Home Loans in Amritsar
Looking for the best home loans in Amritsar? Explore top lenders offering competitive interest rates, simple documentation, and flexible repayment plans. Find the perfect financing option to make your dream home a reality. Apply today for quick approval and smooth home loan processing in Amritsar with trusted financial institutions!
Amritsar, Punjab’s vibrant city, makes homeownership dreams come true with great financing options. You can own a home in this historic city thanks to home loans in Amritsar that offer competitive rates and flexible terms.
Banks and NBFCs in Amritsar help you buy anything from luxury apartments to modest flats. The interest rates start from 7.00% and go up to 11.50% p.a.. Loan terms stretch up to
Home loan Amritsar options come with great benefits:
- Processing fees start at just 0.50% of the loan amount
- Loans above Rs. 75 lakh are available
- Both salaried and self-employed people can apply
- The financing process stays simple and transparent
Pick from these home loan types based on your needs:
- Home purchase loans
- Home improvement loans
- Home extension loans
Ready to buy your dream home? Just visit your preferred lender’s branch or apply on their website. Lenders provide dedicated support through the entire application process to help you get your dream home in Amritsar quickly and easily.
Home Loan Interest Rate in Amritsar
Learning about home loans in Amritsar starts with understanding interest rates to make an informed decision. Lenders of all sizes offer rates between 7.00% and 11.50% p.a.. Each lender provides unique benefits based on different borrower profiles.
Your home loan trip begins with a choice between fixed and floating interest rates. Fixed rates keep your EMIs constant throughout the loan tenure and help you plan your finances better. Floating rates start lower and change with market conditions. They typically cost 100-200 basis points less than fixed rates.
Here’s a snapshot of current home loan rates in Amritsar from major lenders:
| Lender | Home Loan Interest Rates In Amritsar | Processing Fees & Charges | Maximum Loan Amount | Maximum Loan Tenure |
| Aavas Financier Limited Home Loan | 8% | 2% | – | 30 Years |
| Aditya Birla Capital Home Loan | 9% – 12.50% | 1% | 10 Crores | 30 Years |
| Andhra Bank Home Loan | 8.15% – 9.20% | 0.50% or ₹15000 + GST (whichever is lower) | – | 30 Years |
| Axis Bank Home Loan | 8.75% – 14% | 1% | 10 Crores | 30 Years |
| Bank of Baroda Home Loan | 8.50% – 10.60% | 0.25%- 0.50% | 10 Crores | 30 Years |
| Bank of India Home Loan | 7.80% – 9.65% | – | 7.50 Crores | 30 Years |
| Bank of Maharashtra Home Loan | 8.40% | 0.25% or 25,000 (whichever is lower) | 1 Crore | 30 Years |
| Canara Bank Home Loan | 8.85%- 11.25% | ₹1,500 – ₹10,000 | 3 Crores | 30 Years |
| Central Bank of India Home Loan | 8.45% – 9.20% | 0.50% or ₹20,000 + GST (whichever of lower) | 75 Lakhs | 30 Years |
| DBS Home Loan | 8.25% – 9.75% | – | 5 Crores | 25 Years |
| Dena Bank Home Loan | 8.25% – 8.35% | 0.50% | 1.5 Crores | 30 Years |
| Dhanalakshmi Bank Home Loan | 7.2% | 1% or ₹10,00 + GST (whichever is higher) | 1 Crore | 30 Years |
| DHFL Home Loan | 8.75% | – | 5 Crore | 30 Years |
| Federal Bank Home Loan | 10.15% – 10.30% | – | 15 Crores | 30 Years |
| HDFC Ltd. Home Loan | 8.50% – 9.60% | 0.50% or ₹3000 (whichever is higher) | 10 Crores | 30 Years |
| IDBI Bank Home Loan | 8.75% – 11.45% | – | 10 Crore | 30 Years |
| IDFC First Bank Home Loan | 8% – 14% | 3% | 10 Crores | 30 Years |
| Indiabulls Home Loan | 8.75% | 1% | 2 Crores | 30 Years |
| Indian Overseas Bank Home Loan | 9.55% | – | – | 30 Years |
| India Shelter Finance Corporation Home Loan | 13% – 20% | 2% – 3% + GST | 50 Lakhs | 20 Years |
| Jammu and Kashmir Bank Home Loan | 8% | 0.25% + GST | 50 Lakhs | 30 Years |
| Karnataka Bank Home Loan | 9.08% – 10.38% | 0.50% – 2% | 5 Crores | 30 Years |
| Karur Vysya Bank Home Loan | 9.23% – 12.13% | ₹2500 – ₹7500 + GST | – | 25 Years |
| Kotak Mahindra Bank Home Loan | 8.85% – 9.40% | 0.50% | 10 Crores | 20 Years |
| LIC HFL Home Loan | 8.70% | 0.30% onwards | 10 Crores | 30 Years |
| PNB Housing Home Loan | 8.50% – 10.85% | – | 2 Crores | 30 Years |
| Reliance Home Finance Limited Home Loan | 9.35% – 13% | 0.50% – 1.50% | – | 20 Years |
| South Indian Bank Home Loan | 7.95% – 9.60% | 0.50% + GST | 15 Crores | 30 Years |
| State Bank of India Home Loan | 9.55% | ₹2000 – ₹10000 + GST | 5 Crores | 30 Years |
| Sundaram Home Finance Ltd Home Loan | 6.95% – 8.30% | 0.50% | 4 Crores | 25 Years |
| Tamilnad Mercantile Bank Home Loan | 9.10% – 9.60% | 0.50% | 5 Crores | 30 Years |
| Tata Capital Limited Home Loan | 8.95% | 2% | 5 Crores | 30 Years |
| Union Bank Home Loan | 8.75% | 0.50% or ₹15000 + GST (whichever is lower) | – | 30 Years |
| Yes Bank Home Loan | 9.15% – 11.25% | 1.5% – ₹10000 (whichever is higher) | 10 crores | 35 Years |
Age plays a vital role in selecting the right interest rate type. A fixed interest rate might work better if you’re in your late 40s and want stability. But if you’re in your late 20s, floating rates could benefit you more since you have time to ride out rate fluctuations.
Floating rates for your home loan Amritsar application offer these benefits:
- Lower original interest rates than fixed options
- No prepayment or foreclosure charges after initial period
- Potential savings during market rate decreases
- More flexibility in loan terms
Banks charge processing fees between 0.25% and 0.50% of the loan amount and offer loan tenures up to 30 years. Floating rates remain popular today, but your choice should match your financial goals and risk appetite.
Eligibility Criteria for Home Loans in Amritsar
Qualifying for a home loan in Amritsar depends on meeting specific eligibility criteria that lenders have set. You should know if you qualify based on various parameters that banks use to assess loan applications before starting the process.
Let’s look at the key eligibility requirements for home loans in Amritsar:
| Criteria | Salaried Individuals | Self-Employed |
| Age Limit | 21-65 years | 21-65 years |
| Minimum Income | Minimum Rs. 10,000/ monthly | Minimum Rs. 2 lakh/ yearly |
| Work Experience | 2 years minimum | 3 years in business |
| Credit Score | 750 or above | 750 or above |
Home loan Amritsar options are available for:
- Indian Residents
- Non-Resident Indians (NRIs)
- Persons of Indian Origin (PIOs)
Several elements can impact your loan eligibility:
- Your debt-to-income ratio should stay under 40%
- Property location must be within lender-approved areas
- The property’s resale value and project approvals matter
You can apply for joint home loans with eligible family members like your spouse, parents, or siblings. This option might help increase your loan eligibility and secure a higher loan amount.
Note that meeting these simple criteria doesn’t guarantee loan approval. Banks will assess your repayment capacity, current financial obligations, and property documentation before making their final decision.
How to Apply for a Home Loan in Amritsar
Are you ready to become a homeowner? Getting a home loan in Amritsar is now easier with online and offline options accessible to more people. Top banks and housing finance companies provide simple application processes that need minimal documentation.
This step-by-step breakdown will help you get a home loan Amritsar:
- Original Application: Fill out the loan application form on your chosen lender’s website or at their branch. You need to provide simple details about your income, employment, and the property.
- Document Submission: These documents are needed based on your employment type:
| Salaried Applicants | Self-Employed Applicants |
| Last 3 months’ salary slips | Business profile |
| Form 16 | ITR for last 3 years |
| 3 months’ bank statements | 6 months’ bank statements |
| Appointment letter | P&L statements (3 years) |
- KYC Verification: Your identity and address proof documents like Aadhaar Card, Voter ID, or Driving License are required.
- Property Assessment: Your lender will check the property’s legal status and perform technical evaluation.
- Loan Approval: You’ll receive a sanction letter with your approved amount and interest rate after document verification and property assessment.
Pro Tips for Faster Processing:
- Get all documents ready before you apply
- A credit score above 750 improves your approval chances
- Quick responses to additional document requests help
- Auto-pay setup for EMIs prevents missed payments
Dedicated assistance from most lenders makes your application process smooth and efficient. Salaried employees usually get their loans processed in 5-7 working days. Self-employed applications might need more time because of extra verification steps.
Different lenders charge processing fees between 0.25% to 0.50% of the loan amount. Compare these fees before making your choice.
Tax Benefits On Home Loan Rates In Amritsar
A home loan in Amritsar offers the most important tax advantages that help reduce your borrowing costs. These tax benefits can help you make smarter financial decisions and maximize your savings through various deductions under the Income Tax Act.
Your tax benefits on home loans in Amritsar are available under these sections:
| Tax Section | Maximum Deduction | Type of Benefit |
| Section 80C | ₹1.5 lakh | Principal repayment |
| Section 24(b) | ₹2 lakh | Interest payment |
| Section 80EEA | ₹1.5 lakh | Additional interest benefit |
Section 80C lets you claim deductions on:
- Principal amount repayment
- Registration charges
- Stamp duty fees
Section 24(b) gives you benefits up to ₹2 lakh yearly for self-occupied properties. Property owners who rent out their homes can claim unlimited interest deductions.
First-time homebuyers get extra benefits through Section 80EEA with an additional ₹1.5 lakh deduction when:
- Your property’s stamp value stays under ₹45 lakh
- You don’t own any other residential property
- Your loan was approved between April 1, 2019, and March 31, 2022
Joint home loan Amritsar applications allow both co-borrowers to claim tax benefits separately. Each co-borrower can deduct up to ₹2 lakh on interest and ₹1.5 lakh on principal repayment. This doubles your tax advantages effectively.
It’s worth mentioning that you must keep your property for at least five years after possession to maintain Section 80C benefits. Selling before this period means previous deductions will add to your income in the sale year.
Pre-construction interest claims for under-construction properties come in five equal installments after completion. You get this benefit along with regular interest deductions while staying within overall limits.
