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Home Loans in Bhopal

Getting Home Loan in Bhopal and nearby areas of Madhya Pradesh from banks and financial institutions like HDFC, SBI, PNB housing finance, IIFL, Bank of Baroda, Indiabulls housing finance is quite easy. The home loan interest rate starts from 8.50% - 9.15% whereas the processing fees are nominal starting from 0.25% + GST.

Updated:

Home Loan Interest Rate All Banks in Bhopal

Compare various banks and the home loan interest rates that they are offering for different requirements.

Let’s have a look below to know the same:

Name of LenderUp to Rs. 30 LakhProcessing Fee
SBI8.40% - 10.05%Nil up to 31.03.2024
HDFC8.50% - 9.15%

For salaried and self-employed professionals: Up to 0.50% of the loan amount or Rs. 3,000 whichever is higher + applicable taxes.

For self-employed non professionals: Up to 1.50% of the loan amount or Rs. 4,500 whichever is higher + applicable taxes

LIC Housing Finance8.35% - 10.50%Up to 0.50% of the loan amount.
ICICI Bank9.00% - 10.05%"As part of Festive offer, Special Processing fee is Rs 2,999* *Special Processing fee is only applicable for salaried customer with Bureau Score >= 750 & Loan amount >= 50 Lakhs & inclusive of all taxes, CIBIL & CERSAI charges (if applicable) Valid till 28 February, 2023"
Kotak Mahindra Bank8.70%Salaried- 0.50% of loan amount, Self-employed- 1% of loan amount / Upfront PF of Rs. 5,000 (plus taxes and any other applicable statutory dues) shall be collected at the time of login which is non-refundable.
PNB Housing Bank8.50% - 11.25%up to 0.50% of the loan amount. Minimum processing fee is Rs 10000.
Bank of Baroda8.40% - 10.60%100% waiver, subject to recovery of out of pocket expenses of Rs. 7,500 + GST (Per Property) for lead sourced through Digital Channel & Rs. 8,500 + GST (Per Property) for lead sourced through Non-Digital Channel
Union Bank of India8.35%0.50% of the loan amount (Max. Rs. 15,000) + GST.
IDFC First Bank8.75%Up to 3% of Loan Amount.
L&T Housing Finance8.60% - 8.75%0.25% onwards (Rs 5000 fixed as login fee).
Bajaj Housing Finance8.50% - 15.00%Up to 0.50 % of the loan amount + GST and other applicable statutory levies.
Godrej Housing Finance8.64% p.a. onwards3% of the loan amount.
Tata Capital8.70%0.5% of the loan amount + GST.
Federal Bank8.80%0.50% of the limit sanctioned with a min of Rs.10000/- and maximum of Rs.45000/-.

Additional Info: Best Home Loan Interest Rates @8.50%

Home Loan Interest Rate in Bhopal

Home loan in Bhopal and neighbouring areas start from 8.50% - 9.15% and can go on upto 14%:

Home Loan ParametersHome Loan Details
Interest Rate8.50% - 9.15%
Processing Fee0% to 1.25 % of the loan amount
Tenure/ Repayment1-30 years

Tip: 50 Lakh Home Loan EMI Interest Rate 2023 before applying for a loan

Best Bank for Home loan in Bhopal

There are more than 30 banks and financial institutions that can give you the best home loans in Bhopal and other nearby areas like Indore, Jhansi, Jabalpur, Satna etc. 

Here we are mentioning some of those lenders which give lucrative deals on your home loans:

PNB Housing Finance Limited Home Loan in Bhopal

PNB HFL starts giving home loans in Bhopal from Rs 8 lakh onwards and takes approximately 10 days to process. The minimum home loan rate of interest in Bhopal is 8.50% - 11.25% for salaried professionals whose CIBIL or credit score is more than 800.

HDFC Home Loan in Bhopal

HDFC or HDFC Limited caters to home loan in Bhopal under different loan slabs based on the requirement amount of home loan. There are different home loan interest rates for women that can benefit you greatly if one co-applicant of your home loan is a woman.

LIC Housing Finance Limited Home Loan in Bhopal

LIC Housing Finance gives 7 different types of home loans in Bhopal or any other place. The starting home loan interest rate starts from 8.35% - 10.50% for people having a CIBIL score more than 800 and are salaried. For people whose CIBIL score is less than 600 and are self-employed, for them the home loan interest rate in Bhopal is around 8.35% - 10.50%.

Bajaj Housing Finance Bhopal

Bajaj Housing Finance offers attractive Home Loan interest rates starting at 8.50% - 15.00%* for salaried and professional individuals. Borrowers also have the advantage of availing of a sizable sanction with minimal documentation and quick processing and approval.

Aadhar Housing Finance Bhopal

With 13 types of home related loans Aadhar Housing Finance home loan interest rate is one of the good options.

Customer TypeHome Loan Interest Rate*
Salaried - Home Loan11.75% to 16.50%
Self-Employed - Home Loan12.75% to 17.00%
Loan against Property15.00% to 17.00%

Aditya Birla Housing Finance Bhopal

Getting a home loan in Bhopal is easy with Aditya Birla Housing Finance home loans.  Below is the home loan interest rate based on salary.

Home LoansSalariedSelf Employed
Rate of Interest8.80% to 14.75%9.25% to 13.50%

Shriram Housing Finance Bhopal

This financial institution offers home loans, loan against property, and project finance services, as well as provides a range of financial assistance to prospective homeowners. SHFL serves customers in India. The home loan interest rate starts from 9.50% and you can get almost 90% of your property cost as a loan.

Sundaram Home Finance Bhopal

With 6 types of home loans schemes, the home loan interest rate at Sundaram home finance in Bhopal starts from 8.65% p.a.

DetailsInterest Rate/ Fees
For general customer8.65%
For women customers8.65%
Processing FeeMaximum upto 0.50% + GST

IIFL Home Loan in Bhopal

IIFL Home Loans progressively works towards facilitating affordable home loans to first time homebuyers of the country. Through a wide network of branches, backed by a digital infrastructure and social development intent, the Company caters to the evolving home finance needs of marginalized sections across the length and breadth of the nation. The IIFL home loan interest rate in Bhopal starts from 8.90% p.a.

Indiabulls Housing Finance Bhopal

Indiabulls Home Loans offers customers competitive interest rates that will make it easier to own a home of choice. The home loan interest rate at Indiabulls Housing Finance in Bhopal start from 9.30% p.a.

SBI Home Loan Bhopal

State Bank of India is one of the premier banks of India and so to get a home loan in Bhopal is very easy with SBI. The cheapest SBI home loan interest rate is 8.40% - 10.05% and the maximum tenure for which home loan can be availed is 30 yrs. The loan disbursement process can take upto 3 weeks in SBI home loan Bhopal.

Axis Bank Home Loan Bhopal

Axis bank home loan in Bhopal is one of the most searched options to get a home loan. The home loan interest rate varies depending upon the applicant profile, salary and credit score.

Aavas Finance Bhopal

They offer 5 home loan products in Bhopal. You can get home loan, loan against property, land purchase and home construction loans, home loans balance transfer from Aavas housing in Bhopal. The interest rate for home loan starts from 8.50% p.a. with a processing fees of upto 2% plus GST. The maximum tenure can be no more than 30 years.

Additional Info: Also Check Best Banks for Home Loan in India in 2024

Home Loan Interest Rate for Salaried and Self Employed Individuals in Bhopal

Loan TypeEffective ROI (p.a.)
Home Loan8.50%
Home Loan (Balance Transfer)8.30%* to 14.00%*
Top Up9.20%* to 15.00%*

Interest Rate For Salaried Individuals in Bhopal

TypeRepo Rate + SpreadEffective Rate of Interest
Floating RateRepo Rate + 2.70% to Repo Rate + 3.05%8.50%
Fixed RateAll Loan Amounts14% p.a.

Home Loan Interest Rate For Self Employed Individuals in Bhopal

Loan TypeEffective ROI (p.a.)
Home Loan8.55%* to 14.00%*
Home Loan (Balance Transfer)8.90%* to 14.00%*
Top Up9.40%* to 15.00%*

Interest Rate For Self Employed Individuals in Bhopal

TypeRepo Rate + SpreadEffective Rate of Interest
Floating RateRepo Rate + 2.80% to Repo Rate + 3.15%8.70% - 9.05% p.a.
Fixed RateAll Loan Amounts14% p.a.

Additional Info: Also check Home Loan for Salaried Employees

Types of Home loans offered in Bhopal

There are more than 10 types of home loans offered in Bhopal. Have a look below to understand what different types of home loans you can take from banks and other financial institutions(FIs) or NBFCs(non-banking financial institutions)

Types of Home LoanPurpose of Home Loan
Home LoanThis type of loan is taken to purchase residential property like flats and apartments.
Loan against PropertyGet a loan by pledging your property to the bank.
Home improvement LoanThis loan is taken for house renovation related activities like painting, wiring revamp etc.
Home Extension LoanThis type of loan is taken to extend an already existing loan. For example to build a floor, room and balcony.
Land purchase LoanThis type of loan is taken to purchase a land. The construction of property should be completed within a fixed timeline.
House construction LoanThis type of loan is taken to construct a house.
Home Loan Balance TransferHome loan balance transfer is used to transfer the existing home loan to a lower interest rate reducing the overall outgo in process.
Pre-approved Home LoanThis type of pre-approved home loan is given by banks and lending institutions to their existing customers on the basis of their creditworthiness and income.
Home Loan Top-upsThis is given as an extra loan on your existing home loan.
Home loans for NRIThis type of home loan is suitable for people who live outside India but are willing to construct a house in India.
Home Loan OverdraftHome loan overdraft allows borrowers to get more loan amount linked to their savings and current account.

Also Read - LRD Loans

Features and Benefits of Home Loan in Bhopal

Home Loan is a secured loan where the bank keeps possession of your home papers till the repayment is done. Let’s have a glance at some features of home loan in Bhopal:

  • Home loans in Bhopal are usually offered at a minimum interest rate of 7.80% p.a.
  • Tenures may be up to 30 years.
  • LTV ratio: 80%-90% of the cost of property.
  • Facilities like top-ups, overdraft and home loan balance transfer to existing home loan borrowers are easily available.
  • Selected existing bank customers are offered pre-approved instant home loans.
  • No prepayment charges.
  • Pradhan Mantri Awas Yojna for economically weaker sections, middle income groups and low income groups with interest subsidy of up to Rs 2.76 lakh

Additional Info: Check 30 Lakh Home Loan EMI Apply Online.

Eligibility Criteria of Home Loans in Bhopal

To be eligible for home loan in Bhopal there are some requirements. Let’s see what are those requirements that will allow you to have your dream home in Bhopal:

  • Applicant’s nationality: Indian Resident, PIO, NRI
  • Age- 21 years up to 70 years at the time of loan maturity
  • Work experience: At least 3 years for salaried and self-employed
  • Applicant’s job profile: Salaried (government and corporate professionals)/Self-Employed Non-Professionals (contractor, trader, commission agent)/Self-Employed Professionals (Doctors, CS, lawyers, CA, architect, consultant, engineer
  • CIBIL/Credit score should be 750 and above for increased chances of availing home loan and at lower interest rates

Additional Info: Also check Home Loan Eligibility

Documents Required for Home Loan in Bhopal

Below are the list of documents needed to get a home loan in Bhopal:

Home loan Documents For Salaried Loan Applicants

  • Proof of Identity: PAN Card/Driving License/ Voter ID/Passport/Aadhar Card.
  • Proof of address: Passport/Utility bill/Aadhar card
  • Proof of Income: Latest salary slip/ ITR/Form-16
  • Bank Statement: Last 3 months bank statement/ last 6 months bank passbook.
  • Property Documents: Agreement sale copy, Certificate of possession, Land tax receipt, the detailed cost of construction, Letter of allotment, Original NOC.

Additional Home Loan Documents for Self-Employed Applicants

  • Business profile
  • Recent Form 26AS
  • Income Proof: ITR with income computation for past 3 years
  • Memorandum and Articles of Association of the company
  • Balance sheet and profit & loss account statement for last 3 years
  • Current account statement of business entity
  • Savings account statement of individual for past 6 months

Additional Info: Also check Documents Required For Home Loan

Property Loan in Bhopal

Property loans or Mortgage loans in Bhopal is another term for home loans in Bhopal. So, if you are in need of any type of mortgage loan ie. home loan in Bhopal then you are reading just the article where you will get all the information correctly.

Also Check: SBI Plot Loan

Property Loan Interest Rates in Bhopal

Name of LenderUp to Rs. 30 LakhAbove Rs. 30 Lakh & Up to Rs. 75 LakhAbove Rs. 75 Lakh
LIC Housing Finance8.00% – 10.00%8.00% – 10.20%8.00% – 10.40%
HDFC Ltd.8.40% – 10.00%8.40% – 10.25%8.40% – 10.35%
Tata Capital Housing Finance8.60% onwards8.60% onwards8.60% onwards
Bajaj Housing Finance8.30% onwards8.30% onwards8.30% onwards
PNB Housing Finance8.50% – 12.50%8.50% – 12.50%8.60% – 11.70%
Repco Home Finance8.10% onwards8.10% onwards8.10% onwards
GIC Housing Finance8.10% onwards8.10% onwards8.10% onwards
Indiabulls Housing Finance8.70% onwards8.70% onwards8.70% onwards
Aditya Birla Capital8.50% – 13.50%8.50% – 13.50%8.50% – 13.50%
ICICI Home Finance9.20% onwards9.20% onwards9.20% onwards
Home First Finance8.00% – 18.00%8.00% – 18.00%8.00% – 18.00%
Godrej Housing Finance7.99% – 10.99%7.99% – 10.99%7.99% – 10.99%
L&T Housing Finance7.70% – 8.70%7.70% – 8.70%7.70% – 8.70%

Additional Info: Also check SBI Home Loan EMI Calculator

Popular localities in Bhopal and their Property rate

Before getting a home loan, you must first figure out the property that you want to buy. Don’t worry, we have got you covered as we are enlisting some popular localities in Bhopal and their property rate.

Locality NamePrice range in Rs/Sq. ft
Hoshangabad Road3000
Kolar Road2750
Ayodhya Bypass2850
Bawadia Kalan3900
Katara Hills2450
Airport Road3100
Arera Colony3350
Awadhpuri2850
Bagmugaliya3350
Gulmohar Colony3750

Source : Real estate websites

Additional Info: Also check HDFC Plot Loan

FAQs for Home Loan in Bhopal

Which bank is the best for home loan in India?

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Lowest home loan interest rate in Bhopal is 8.50%. With the recent rate hike trend it is assumed that the search for cheapest home loans in Bhopal might take a while. Till then you can have a look at these banks / NBFCs and the home loan interest rates that they offer.

Banks/NBFCsHome Loan Interest Rate
HDFC8.50% - 9.15%
LIC HFL8.35% - 10.50%
SBI8.40% - 10.05%
ICICI9.00% - 10.05%
Kotak Bank8.70%

Which Type of Home Loan is Best in India?

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Home loan can be needed for multiple scenarios like loan against property in Bhopal, loan against power of attorney property in Bhopal, and many more. So, there is no particular best home loan for all but it will depend on the exact requirement of the customer to decide which type of home loan can best cater to their requirements.

What is the maximum home loan amount that I can get in Bhopal?

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You can get Rs 10 Crore home loan maximum in Bhopal. If you still need more loan then you can do so after a brief interaction with the bank through which you want your loan to be serviced or disbursed. Normally banks don’t have any problem till they see that your credit score is up to the mark and your credit report is credit worthy.

How long does it Take to Get a Home Loan in Bhopal?

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It takes anything between 7 to 21 days in order to get a home loan in Bhopal.

What is the Lowest Interest Rate on a Home Loan in Bhopal?

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The lowest home loan interest rate in Bhopal is 8.50% p.a.. Currently it is offered by SBI.

What is the Minimum Income requirement to get a Home Loan in Bhopal?

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If your monthly salary is more than Rs 25000 then you can get a home loan in Bhopal.

How to get Home Loan in Bhopal?

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Why only Bhopal? You can apply for a home loan from anywhere in India using our website MyMoneyMantra.com or you can directly visit the link https://www.mymoneymantra.com/home-loans and fill the form with your exact requirements.

Which Bank gives the fastest Home Loan?

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All banks take almost similar time in disbursing your home loan amount. It takes from 7 to 21 days to get your home loan amount.

Can we get 100% loan for home?

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No, You can never get 100% home loan on your dream home. At least you have to pay around 20-30% as down payment at the time of booking on the home.

How much down payment for home in Bhopal?

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Normally to buy a new home, a down payment of 10% of the total cost of the property is required. But it is always advisable to go for a minimum home loan amount by paying around 20% to 30% as down payment to the builder.

Can I get home loan on residential plot?

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Plot loans are available for only a residential plot unlike home loans which are available on all properties. The maximum Loan to Value (LTV) when it comes to plot loans is stipulated at 70%. For home loans, the LTV can go up to 90% in some cases.

Can I prepay my home loan?

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Yes, you can prepay your home loan easily by paying a nominal fee as prescribed by the respective bank in case any.

What is the difference between Home loan and Mortgage Loan?

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It must be made clear that even Home Loans are a type of mortgage loan; wherein the property you seek a loan is considered a collateral for the sanction.

Can home loan tenure be increased?

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Yes, they can be increased if there is any room for doing so. Home loans have a long tenure of 15 years and above. During it you will encounter many interest-rate cycles. “Borrowers can either opt for the tenure increase option or the EMI increase option with the consent of the lender. Opting for tenure increase will result in higher interest cost than the EMI increase option.

Is ITR compulsory for home loan?

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If you are self-employed then yes your income tax returns will be needed to avail a home loan.

How to apply for a top up home loan in ICICI?

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You can now apply for Top-Up on your existing Home Loan and use the funds to fulfill a host of requirements such as home renovation, marriage expenses, business expansion, funding of your child’s higher education or any other personal need with a combination of overdraft facilities.

What’s more, if you have an existing Home Loan with ICICI bank then applying for a Top-Up loan gets simpler, hassle- free and with minimal documentation.

Can I get home loan with 50000 salary?

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Yes, you can get a home loan with a Rs 50000 salary.

Can I get home loan if my salary is 15000?

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No, you cannot get a home loan with a salary of Rs 15000.

What is the EMI for 20 lakhs home loan?

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The EMI for a Rs 20 lakh home loan at an interest rate of 8.5% p.a. For a tenure of 30 years is Rs 15,258.

Which home loan is best for govt employees?

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Any bank or financial institution that gives a special home loan interest rate to government employees is best for govt employees.

What is the EMI for 25 lakhs home loan for 15 years?

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Rs 24,618 is the EMI that you have to pay for a home loan of Rs 25 lakhs for a tenure of 15 yrs.

What is the eligibility criteria for availing a home loan in Bhopal?

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Below are the requirements that will allow you to have your dream home in Bhopal:

  • Applicant’s nationality: Indian Resident, PIO, NRI
  • Age- 21 years up to 70 years at the time of loan maturity
  • Work experience: At least 3 years for salaried and self-employed
  • Applicant’s job profile: Salaried (government and corporate professionals)/Self-Employed Non-Professionals (contractor, trader, commission agent)/Self-Employed Professionals (Doctors, CS, lawyers, CA, architect, consultant, engineer
  • CIBIL/Credit score should be 750 and above for increased chances of availing home loan and at lower interest rates

What is fixed rate home loan offered by banks?

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The fixed home loan rate in Bhopal starts from 8.50% and can go on to be 9.10% in some cases depending upon the credit score of the home loan applicant.

What is the EMI for 20 lakhs home loan?

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The EMI for a Rs 20 lakh home loan at 8.60% p.a. For a tenure of 20 years id Rs 17,483.

Is it good to repay home loan early?

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Yes, you can repay you home loan early and save a lot of total amount on the lumpsum you were earlier supposed to pay to the bank.

What is the maximum loan amount I can get to purchase a house in Bhopal?

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You can get around 80% of the property value as loan amount to purchase a house in Bhopal.

What is considered a good credit score to get a home loan in Bhopal?

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A credit score of 750 and above is considered good to get a home loan in Bhopal.

How much loan can I get if I want to construct a house?

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You can get a loan of up to 100 per cent of the construction value, with a maximum of 90 percent of market value using Home Construction Loans at banks like HDFC.