Lucknow, the capital of Uttar Pradesh, boasts a rich multicultural heritage. Renowned as “The City of Nawabs” for its courtly manners, gardens, poetry, and Persian-influenced cuisine, it’s a cultural gem.
Despite historical significance, Lucknow has recently lagged in economic growth, ranking 7th in per capita income within Uttar Pradesh. Surpassed by cities like Noida and Ghaziabad in industrial development, Lucknow faces challenges
OneNDF’s loan options are tailored to fit Lucknow’s specific economic situation, including factors like local property trends, income levels, and regulations. With OneNDF, people looking to buy a home in Lucknow can take advantage of great interest rates, flexible repayment terms, and personalised help during the application process.
Our experienced team is here to support you every step of the way, making sure everything goes smoothly and without any stress.
Compare Home Loan Interest Rate Offered by Various Banks, HFCs & NBFCs in Lucknow
| Banks/NBFC | Interest rates | Maximum Tenure (in years) | Processing Fees* |
|---|---|---|---|
| HDFC Bank | 8.45 % onwards | 30 | 0.25% |
| IndusInd Bank | 8.40 % onwards | 30 | 0.25% |
| Kotak Bank | 8.40 % onwards | 30 | 0.25% |
| Axis Bank | 8.40 % onwards | 30 | 0.25% |
| HSBC Bank | 8.00 % onwards | 30 | 0.25% |
| Shinhan Bank | 8.10 % onwards | 30 | 0.25% |
| Standard Chartered Bank | 8.25 % onwards | 30 | 0.25% |
| ICICI Bank | 8.45 % onwards | 30 | 0.25% |
| IDFC Bank | 8.90 % onwards | 30 | 0.25% |
| State Bank of India | 8.40 % onwards | 30 | 0.25% |
| PNB Housing | 8.40 % onwards | 30 | 1% |
| LIC | 8.25 % onwards | 30 | 0.25% |
| Bajaj Finance | 8.40 % onwards | 30 | 1% |
| Aditya Birla Group | 8.40 % onwards | 30 | 1% |
| L & T Finance | 8.40 % onwards | 30 | 1% |
| Axis Finance | 8.40 % onwards | 30 | 1% |
What are the tax benefits on home loan in Lucknow?
| Section of Income Tax Act | Nature of tax deduction | Max. deductible amt. |
| Section 24(b) | Interest paid | Rs. 2 lakhs |
| Section 80C | Principal (including stamp duty and registration fee) | Rs. 1.5 lakhs |
| Section 80EE | Additional interest (for first-time home buyers) | Rs. 50,000 |
| Section 80EEA | Additional interest (for affordable housing) | Rs. 1.5 lakhs |
Home Loan EMI Calculator
Eligibility Criteria for Home Loan
| Employment Status | Salaried individuals should work in govt., private, and public sector entities.Self-employed individuals – Accountants, doctors, lawyers, architects, contractors, traders, etc., qualify for home loans. |
| Age | Prospective applicants should be at least 18 years old, and the repayment of the loan is to be completed by age 70. |
| Nationality | Preferably resident Indians. Some lenders offer schemes for NRI, PIO, and OCI applicants. |
| Credit Score | Minimum credit score of 750 for favourable consideration. Higher scores indicate financial discipline and may lead to lower interest rates |
| Income | Salaried applicants with monthly incomes of Rs 10,000 and above. Self-employed individuals with minimum annual incomes of Rs 1 lakh |
| Work Experience | Salaried employees with a minimum work experience of 2 years. Self-employed individuals should have at least 2 years of business vintage. |
Documents Required for Salaried Applicants
| Proof of Identity and Age | Aadhaar Card, PAN Card, Voter ID, Birth Certificate, etc. |
| Proof of Residence | Ration Card, Voter ID, Utility Bills (gas, electricity, telephone), LIC Policy Receipt, etc. |
| Income Verification | Form 16, Salary Slips (last 3 months), Contract of Employment, Increment/Promotion Letter, Income Tax Returns (ITR), etc. |
| Bank Statements | Bank statements of home loan applicants reflecting repayment of any existing loans |
| Property Related Documents | Relevant documents of the property. |
| A cheque for Processing Fees Payment | A cheque for processing fees on home loans |
Additional Documents Required for Self-Employed Applicants
| Income Tax Documentation | Last three years’ Income Tax Returns. |
| Business KYC | Business licence, business profile, and proof of business address for loan applicants. |
| Financial Records | Last three years’ financial statements (Balance Sheet and P&L account), attested by a CA. and Form 26AS |
How to apply for Home loan in Lucknow through OneNDF
The process of applying for Home loans may differ based on the type of Home loan availed.
OneNDF streamlines this process by allowing individuals to apply for Home loans online and match with lenders according to their unique Home Loan requirements:
- Open the official website of OneNDF and SIGN UP.
- You can register by entering your mobile number and clicking on ‘Next’.
- You would receive an OTP, through which you can authenticate your identity.
- Once authenticated with OTP, you can upload your documents and apply for a Home loan at attractive interest rates as per your requirements.
- Once the loan application form is submitted, the platform connects you with the best lender available as per your requirements. It helps you get a Home loan at a competitive interest rate.
