Home Loans in Lucknow
To get easy Home Loans in Lucknow and nearby areas of Uttar Pradesh from banks and financial institutions like HDFC, SBI, PNB, IIFL, Bank of Baroda, Indiabulls Housing Finance, etc., the process is very easy. The home loan interest rate in Lucknow starts from 8.00%, whereas the processing fees are nominal, starting from 0.25% + GST.
Home Loan Interest Rate All Banks in Lucknow
Compare various banks and the home loan interest rates that they are offering for different requirements
Let’s have a look below to know the same:
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
|---|---|---|---|
| SBI | 8.75% - 9.50% | 8.75% - 9.40% | 8.75% - 9.40% |
| HDFC | 8.65% - 9.35% | 8.65% - 9.35% | 8.65% - 9.35% |
| LIC Housing Finance | 8.30% - 10.00% | 8.00% - 10.20% | 8.00% - 10.40%% |
| ICICI Bank | 8.75% - 9.85% | 8.75% - 9.85% | 8.75% - 9.85% |
| Kotak Mahindra Bank | 8.65% - 9.45% | 8.65% onwards | 8.65% onwards |
| Punjab National Bank | 8.60% - 9.35% | 8.55% - 9.25% | 8.55% - 9.25% |
| Bank of Baroda | 8.60% - 10.35% | 8.60% - 10.70% | 8.45% - 10.70% |
| Union Bank of India | 8.60% -10.50% | 8.60% -10.70% | 8.60% -10.70% |
| IDFC First Bank | 8.75% – 8.90% | 8.75% onwards | 8.75% onwards |
| L&T Housing Finance | 8.40% - 8.60% | 8.40% - 8.60% | 8.40% - 8.60% |
| Bajaj Housing Finance | 8.30% onwards | 8.30% onwards | 8.30% onwards |
| Godrej Housing Finance | 8.39% -10.99% | 8.39% -10.99% | 8.39% -10.99% |
| Tata Capital | 8.60% onwards | 8.60% onwards | 8.60% onwards |
| Federal Bank | 8.37% – 9.60% | 8.37% – 9.65% |
Home Loan Interest Rate in Lucknow
Home loan in Lucknow and neighbouring areas of Uttar Pradesh starts from 8.30% and can go on upto 14%:
| Home Loan Parameters | Home Loan Details |
|---|---|
| Interest Rate | 8.30% - 14.00% |
| Processing Fee | 0% to 1.25 % of the loan amount |
| Tenure/ Repayment | 1-30 years |
Best Bank for Home Loan in Lucknow
There are more than 30 banks and financial institutions that can give you the best home loans in Lucknow and other nearby areas of Uttar Pradesh.
Here we are mentioning some of those lenders which give lucrative deals on your home loans.
PNB Housing Finance Limited Home Loan in Lucknow
PNB HFL starts giving home loans in Lucknow from Rs 8 lakh onwards and takes approximately 10 days to process. The minimum home loan rate of interest in Lucknow is 8.50% for salaried and 8.60% for self-employed professionals whose CIBIL or credit score is more than 800.
HDFC Home Loan in Lucknow
HDFC or HDFC Limited caters to home loan in Lucknow under different loan slabs based on the requirement amount of home loan. There are different home loan interest rates for women that can benefit you greatly if one co-applicant of your home loan is a woman.
| Loan Slab | Home Loan Interest Rates (in % p.a.) |
|---|---|
| For Women* (upto 30 Lakhs) | 8.60 - 9.10 |
| For Others* (upto 30 Lakhs) | 8.65 - 9.15 |
| For Women* (30.01 Lakhs to 75 Lakhs) | 8.85 - 9.35 |
| For Others* (30.01 Lakhs to 75 Lakhs) | 8.90 - 9.40 |
| For Women* (75.01 Lakhs & Above) | 8.95 - 9.45 |
| For Others*(75.01 Lakhs & Above) | 9.00 - 9.50 |
LIC Housing Finance Limited Home Loan in Lucknow
LIC Housing Finance gives 7 different types of home loans in Lucknow or any other place. The starting home loan interest rate starts from 8.50% for people having a CIBIL score more than 800 and are salaried. For people whose CIBIL score is less than 600 and are self-employed, for them the home loan interest rate in Lucknow is around 9.40%.
Bajaj Housing Finance Lucknow
Bajaj Housing Finance offers attractive Home Loan interest rates starting at 8.30%* for salaried and professional individuals. Borrowers also have the advantage of availing of a sizable sanction with minimal documentation and quick processing and approval.
Aadhar Housing Finance Lucknow
With 13 types of home related loans Aadhar Housing Finance home loan interest rate is one of the good options.
| Customer Type | Home Loan Interest Rate* |
|---|---|
| Salaried - Home Loan | 11.75% to 16.50% |
| Self-Employed - Home Loan | 12.75% to 17.00% |
| Loan against Property | 15.00% to 17.00% |
Aditya Birla Housing Finance
Getting a home loan in Lucknow is easy with Aditya Birla Housing Finance home loans. Below is the home loan interest rate based on salary.
| Home Loans | Salaried | Self Employed |
|---|---|---|
| Rate of Interest | 8.50% to 13.00% | 9.25% to 13.50% |
Shriram Housing Finance Lucknow
This financial institution offers home loans, loan against property, and project finance services, as well as provides a range of financial assistance to prospective homeowners. SHFL serves customers in India. The home loan interest rate starts from 9.5% and you can get almost 90% of your property cost as a loan.
Sundaram Home Finance Lucknow
With 6 types of home loans schemes, the home loan interest rate at Sundaram home finance in Lucknow starts from 8.65% p.a.
| Details | Interest Rate/ Fees |
|---|---|
| For general customer | 8.65% |
| For women customers | 8.65% |
| Processing Fee | Maximum upto 0.50% + GST |
IIFL Home Loan in Lucknow
IIFL Home Loans progressively works towards facilitating affordable home loans to first time homebuyers of the country. Through a wide network of branches, backed by a digital infrastructure and social development intent, the Company caters to the evolving home finance needs of marginalized sections across the length and breadth of the nation.
The IIFL home loan interest rate in Lucknow starts from 8.20% p.a.
Indiabulls Housing Finance Lucknow
Indiabulls Home Loans offers customers competitive interest rates that will make it easier to own a home of choice. The home loan interest rate at Indiabulls Housing Finance in Lucknow start from 8.95% p.a.
SBI Home Loan Lucknow
State Bank of India is one of the premier banks of India and so to get a home loan in Lucknow is very easy with SBI. The cheapest SBI home loan interest rate is 8.05% and the maximum tenure for which home loan can be availed is 30 yrs. The loan disbursement process can take upto 3 weeks in SBI home loan Lucknow.
Axis Bank Home Loan Lucknow
Axis bank home loan in Lucknow is one of the most searched options to get a home loan. The home loan interest rate varies depending upon the applicant profile, salary and credit score.
Aavas Finance Lucknow
They offer 5 home loan products in Lucknow. You can get home loan, loan against property, land purchase and home construction loans, home loans balance transfer from Aavas housing in Lucknow. The interest rate for home loan starts from 8.50% p.a. with a processing fees of upto 2% plus GST. The maximum tenure can be no more than 30 years.
Home Loan Interest Rate for Salaried and Self Employed Individuals in Lucknow
| Loan Type | Effective ROI (p.a.) |
|---|---|
| Home Loan | 8.30%* to 14.00%* |
| Home Loan (Balance Transfer) | 8.30%* to 14.00%* |
| Top Up | 9.20%* to 15.00%* |
Interest Rate For Salaried Individuals in Lucknow
| Type | Repo Rate + Spread | Effective Rate of Interest |
|---|---|---|
| Floating Rate | Repo Rate + 2.70% to Repo Rate + 3.05% | 8.60% - 8.95% p.a. |
| Fixed Rate | All Loan Amounts | 14% p.a. |
Home Loan Interest Rate For Self Employed Individuals in Lucknow
| Loan Type | Effective ROI (p.a.) |
|---|---|
| Home Loan | 8.55%* to 14.00%* |
| Home Loan (Balance Transfer) | 8.90%* to 14.00%* |
| Top Up | 9.40%* to 15.00%* |
Interest Rate For Self Employed Individuals in Lucknow
| Type | Repo Rate + Spread | Effective Rate of Interest |
|---|---|---|
| Floating Rate | Repo Rate + 2.80% to Repo Rate + 3.15% | 8.70% - 9.05% p.a. |
| Fixed Rate | All Loan Amounts | 14% p.a. |
Types of Home Loans Offered in Lucknow
There are more than 10 types of home loans offered in Lucknow. Have a look below to understand what different types of home loans you can take from banks and other financial institutions(FIs) or NBFCs(non-banking financial institutions)
| Types of Home Loan | Purpose of Home Loan |
|---|---|
| Home Loan | This type of loan is taken to purchase residential property like flats and apartments. |
| Loan against Property | Get a loan by pledging your property to the bank. |
| Home improvement Loan | This loan is taken for house renovation related activities like painting, wiring revamp etc. |
| Home Extension Loan | This type of loan is taken to extend an already existing loan. For example to build a floor, room and balcony. |
| Land purchase Loan | This type of loan is taken to purchase a land. The construction of property should be completed within a fixed timeline. |
| House construction Loan | This type of loan is taken to construct a house. |
| Home Loan Balance Transfer | Home loan balance transfer is used to transfer the existing home loan to a lower interest rate reducing the overall outgo in process. |
| Pre-approved Home Loan | This type of pre-approved home loan is given by banks and lending institutions to their existing customers on the basis of their credit worthiness and income. |
| Home Loan Top-ups | This is given as an extra loan on your existing home loan. |
| Home loans for NRI | This type of home loan is suitable for people who live outside India but are willing to construct a house in India. |
| Home Loan Overdraft | Home loan overdraft allows borrowers to get more loan amount linked to their savings and current account. |
Features & Benefits of Home Loan in Lucknow
Home Loan is a secured loan where the bank keeps possession of your home papers till the repayment is done. Let’s have a glance at some features of home loan in Lucknow:
- Home loans in Lucknow are usually offered at a minimum interest rate of 7.80% p.a.
- Tenures may be up to 30 years.
- LTV ratio: 80%-90% of the cost of property.
- Facilities like top-ups, overdraft and home loan balance transfer to existing home loan borrowers are easily available.
- Selected existing bank customers are offered pre-approved instant home loans.
- No prepayment charges.
- Pradhan Mantri Awas Yojna for economically weaker sections, middle income groups and low income groups with interest subsidy of up to Rs 2.76 lakh
Eligibility Criteria of Home Loans in Lucknow
To be eligible for a home loan in Lucknow, there are some requirements. Let’s see what those requirements are that will allow you to have your dream home in Lucknow:
- Applicant’s nationality: Indian Resident, PIO, NRI
- Age- 21 years up to 70 years at the time of loan maturity
- Work experience: At least 3 years for salaried and self-employed
- Applicant’s job profile: Salaried (government and corporate professionals)/Self-Employed Non-Professionals (contractor, trader, commission agent)/Self-Employed Professionals (Doctors, CS, lawyers, CA, architect, consultant, engineer
- CIBIL/Credit score should be 750 and above for increased chances of availing a home loan and at lower interest rates
Documents Required for Home Loan in Lucknow
Below is the list of documents needed to get a home loan in Lucknow:
Home loan Documents For Salaried Loan Applicants
- Proof of Identity: PAN Card/Driving License/ Voter ID/Passport/Aadhar Card.
- Proof of address: Passport/Utility bill/Aadhar card
- Proof of Income: Latest salary slip/ ITR/Form-16
- Bank Statement: Last 3 months bank statement/ last 6 months bank passbook.
- Property Documents: Agreement sale copy, Certificate of possession, Land tax receipt, the detailed cost of construction, Letter of allotment, Original NOC.
Additional Home Loan Documents for Self-Employed Applicants
- Business profile
- Recent Form 26AS
- Income Proof: ITR with income computation for past 3 years
- Memorandum and Articles of Association of the company
- Balance sheet and profit & loss account statement for last 3 years
- Current account statement of business entity
- Savings account statement of individual for past 6 months
Property Loan in Lucknow
Property loans or Mortgage loans in Lucknow is another term for home loans in Lucknow. So, if you are in need of any type of mortgage loan ie. home loan in Lucknow then you are reading just the article where you will get all the information correctly.
Property Loan Interest Rates in Lucknow
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh & Up to Rs. 75 Lakh | Above Rs. 75 Lakh |
|---|---|---|---|
| LIC Housing Finance | 8.00% – 10.00% | 8.00% – 10.20% | 8.00% – 10.40% |
| HDFC Ltd. | 8.40% – 10.00% | 8.40% – 10.25% | 8.40% – 10.35% |
| Tata Capital Housing Finance | 8.60% onwards | 8.60% onwards | 8.60% onwards |
| Bajaj Housing Finance | 8.30% onwards | 8.30% onwards | 8.30% onwards |
| PNB Housing Finance | 8.50% – 12.50% | 8.50% – 12.50% | 8.60% – 11.70% |
| Repco Home Finance | 8.10% onwards | 8.10% onwards | 8.10% onwards |
| GIC Housing Finance | 8.10% onwards | 8.10% onwards | 8.10% onwards |
| Indiabulls Housing Finance | 8.70% onwards | 8.70% onwards | 8.70% onwards |
| Aditya Birla Capital | 8.50% – 13.50% | 8.50% – 13.50% | 8.50% – 13.50% |
| ICICI Home Finance | 9.20% onwards | 9.20% onwards | 9.20% onwards |
| Home First Finance | 8.00% – 18.00% | 8.00% – 18.00% | 8.00% – 18.00% |
| Godrej Housing Finance | 7.99% – 10.99% | 7.99% – 10.99% | 7.99% – 10.99% |
| L&T Housing Finance | 7.70% – 8.70% | 7.70% – 8.70% | 7.70% – 8.70% |
Popular Localities in Lucknow and their Property Rate
Before getting a home loan, you must first figure out the property that you want to buy. Don’t worry, we have got you covered as we are enlisting some popular localities in Lucknow and their property rate.
| Locality Name | Price range in Rs/Sq. ft |
|---|---|
| Gomti Nagar | 8815 |
| Sushant GolfCity | 8820 |
| Hazratganj | 10100 |
| Indira Nagar | 7500 |
| Ekana Road | 6500 |
| Jankipuram | 3100 |
| Sitapur Road | 5500 |
| Aliganj | 6150 |
| Mohibullapur | 9200 |
| Sitapur Road | 5500 |
FAQs
You can get a maximum of Rs 10 Crore home loan in Lucknow. If you still need more loans, then you can do so after a brief interaction with the bank through which you want your loan to be serviced or disbursed. Normally, banks don’t have any problem till they see that your credit score is up to the mark and your credit report is creditworthy.
It takes anything between 7 to 21 days in order to get a home loan in Lucknow.
The lowest home loan interest rate in Lucknow is 8.40% p.a.. Currently it is offered by SBI.
If your monthly salary is more than Rs 25000 then you can get a home loan in Lucknow.
Why only Lucknow? You can apply for a home loan from anywhere in India using our website MyMoneyMantra.com or you can directly visit the link https://www.mymoneymantra.com/home-loans and fill the form with your exact requirements.
Normally to buy a new home, a down payment of 10% of the total cost of the property is required. But it is always advisable to go for a minimum home loan amount by paying around 20% to 30% as down payment to the builder.
You can get around 80% of the property value as loan amount to purchase a house in Lucknow.
It depends on which house you are planning to buy and whether you are a resident of Uttar Pradesh. If the total cost of the house is lower than Rs 1 Cr then yes this is enough. If the home you desire is priced higher than Rs 1 Crore then No, even this amount is not enough and you will eventually have to take a home loan to buy your dream home.
Reshma Rawat is a passionate writer with a decade of experience in writing for a variety of domains (finance, technology, lifestyle, e-commerce, real estate, etc.). Currently, she is working as Assistant Manager - Content @MyMoneyMantra and writes blogs & webpages on financial products (loans, credit cards, insurance, government financial policies, mutual funds, etc.).
Director- MyMoneyMantra FinTech| A senior retail and commercial banking professional, adept at handling Business Development, Sales Planning & Growth, Product Strategy, Marketing Operations and Client advisory services phygitally.