® 
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 Ludhiana
Ludhiana is one of the largest cities in the state of Punjab. It is the 28th largest urban city in the country and has also been named in the list of cities to be developed under the smart city model. The increase in industrialization in the city has also provided a much-needed boost to the real estate in the city. With new projects being developed in the city, the need for home loans has also increased.
Home loans are long term loans provided by lenders to eligible borrowers for the purchase or construction of a house or apartment or a plot of land on which they want to construct a house. Home loans have among the lowest rate of interest in the personal loan segment. However, since the amount of loan and the tenure of the loan is on the higher side, the eligibility criteria and the verification for the same is quite stringent to protect the interest of the lender.
Given below are key details about home loans in Ludhiana.
Who are the top lenders of home loans in Ludhiana?
Home loans can be sanctioned by private or public sector banks as well as eligible NBFCs. Since it is a competitive market, the interest rate on home loans is quite lower in recent years. Also, to boost the real estate sector post the pandemic, the interest rate and the eligibility parameters are relaxed by few lenders.
The top lenders for home loans in Ludhiana are,
| Lender | Interest rate |
|---|---|
Kotak Mahindra Bank | 6.60% - 7.20% |
HDFC Bank | 6.75% - 7.65% |
Bank of Baroda | 6.75% - 8.25% |
SBI | 6.80% - 7.15% |
Bank of India | 6.85% - 8.30% |
Axis Bank | 6.90% - 8.55% |
LIC Housing Finance | 6.90% - 7.90% |
Union Bank of India | 6.70% - 7.10% |
ICICI Bank | 7.15% - 7.55% |
PNB Housing | 7.35% - 9.55% |
What are the features of home loans in Ludhiana?
Home loans come with a host of features to ease the burden of the borrower and to help them in realizing their dream of owning a home.
Some of the key features of home loans are mentioned below.
High loan amount
Most lenders provide anywhere between 70% to 90% of the cost of the property as a loan. The balance amount has to be furnished by the borrower as margin money. The high loan amount makes it possible for the borrowers to get new homes easily.
Reduced interest rates
The rate of interest on home loans is lower than other retails loans like personal loans, vehicle loans, etc. If the credit score of the person is good usually above 750, they are eligible got get the lowest rate of interest for their home loan to provide they meet other eligibility criteria.
Long term repayment tenure
The repayment tenure for home loans is long term, usually in the range of 20 years to 30 years. This long duration allows the borrower to manage the EMI payments at a better pace as compared to short term loans.
Lower processing charges
The processing charges on home loans like any other loans are charged as a percentage of the loan amount (subject to minimum and maximum chargeable amount as per lender’s guidelines). These are nominal charges (usually between 0-2% of the loan amount) and include various charges like documentation charges, verification charges, etc.
Option of part payment and prepayment
Many lenders allow part payment and prepayment of loans prior to the completion of the tenure of the loan. This prepayment and part payment of the home loan is subject to certain underlying conditions of the lender and also a penalty is charged for such part payment and prepayment of home loan.
Minimum documentation
The documentation for home loan by most lenders is pretty basic KYC documents. This documentation process further requires fewer documents if the borrower is an existing customer of the bank having a savings account or a current account or a fixed deposit.
Benefit for existing customers or women borrowers
Banks and NBFCs provide the benefit of lower interest rate for women and senior citizen borrowers. The rate of interest is usually approximately 1% lower than the standards interest rate.
Joint home loan application
Lenders allow the applicants to make a joint application for home loan with any of their family member. Eligible family members include spouse, children and parents if the primary borrower.
What is the eligibility for home loan in Ludhiana?
Eligibility criteria for a home loan depends on every lender’s guidelines regarding the same. These eligibility parameters have to be met in totality to qualify for the home loan of the lender. Some of the basic eligibility requirements of the lender are tabled below.
| Category | Details |
|---|---|
Age | Minimum 18 years Maximum 75 years |
Income | Minimum Rs. 25,000 per month |
Employment status | Salaried or self-employed |
Residential status | Resident Indian or NRI |
Credit score | Minimum 650 |
What are the documents needed for home loans in Ludhiana?
The list of documents needed for home loans in Ludhiana are basic KYC documents and are mentioned below.
- Home loan application form
- Identity proof (Ration card, Aadhaar Card, Passport, etc.)
- Address proof (Aadhaar Card, Passport, Utility bills, rent agreement, etc.)
- Age proof (Birth certificate, Aadhaar card, Passport, etc.)
- Signature proof
- Income proof (Latest salary slips, ITR, Form 16)
- Bank statement for the past 6 months reflecting salary credit
- Employment proof (Letter of employment, Form 16, etc.)
- Passport size photographs
FAQs – Home loans in Ludhiana
1. What is the prepayment of a home loan?
A. Prepayment of home loan is the foreclosure of home loan before the completion of tenure. Such foreclosure is allowed only after the completion of a minimum period of 6 months from the date of sanction of loan. Borrowers have to pay a penalty for such foreclosure and the rate of penalty is based on the period when such foreclosure is made.
2. How long does it take for home loan to be processed in Ludhiana?
A. Most lenders take approximately 7 days to a maximum of 30 days for the home loan to be processed and the amount of loan to be credited to the account of the borrower.
3. Can a person claim deduction under section 80C for paying home loan EMI?
A. Yes. Home loan EMI (principal portion) is eligible for deduction under section 80C of Income Tax Act, 1961 for a maximum amount of Rs. 1,50,000.
4. Is there an affordable government scheme in the nature of home loans?
A. Yes. Pradhan Mantri Awas Yojana provides resources for affordable homes and this scheme is available with all the public sector banks select private sector banks too.
5. Is a home loan available at a floating rate or fixed rate of interest?
A. Lenders provide home loans with floating rate or fixed rate of interest depending on their guidelines.