® 
Max Tenure
5 yrs
Best Rate
7.35%
Processing Fee
10,000₹*
Features
- * Upto 30 years Loan Tenure
- * No Prepayment or Foreclosure charges
- * Funding up to 90%* of the property cost
- * Customized eligibility programs
- * Accessible network & decades of experience
Pricing
- Interest rate – 7.35%
- Processing Fees – 0.25% of loan amount or Rs. 10,000/- (salaried), 0.5% of loan amount or Rs. 10,000/- (self-employed)
Documents Required
- Age Proof (PAN Card, Passport, Any other Certificate from Statutory Authority)
- Residence Proof (Passport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory Authority)
- Education Qualifications – Latest Degree
- Latest Salary-slips for 3 months or 3 years Income Tax returns for Self Employed
- Bank Account statement for last 6 months (Salary Account) or 12 months for Self Employed
Max Tenure
30 yrs
Best Rate
6.90%
Processing Fee
0%*
Features
- Best ROI in the industry
- For women beneficiaries 0.05% less than normal rate
- Speedy Sanction
- No prepayment charges
- No hidden charges
- Interest calculated on daily reducing balance
- Longer Repayment tenor
Pricing
- Interest Rate: 6.90% to 8.90%
- Processing Fee: 0
Documents Required
- ID proof(PAN card, Pass port/Voter Id/Employer ID/Driving Licence/ Aadhaar Card/MNREGA No) with 2 PP photos
- Residence proof: Latest Tel bill, Bank Statement / Elec bill / Ration Card / letter from employer)
- Certificate from employer confirming confirmation of continuous service - For Salaried Only
- A brief note on nature of business / activity / business licence in case of self-employed
- Form 16 for last 3 years
- Bank Statement / Pass book of salary or Business A/c for last 6 months
- Balance sheet and P&L Account for last 3 years - For Self Employed
- Salary Slip for last six months - for Salaried
- Income Tax returns with taxpaid challans for last 3 years - For Self Employed
Max Tenure
15 yrs
Best Rate
12%
Processing Fee
3-5%
Features
- Loan on Cash income
- Past Bureau issues also considered.
- Funding on gram panchayat , B khata , Properties under municipal limits also funded.
- Loan starts at 5 lacs.
Pricing
- Interest Rate: 12 % to 18%
- Processing Fee: 3 - 5%
Documents Required
- Identity proof such as Pan Card, Voters ID Card, Passport.
- Address proof such as electricity bill, ration card.
- Income proof documents, if available.
- Bank pass book or Bank Statements.
- Property documents, if property identified.
How to Get a Home Loans in Amritsar
Amritsar, the city located in the north Indian state of Punjab, is known for its food, cultural heritage, and historic significance. Is the second-most populous city of Punjab and is a significant commercial and transportation hub of the state. This makes it a preferable place for many people to live in. However, many people often do not have the means to purchase a home in the city. With home loans, the process of buying a home in Amritsar is very easy and quick.
Home Loan Interest Rates in Amritsar 2022
Here is a list of home loan interest rate offerings by some of the top banks in Amritsar:
| Lender | Interest Rates |
|---|---|
Kotak Mahindra Bank | 6.65% |
State Bank of India | 6.70% |
HDFC Bank | 6.70% |
ICICI Bank | 6.70% |
Bank of Baroda | 6.75% |
Union Bank of India | 6.80% |
Punjab National Bank | 6.80% |
Central Bank of India | 6.85% |
Axis Bank | 6.90% |
Top Home Loan Lenders in Amritsar
Some of the preferred banks and home loan lenders in Amritsar, Punjab are listed below:
- Axis Bank
- ICICI Bank
- Bank of India
- Canara Bank
- Kotak Mahindra Bank
- Bank of Baroda (BoB)
- HDFC Bank/HDFC Ltd.
- State Bank of India (SBI)
- LIC Housing Finance Ltd.
- Punjab National Bank (PNB)
Recommended read – Home loans at lowest interest rates in Amritsar
What are the home loan eligibility criteria in Amritsar?
Mentioned below are some of the eligibility criteria that are verified against home loan applicants by the banks and lenders in Amritsar:
| Eligibility Criteria | Salaried | Self-employed |
|---|---|---|
Residency | Indian Residents, Non-Resident Indians (NRIs), and Persons of Indian Origin (PIOs) | |
Age | 18 to 70 years | 21 to 70 years |
Minimum work experience/ business continuity | Minimum 2 years | Minimum 3 years |
Net minimum income/salary | Minimum Rs. 25,000 per month (could differ across banks/lenders and areas) | Minimum Rs. 5 lakh per annum (could vary across lenders and areas) |
Credit Score | A credit score above 750 | |
Why should you buy a home in Amritsar?
The city of Amritsar was historically known as Ramdaspur. Amritsar is one of the commercial centres in the northern state of Punjab since it is one of the largest cities in the state. It also has cultural significance due to the presence of the world-renowned Golden Temple in the city.
Often termed as a spiritual and cultural centre of the Sikh religion, it attracts thousands of devotees every year. Some of the main commercial activities carried out in Amritsar are carpets and fabric trading, farming, handicrafts, tourism, etc. This makes the city an excellent option for people to build their homes and benefit from the city’s fast-paced development.
What are the factors affecting home loan eligibility in Amritsar?
Some of the factors that commonly affect a home loan borrower’s eligibility in Amritsar are:
- Credit score- Credit score is a measure of a borrower’s ability to handle credit. If a borrower has a credit score of 750 and above, it can significantly improve his/her chances of getting a home loan in Amritsar.
- Applicant’s age – The minimum age requirement to apply for a home loan in Amritsar is 18 years and the maximum age must be 70 years. However, the age criteria could differ across lenders.
- Job or income stability – Having a stable job or a source of income is very crucial in ensuring that a borrower can make timely repayment of the loan. To avail of a home loan, salaried applicants should have at least two years of total work experience. Self-employed applicants should have a business establishment for a minimum of 3 years.
- Debt-to-Income ratio – To qualify for a home loan in Amritsar, an applicant’s debt to income ratio (DTI) should be under 40%. A higher DTI indicates an inability to pay EMIs and a higher risk of defaulting on the loan in the future.
- Property Details – A bank or lender in Amritsar may dismiss a home loan application in case the property being bought is not as per the lending institution’s standards with regards to location, resale price, project approval, etc. Thus, one’s home loan application may get rejected if the property’s location is not within the limits defined by the home loan provider in Amritsar.
Recommended read – Home loan balance transfer in Amritsar
What are the documentation requirements for a home loan in Amritsar?
Here is a list of commonly required documents for home loan applications in Amritsar, Punjab is:
- Filled and signed home loan application form
- Passport size photographs
- Proof of residence such as Voter ID Card, Aadhaar Card, Passport and Driving License
- Proof of Identity such as PAN Card, Aadhaar Card, Passport and Voter ID Card, Driving License
- Proof of Income such as Form 16 or latest salary slips (for salaried applicants)
- Proof of Business Continuity of at least 5 years (for self-employed applicants)
- Bank account statements of past 6 months
Conclusion
Amritsar is fast catching the eye of property investors and home buyers as it is slated to attain substantial growth in the near future, resulting in expectations of higher property prices. Therefore, it is the right time to buy a home in Amritsar and what better way to buy one than by applying for a home loan at reasonable interest rates.
FAQs – Home Loans in Amritsar
1. How to get a home loan in Amritsar?
To get a home loan in Amritsar, applicants can either search and apply for it online through any of the reputed bank websites or they can also reach out to the banks through one of the branches in the city.
2. What factors are considered by banks while granting a home loan in Amritsar?
Lenders consider factors such as applicant’s income, job stability and occupation continuity, age, credit history, existing loans, residential status, etc while granting a home loan in Amritsar?
3. Should I take a home loan in Amritsar?
Home loans allow people to buy homes of their choice in Amritsar. Since the city is slowly rising in the cost of living index, homes are slated to get costlier and unaffordable for many. Therefore, with a home loan, one does not have to undergo financial stress while buying a home.
4. Which bank offers the lowest interest rates on home loans in Amritsar?
Some of the banks that offer reasonable interest rates on home loans in Amritsar include ICICI bank, HDFC bank, Axis bank, SBI bank, etc.
5. How can I get a home loan at a lower interest rate in Amritsar?
To get a home loan at lower interest rates in Amritsar, you must ensure that your credit score is maintained at higher levels. A score above 750 has higher chances of availing of a loan at lower rates.
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