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Home Loan in Bihar

Best home loans in Bihar are offered by various banks and financial institutions like HDFC, SBI, PNB housing finance, IIFL, Aadhar housing finance, Indiabulls housing finance. The home loan interest rate starts from 8.50% whereas the processing fees are nominal starting from 0.25% + GST.

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Compare Home Loan Interest Rate Offered by Various Banks & HFCs in Bihar

When you are looking to get a home loan in Bihar, the first thing to do is to compare various banks and the rates at which they are offering home loan interest rates.

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 31.03.2023
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.
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/-.

You can also Apply for Bank of India Home Loan and check EMI, Interest rate and Eligibility Online to avail offer.

HDFC Home Loan Offer

Home Loan Interest Rate in Bihar

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

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

Home Loan in Patna, Bihar

To get a home loan in Patna, Bihar you can check various banks and housing finance companies details and see for yourself what interest rate theories are offering for your home loan.

Check Loan Against Property Interest Rates starting @8.50% from different banks and NBFCs.

Apply for IDFC Loan Against Property

Top Housing Finance Companies in Bihar

There are more than 30 banks and financial institutions that can give you the best home loans in Bihar.

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

PNB Housing Finance Limited Home Loan in Bihar

PNB HFL starts giving home loans in Bihar from Rs 8 lakh onwards and takes approximately 10 days to process. The minimum home loan rate of interest in Bihar is 8.50% - 11.25% for salaried and 8.85% for self-employed professionals whose CIBIL or credit score is more than 800.

HDFC Home Loan in Bihar

HDFC or HDFC Limited caters to home loan in Bihar 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.

Loan SlabHome Loan Interest Rates (in % p.a.)
For Women* (upto 30 Lakhs)8.50 - 9.00
For Others* (upto 30 Lakhs)8.55 - 9.05
For Women* (30.01 Lakhs to 75 Lakhs)8.75 - 9.25
For Others* (30.01 Lakhs to 75 Lakhs)8.80 - 9.30
For Women* (75.01 Lakhs & Above)8.85 - 9.35
For Others*(75.01 Lakhs & Above)9.00 - 9.50

LIC Housing Finance Limited Home Loan in Bihar

LIC Housing Finance gives 7 different types of home loans in Bihar or any other place. The starting home loan interest rate starts from 8.60% - 8.75% 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 Bihar is around 9.40%.

Bajaj Housing Finance Bihar

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 Bihar

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% - 16.50%
Self-Employed - Home Loan12.75% to 17.00%
Loan against Property15.00% to 17.00%

Aditya Birla Housing Finance 

Getting a home loan in Bihar 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%

Sundaram Home Finance Bihar

With 6 types of home loans schemes, the home loan interest rate at Sundaram home finance in Bihar 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 Bihar

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 Bihar starts from 8.90% p.a.

Indiabulls Housing Finance Bihar

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 Bihar starts from 9.30% p.a.

SBI Home Loan Bihar

State Bank of India is one of the premier banks of India and so to get a home loan in Jaipur 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 Bihar.

Axis Bank Home Loan

Axis bank home loan in Bihar 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.

Repco Home Finance Home Loan in Bihar

The rate of interest starts from 9.80% p.a. for home loans. There are 2-3 types of mortgage loan schemes at Repco Home Finance in Bihar.

You can also check Loan Against Property Income Proof Online.

Home Loan Interest Rate in Bihar for Salaried and Professional Individuals

Loan TypeEffective ROI (p.a.)
Home Loan8.50%
Home Loan (Balance Transfer)8.50%
Top Up9.20%* to 15.00%*

Interest Rate For Salaried Individuals in Bihar

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 Bihar

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 Bihar

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.

You can also check Home Loan for Salaried Employees

Types of Home loans offered in Jaipur

There are more than 10 types of home loans offered in Bihar. 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.

You can also check features, benefits and documents required for DDA Housing Scheme

Mortgage Loans in Bihar

Mortgage loans in Bihar is another term for home loans in Bihar. So, if you are in need of any type of mortgage loan ie. home loan in Bihar then you are reading just the article where you will get all the information correctly. Check Best Home Loan Interest Rates starting @8.50% from different banks and NBFCs

Looking for 30 lakh Home Loan? Check Interest rates, Eligibility, EMI Online & Apply Now!

Features and Benefits of Home Loan in Bihar

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 Bihar:

  • Home loans in Bihar are usually offered at a minimum interest rate of 8.50% p.a.
  • Tenures may be up to 30 years.
  • LTV ratio: 80%-90% of the cost of property.
  • Facilities like home loan 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 Bihar

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

  • 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 Bihar

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

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

You can also check Documents Required For Home Loan

Plot Loans in Bihar

Plot loans in Bihar can be availed upto a maximum amount of Rs 1 Cr. The interest rate for plot loans in Bihar starts from 8.60% to a maximum of 9.50%.

Bihar Government Home Loan Scheme

The Bihar government has set up a housing board that will benefit a customer who is looking to purchase a new home in Bihar.

Bihar State Housing Board

Bihar State Housing board(BSHB) represents a statutory authority constituted by the Government of Bihar under the Bihar State Housing Board act ,1982 and is mandated with the development of various housing schemes & related infrastructural facilities in the state. The objective of the board is to ensure provision of quality housing accomodation at affordable prices for all sections of the society.

You can also check Home Construction Loan

Home Loan in Bihar Gramin Bank

The objective behind Bihar Gramin Bank is to ensure availability of Housing Loan at attractive rates and ensure a house for all.

Bihar Gramin Bank Loan Interest Rate

The Bihar Gramin Bank home loan rate of interest ranges from 7.40% to 7.65%. 

Madhya Bihar Gramin Bank Home Loan Interest Rate

The home loan interest rate for Madhya Bihar Gramin Bank is listed below:     
For women: 7.40% and for others - 7.45% - Up to Rs.30 Lakh     
For women: 7.50% and for others - 7.55% - Above Rs. 30 Lakh and up to 75 lakh     
For women: 7.60% and for others - 7.65% - Above 75 lakh

You can also check How to Apply for Pradhan Mantri Awas Yojana

Home Loan for CIBIL Defaulters in Bihar

If your CIBIL score or credit score is not upto the mark then you need not worry. You can get a home loan for CIBIL defaulters in Bihar from noteworthy housing finance companies.

FAQs for Home Loan in Bihar

How to get government subsidy on Home Loan?

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You can get the subsidy by availing your loan under Pradhan Mantri Awas Yojna also known as PMAY. The Pradhan Mantri Awas Yojana (PMAY) is an initiative of the Government of India which aims at providing affordable housing to the urban poor by the year 2022. The scheme was first launched on 25 June 2015. The interest rate for the PMAY scheme starts at 6.50% p.a. and can be availed for a tenure of up to 20 years.

How many urban bodies are there in Bihar?

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There are a total of 141 urban bodies in Bihar.

What are the Saat Nischay Yojna of Bihar Government?

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The saat nischay yojna by Bihar govt focuses on - Youth centric economic stability, women empowerment, electricity, Clean water in every household, roads, toilets, new opportunities for youth.

Which bank is the best for home loan in India?

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Lowest home loan interest rate in Bihar is 8.50%. With the recent rate hike trend it is assumed that the search for cheapest home loans in Bihar 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 HFL8.60% - 8.75% 
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 Bihar, loan against power of attorney property in Bihar, 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 DRCC loan?

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This scheme aims to provide self help allowance to all unemployed young men and women of the state. This scheme is being implemented by the Planning and Development Department. Mukhyamantri Swayam Sahayta Bhatta Scheme is being operated by District Registration Counseling Center (DRCC).

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

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

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

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The lowest home loan interest rate in Bihar is 8.50% p.a. Currently it is offered by HDFC Bank.

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

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

How to get Home Loan in Bihar?

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Why only Bihar, 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 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.

How much down payment for home in Bihar?

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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 8.40% p.a. For a tenure of 30 years is Rs 15,237.

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 24,472 is the EMI that you have to pay for a home loan of Rs 25 lakhs for a tenure of 15 yrs.

What are the schemes in Bihar?

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Bihar has a home loan scheme under the aegis of Bihar State Housing Board which can also be availed in accordance with Pradhan Mantri Awaas Yojna(PMAY).