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Home Loans in Bhopal
In the heart of Madhya Pradesh, Bhopal, with its wide Metro coverage, emergence as an educational hub, and peaceful living environment, is a city worth investing in for a residential property. If you are keen on investing in a home in Bhopal, you can procure funds from the city's top banks and non-banking financial companies. The interest rate for a home loan Bhopal starts at 8.50% per annum. The maximum repayment tenure offered by most banks and NBFCs in Bhopal is up to 30 years. These financial lenders charge a nominal processing fee of up to 0.50% of the loan amount.
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Home Loan Interest Rates in Bhopal
Both public and private sector banks and top NBFCs offer home loans in Bhopal at affordable interest rates. The lowest home loan interest rate in Bhopal starts at 8.50% per annum. This might go higher for different banks and NBFCs depending on the type of applicant and their eligibility.
| BASIC Bank/NBFC Partner | Name | Max Tenure (in years) | Rate of Interest | Processing Fees (INR) | Contact |
|---|---|---|---|---|---|
|
LIC HFC | 30 | 8.50% | Up to 0.25% (Rs. 25,000 max) | Enquire |
|
HDFC Bank | 30 | 8.65% - 9.85% | Up to 0.25% (Rs. 3,540 min) | Enquire |
|
Union Bank of India | 30 | 8.70% | 0.50% (Rs. 15,000 max) | Enquire |
|
PNB Housing | 30 | 8.75% - 11.45% | Up to 0.50% (Rs. 10,000 max) | Enquire |
|
Cholamandalam Home Loans | 30 | 9.00% - 20.00% | Rs. 5,000 | Enquire |
|
State Bank of India | 30 | 9.15% - 12.95% | Up to 0.25% (Rs. 10,000 max) | Enquire |
|
ICICI Bank | 30 | 9.25% - 10.05% | 0.50% - 2.00% | Enquire |
|
Bajaj Housing | 40 | 8.50% | Up to 7% of the loan amount + GST | Enquire |
|
Tata Capital Ltd. | 30 | 8.95% onwards | 0.25% of the loan amount (Max: Rs. 3,540) | Enquire |
Eligibility Criteria for Home Loans in Bhopal
Home loans are open for all in Bhopal, provided they meet the eligibility criteria set by different banks and NBFCs. The standard eligibility criteria pre-defined are based on certain factors such as age, nationality, employment status, and professional experience.
| Eligibility Parameters | Salaried Individuals | Self-Employed Individuals |
|---|---|---|
| Citizenship | Indian/ NRI | Indian/ NRI |
| Professional Experience | Minimum 2 years | Minimum 2 years of business stability |
| Age |
Min: 18 years |
Min: 18 years |
| Monthly Income | Minimum Rs. 10,000 per month |
Minimum Rs. 1,80,000 per annum |
| CIBIL Score | 750+ (preferred) | 750+ (preferred) |
Note: Applicants are encouraged to declare any additional sources of income besides those mentioned in the table above to boost their chances of getting a home loan approval.
- All home loan applicants seeking housing finance at top Bhopal banks and NBFCs must be Indian residents. Some lenders also offer home loans to NRIs
- Both salaried and self-employed home loan applicants should ideally be between 18 and 75 years of age
- Salaried applicants must have a minimum experience of 2 years, and self-employed applicants are required to show business continuity for at least 2 years.
- Both salaried and self-employed home loan applicants must have a Credit/CIBIL score of more than 750 to qualify for availing home loans at Bhopal banks.
Note:These criteria are subject to variation from one bank to another. It is recommended that you check with the specific bank you are applying to for a home loan for its eligibility requirements.
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Documents Requirement for Home Loans in Bhopal
It is mandatory for applicants to submit certain documents for a home loan in Bhopal, no matter which bank or housing finance company they choose. Have a look at the list of documents required for a home loan in Bhopal:
1. For Salaried Loan Applicants
- KYC documents such as PAN card, Voter ID Card, Aadhaar Card, Driving License and Passport
- Appointment letter, letter of promotion
- Proof of income such as salary slips of the previous 3 months, the latest Form 16, and the last year's IT return
- Bank statements for the last 3 months with salary credits
- A cheque for the processing fee for the loan application
- Property documents such as sale deed, NOC from the builder or housing society, advance payment receipt to the builder, and approved construction plan
2. For Self-Employed Loan Applicants
- KYC documents such as Voter ID, Driving License, PAN card, Aadhaar Card, and Passport
- Business profile and license of the company
- Latest Form 26AS
- Savings account statement of previous 6 months
- ITR with computation of income for previous 3 years as proof of income
- Profit and loss account statements and Balance Sheets for the last 3 years attested by a CA
| Type of Document Required | Examples of Documents that can be Submitted |
|---|---|
| Proof Of Residency | Aadhaar Card, Valid Passport |
| Proof Of Income | Bank Passbook, Bank statement, Last 3 years IT Return |
| Proof Of Age | PAN Card, Voter ID, Birth Certificate, Registration Certificate Of Establishment |
| Proof Of Employment | Certified Letter from Employee/Company Memorandum |
Get Home Loan Starting at 8.5%*
Home Loan Options Available in Bhopal
The top home loan companies in Bhopal offer a wide range of housing loan schemes at lucrative interest rates. Whether you want to buy a plot or home, construct, renovate, or expand a home, or balance transfer from an existing home loan to another at a lower rate, all is feasible at the best banks of Bhopal.
| Type of Document Required | The Object of the Loan |
|---|---|
| Home Purchase Loan | To purchase residential housing such as flat/apartment |
| Plot Purchase Loan | To purchase land or plot, where construction will be completed within a fixed period |
| Home Construction Loan | To construct a home on an already purchased plot |
| Home Renovation Loan | To renovate the house by wiring, painting, and other activities |
| NRI Home Loans | To help NRIs buy a dream home in India |
| Balance Transfer Home Loan | To transfer the existing loan amount to a new lending party offering a lower rate of interest |
Note:The options tabulated above are the most popular loan options availed of by most customers. Please check with your specific bank for other home loan options that they offer.
FAQs
The minimum income eligibility for a home loan in Bhopal for a salaried applicant is Rs. 10,000 per month, and for a self-employed applicant is Rs. 1,80,000 per annum.
There are several top banks that offer home loans up to 90% of the property cost in Bhopal, such as:
- Axis Bank
- ICICI Bank
- SBI
- Union Bank of India
- IDFC First Bank
There is no interest-free home loan in Bhopal. However, several top banks and NBFCs offer low-interest home loans in Bhopal with various tax benefits.
The monthly EMI on a Rs. 25 lakh home loan depends on the lending bank, interest rate, home loan scheme chosen, and repayment tenure.
To apply for a home loan in Bhopal, an applicant must submit the following documents:
- Proof of Age: Birth Certificate, Aadhaar Card, Voter ID Card
- Proof of Identity: Aadhaar Card, PAN Card
- Proof of Address: Voter ID Card, Aadhaar Card
- Proof of Income: Salary Slip, Appointment Letter
- Property Papers: Sales Deed, NOC from the builder, Advanced Payment made to the builder, and so on