Home Loans in Bhopal
Getting a 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, and Indiabulls Housing Finance is quite easy. The home loan interest rate starts from 7.90% - 9.00% whereas the processing fees are nominal, starting from 0.25% + GST.
Home Loan Interest Rates 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 see the same:
| Name of Lender | Up to Rs. 30 Lakh | Processing Fee |
|---|---|---|
| SBI | 7.50% - 8.45% | Nil up to 31.03.2024 |
| HDFC | 7.90% - 9.00% | 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 Finance | 8.50% | Up to 0.50% of the loan amount. |
| ICICI Bank | 8.00% | "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 Bank | 8.20% | 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 Bank | 8.25% | up to 0.50% of the loan amount. Minimum processing fee is Rs 10000. |
| Bank of Baroda | 7.45% | 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 India | 7.85% - 10.25% | 0.50% of the loan amount (Max. Rs. 15,000) + GST. |
| IDFC First Bank | 8.85% | Up to 3% of Loan Amount. |
| L&T Housing Finance | 8.65% | 0.25% onwards (Rs 5000 fixed as login fee). |
| Bajaj Housing Finance | 7.49% - 17.00% | Up to 0.50 % of the loan amount + GST and other applicable statutory levies. |
| Godrej Housing Finance | 8.64% p.a. onwards | 3% of the loan amount. |
| Tata Capital | 7.99% | 0.5% of the loan amount + GST. |
| Federal Bank | 9.15% | 0.50% of the limit sanctioned with a min of Rs.10000/- and maximum of Rs.45000/-. |
Home Loan Interest Rate in Bhopal
Home loan in Bhopal and neighbouring areas start from 7.90% - 9.00% and can go up to 8.40%:
| Home Loan Parameters | Home Loan Details |
|---|---|
| Interest Rate | 7.90% - 9.00% |
| Processing Fee | 0% to 1.25 % of the loan amount |
| Tenure/ Repayment | 1-30 years |
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 that 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 8.25% for salaried professionals whose CIBIL or credit score is more than 800.
HDFC Home Loan in Bhopal
HDFC or HDFC Limited caters to home loans in Bhopal under different loan slabs based on the required amount of the 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 8.50% for people having a CIBIL score of more than 800 and who are salaried. For people whose CIBIL score is less than 600 and are self-employed, the home loan interest rate in Bhopal is around 8.50%.
Bajaj Housing Finance Bhopal
Bajaj Housing Finance offers attractive Home Loan interest rates starting at 7.49% - 17.00%* 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 Type | Home Loan Interest Rate* |
|---|---|
| Salaried - Home Loan | 11.75% to 16.50% |
| Self-Employed - Home Loan | 12.75% to 17.00% |
| Loan against Property | 15.00% 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 Loans | Salaried | Self Employed |
|---|---|---|
| Rate of Interest | 8.80% to 14.75% | 9.25% to 13.50% |
Shriram Housing Finance Bhopal
This financial institution offers home loans, loans 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 8.50%-21.00% and you can get almost 90% of your property cost as a loan.
Sundaram Home Finance Bhopal
With 6 types of home loan schemes, the home loan interest rate at Sundaram home finance in Bhopal starts from 8.65% p.a.
| Details | Interest Rate/ Fees |
|---|---|
| For general customer | 8.65% |
| For women customers | 8.65% |
| Processing Fee | Maximum 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 starts from 8.75% p.a.
SBI Home Loan Bhopal
State Bank of India is one of the premier banks of India, and so getting a home loan in Bhopal is very easy with SBI. The cheapest SBI home loan interest rate is 7.50% - 8.45% and the maximum tenure for which a home loan can be availed is 30 years. The loan disbursement process can take up to 3 weeks in the 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 on the applicant's profile, salary, and credit score.
Aavas Finance Bhopal
They offer 5 home loan products in Bhopal. You can get home loans, loan against property, land purchase, and home construction loans, and home loans balance transfer from Aavas Housing in Bhopal. The interest rate for a home loan starts from 8.50% p.a. with a processing fee of up 2% plus GST. The maximum tenure can be no more than 30 years.
Home Loan Interest Rate for Salaried and Self-Employed Individuals in Bhopal
| Loan Type | Effective ROI (p.a.) |
|---|---|
| Home Loan | 7.35% |
| Home Loan (Balance Transfer) | 8.30%* to 14.00%* |
| Top Up | 9.20%* to 15.00%* |
Interest Rate for Salaried Individuals in Bhopal
| Type | Repo Rate + Spread | Effective Rate of Interest |
|---|---|---|
| Floating Rate | Repo Rate + 2.70% to Repo Rate + 3.05% | 7.35% |
| Fixed Rate | All Loan Amounts | 14% p.a. |
Home Loan Interest Rate for Self-Employed Individuals in Bhopal
| Loan Type | Effective ROI (p.a.) |
|---|---|
| Home Loan | 8.55%* to 14.00%* |
| Home Loan (Balance Transfer) | 8.90%* to 14.00%* |
| Top Up | 9.40%* to 15.00%* |
Interest Rate for Self-Employed Individuals in Bhopal
| Type | Repo Rate + Spread | Effective Rate of Interest |
|---|---|---|
| Floating Rate | Repo Rate + 2.80% to Repo Rate + 3.15% | 8.70% - 9.05% p.a. |
| Fixed Rate | All Loan Amounts | 14% p.a. |
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 Loan | Purpose of Home Loan |
|---|---|
| Home Loan | This type of loan is taken to purchase residential property like flats and apartments. |
| Loan against Property | Get a loan by pledging your property to the bank. |
| Home improvement Loan | This loan is taken for house renovation related activities like painting, wiring revamp etc. |
| Home Extension Loan | This type of loan is taken to extend an already existing loan. For example to build a floor, room and balcony. |
| Land purchase Loan | This type of loan is taken to purchase a land. The construction of property should be completed within a fixed timeline. |
| House construction Loan | This type of loan is taken to construct a house. |
| Home Loan Balance Transfer | Home 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 Loan | This 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-ups | This is given as an extra loan on your existing home loan. |
| Home loans for NRI | This type of home loan is suitable for people who live outside India but are willing to construct a house in India. |
| Home Loan Overdraft | Home loan overdraft allows borrowers to get more loan amount linked to their savings and current account. |
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 a 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 the 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
Eligibility Criteria of Home Loans in Bhopal
To be eligible for a home loan in Bhopal there are some requirements. Let’s see what those requirements are 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
Documents Required for Home Loan in Bhopal
Below is 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 the past 3 years
- Memorandum and Articles of Association of the company
- Balance sheet and profit & loss account statement for the last 3 years
- Current account statement of a business entity
- Savings account statement of an individual for the past 6 months
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.
Property Loan Interest Rates in Bhopal
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh & Up to Rs. 75 Lakh | Above Rs. 75 Lakh |
|---|---|---|---|
| LIC Housing Finance | 8.00% – 10.00% | 8.00% – 10.20% | 8.00% – 10.40% |
| HDFC Bank | 8.40% – 10.00% | 8.40% – 10.25% | 8.40% – 10.35% |
| Tata Capital Housing Finance | 8.60% onwards | 8.60% onwards | 8.60% onwards |
| Bajaj Housing Finance | 8.30% onwards | 8.30% onwards | 8.30% onwards |
| PNB Housing Finance | 8.50% – 12.50% | 8.50% – 12.50% | 8.60% – 11.70% |
| Repco Home Finance | 8.10% onwards | 8.10% onwards | 8.10% onwards |
| GIC Housing Finance | 8.10% onwards | 8.10% onwards | 8.10% onwards |
| Indiabulls Housing Finance | 8.70% onwards | 8.70% onwards | 8.70% onwards |
| Aditya Birla Capital | 8.50% – 13.50% | 8.50% – 13.50% | 8.50% – 13.50% |
| ICICI Home Finance | 9.20% onwards | 9.20% onwards | 9.20% onwards |
| Home First Finance | 8.00% – 18.00% | 8.00% – 18.00% | 8.00% – 18.00% |
| Godrej Housing Finance | 7.99% – 10.99% | 7.99% – 10.99% | 7.99% – 10.99% |
| L&T Housing Finance | 7.70% – 8.70% | 7.70% – 8.70% | 7.70% – 8.70% |
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 Name | Price range in Rs/Sq. ft |
|---|---|
| Hoshangabad Road | 3000 |
| Kolar Road | 2750 |
| Ayodhya Bypass | 2850 |
| Bawadia Kalan | 3900 |
| Katara Hills | 2450 |
| Airport Road | 3100 |
| Arera Colony | 3350 |
| Awadhpuri | 2850 |
| Bagmugaliya | 3350 |
| Gulmohar Colony | 3750 |
FAQs
You can get a ₹10 Crore home loan maximum in Bhopal. If you still need more loans, 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 creditworthy.
It takes anything between 7 to 21 days in order to get a home loan in Bhopal.
The lowest home loan interest rate in Bhopal is 7.35% p.a.. Currently it is offered by SBI.
If your monthly salary is more than Rs 25000 then you can get a home loan in Bhopal.
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.
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.
You can get around 80% of the property value as loan amount to purchase a house in Bhopal.
A credit score of 750 and above is considered good to get a home loan in Bhopal.
Reshma Rawat is a passionate writer, with a decade of experience in writing for a variety of domains (finance, technology, lifestyle, e-commerce, real estate, etc.). Currently, she is working as Assistant Manager - Content @MyMoneyMantra, and writes blogs & webpages on financial products (loans, credit cards, insurance, financial policies by government, mutual funds, etc.
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