of Nawabs is witnessing a boom in the real-estate sector. If you’re looking for a housing loan in Lucknow, you’ve come to the right place. Investment or residential, whatever your goal may be, there is a suitable home loan for everyone. For homebuyers in Lucknow, we bring the ultimate home loan guide. From application to eligibility, find all your answers in this blog.
Home Loan in Lucknow - An Overview
We all know that a house of one’s own is not just a place; it is a feeling. Live that feeling of ownership and security with available home loans in Lucknow. Whether shifting to a new apartment in an urban-posh locality, revamping your existing haven or building a house from scratch for the coming generations of your family, a housing loan in Lucknow can provide quick financial assistance for every need.
Property investments can be made not only for housing purposes but also for wealth generation. In Lucknow, realty is the new reality. With crores of investment coming in since the start of this year, Lucknow is already a real estate favourite. Lucknow today is a smart city with booming startups, growing IT hubs and bustling life. And as they say, with the help of home loans in Lucknow, the best time to buy real estate is now!
Let us dive deep into Lucknow’s housing loan market and its current trends.
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Highlights on Home Loans in Lucknow
Let’s begin with a quick overview of the prominent features of housing loans in Lucknow. Although these are subject to changes owing to market fluctuations, the table below can give a fairly clear idea of the advantages offered by this loan.
|
Home Loan Highlights [Latest Updated on 08/16/2023] |
|
| Interest rate (per annum) | 8.40% onwards [fixed/flexible] |
| Tenure | Up to 30 years |
| Loan to Value (LTV)` | Upto 90% |
| Processing fee | 0.25% onwards |
| Prepayment charges | NIL |
Home Loan EMI Calculator
- 5 Lac
- 20 Cr
- 5
- 30
- 6
- 20
Monthly Loan EMI
Payment Breakdown:
Principal Amount
₹10,00,000
Interest Payable
Total Amount Payable
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Things to Remember For Home Loan in Lucknow
- Pre-approved Loans: Lenders offer their current customers pre-approved housing loans in Lucknow. Since lenders already have their verified information, a home loan can be quickly approved with minimum background checks.
- Patience is the key: Lenders thoroughly verify an applicant’s information and the property’s condition before approving the loan. The verification process can take significant time and require an applicant to be patient.
- Updated Documentation: A loan applicant must make sure that the documents submitted by them are up-to-date to avoid any discrepancies and delays.
Housing Loan Eligibility Criteria in Lucknow
You do not need to visit umpteen websites to check your home loan eligibility. We list the most important eligibility criteria for a housing loan in Lucknow.
| Criterion | Parameter |
| Age | 18-70 years |
| Nature of employment | Salaried/Self-employed/Pensioners |
| Minimum income (In Rs.) | 25,000-30,000 per month |
| Citizenship | Indian residents, as well as non-residents |
| Work experience | 2 years of previous work experience; Specified months at the current organisation |
| Credit score | A credit score of 750 or higher |
Don't miss to Check: Home Loan Eligibility Calculator
Documents Required for Home Loan in Lucknow
All the important documents required by lenders are listed below. Carry photocopies of these documents while applying for the cheapest home loans in Lucknow.
- Duly filled loan application form
- PAN card
- Id proof: Aadhar card/ Voter id/ other acceptable proofs
- Address proof: Utility bills/ Driving license/ Aadhar card
- Employment proof: Employee id/ Employment agreement/ Balance sheet and P&L account for last 2-3 years
- Income proof: Salary slips/ Bank statements/ ITR filings
- 2-3 Passport size photographs
- Property related documents
- Disclosure of assets and liabilities
Conclusion
As it is said, home is where the heart is. Thanks to easy home loans in Lucknow, gone are the days when lack of funds would stop you from owning your dream home. A credible candidate can finance up to 90% of their property’s value using home loans with little down payment. With easy accessibility, let go of any hesitation in seeking a housing loan in Lucknow. Timely repayments are as much a part of smart banking as anything else. Therefore, choosing a property and a loan amount that aligns with your income remains the wisest and smartest move.
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People Also Asked About Home Loans in Lucknow
What is the process to transfer a home loan in Lucknow?
Firstly, a loan transfer request must be submitted to the current lender. Once a NOC is taken from the existing bank, a candidate can apply at the new lender after thoroughly reviewing the new rates and net savings.
Is it good to buy a house in Lucknow with a home loan?
Yes, home loans can provide up to 90% financial coverage of the house’s value. However, the key is to choose a loan amount well within one’s repayment capacity.
Which bank is the best for home loans in Lucknow?
SBI and HDFC Banks are among the leading home loan providers in Lucknow. However, most major and several regional banks offer cheap home loans in Lucknow at competitive rates.
