Home Loans in Bhiwadi
Located strategically between Delhi and Jaipur, Bhiwadi is emerging in terms of real estate and industrial development. Thus, several people are now looking to invest in homes in Bhiwadi. To help them make their dream come true, several banks and Non-Banking Financial Companies (NBFCs) offer quick and hassle-free home loans in Bhiwadi. Whether you want to buy a home, construct or renovate a home, or balance transfer from an existing home loan, options are unlimited for getting a home loan in Bhiwadi, starting at an interest rate of 8.50% per annum. A majority of banks and NBFCs in Bhiwadi offer a maximum loan repayment period of up to 30 years. While applying for a home loan in Bhiwadi, you can expect to pay a processing fee between 0.25% and 0.50% of the loan amount for most financial institutions.
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Home Loan Interest Rates in Bhiwadi
Buying a home in Bhiwadi is relatively easy, with so many lenders offering help in terms of home loans with easy eligibility criteria. The lowest interest rate for home loans in Bhiwadi starts at 8.50% per annum. The table below will throw light on the current home loan interest rate in Bhiwadi offered by the best 10 banks and NBFCs:
| 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 |
|
Aavas Financiers Ltd. | 25 | 8.50% onwards | 1.00% | 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 |
|
Kotak Mahindra Bank | 20 | 8.75% - 9.60% | Rs. 10,000 - 0.25% | Enquire |
|
Tata Capital Ltd. | 30 | 8.95% - 12.00% | Up to 0.25% (Rs. 3,540 max) | Enquire |
|
State Bank of India | 30 | 9.15% - 12.95% | Up to 0.25% (Rs. 10,000 max) | Enquire |
|
Cent Bank HFC | 30 | 8.35% - 9.35% | Up to 1.00% (Rs. 10,000 min) | Enquire |
Eligibility Criteria for Home Loans in Bhiwadi
Whether it is a bank or an NBFC, it won't grant a housing loan to anyone unless one fulfills the pre-defined eligibility criteria. Age, nationality, CIBIL score, minimum income, and work experience are some of the criteria set for applicants to be eligible to apply for a home loan in Bhiwadi.
The table below reveals the standard criteria for home loan eligibility in Bhiwadi:
| Eligibility Parameters | Salaried Individuals | Self-Employed Individuals |
|---|---|---|
| Citizenship | Indian | Indian |
| Professional Experience | 2-3 years | 2-3 years |
| Age |
Min: 21 years |
Min: 21 years |
| Monthly Income | Minimum Rs. 10,000 per month |
Minimum Rs. 10,000 per month |
| CIBIL Score | 750+ | 750+ |
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.
- Applicants trying to apply for home loans in top financial institutions of Bhiwadi must be Indian residents
- Whether salaried or self-employed, home loan applicants should ideally be between 21 and 65 years of age
- Whether salaried or self-employed applicants, they must have a total experience of 2 to 3 years in the current job or business
- Bhiwadi banks prefer offering home loans to applicants with a credit or CIBIL score of 750 or more
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 Bhiwadi
An applicant can only get a home loan from a bank or NBFC if they submit some essential documents that help verify the applicant's age, salary, nationality, address, or credit history. There may be some variations in documents required from salaried and self-employed applicants, so you are advised to check the same from the list of documents for home loan in Bhiwadi mentioned below:
1. For Salaried Loan Applicants
- General KYC documents such as an Aadhaar Card, PAN card, Voter ID Card, Driving License and Passport
- Salary slips of the last 3 months
- Latest Form 16
- Last year's IT return
- Bank statements for the previous 3 months
- Appointment letter, letter of promotion
- 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
- General KYC documents such as an Aadhaar Card, PAN card, Voter ID Card, Driving License, 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 & 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 |
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Home Loan Options Available in Bhiwadi
A home loan agent in Bhiwadi usually offers affordable housing loans to purchase a home or a plot, renovate or extend an existing home, and even transfer the balance of an existing home loan to another lender at a lower interest rate. Have a look at the table below that reveals the common types of home loan options offered by financial lenders in Bhiwadi:
| Type of Document Required | The Object of the Loan |
|---|---|
| Home Purchase Loan | To purchase a residential property |
| Plot Purchase Loan | To purchase land or plot, where construction will be completed within a specific time |
| Home Construction Loan | To construct a home on an already bought plot |
| Home Improvement Loan | To renovate an existing house through services like wiring, painting, and other similar activities |
| Home Extension Loan | To add an extra floor, room, or balcony in an already existing home |
| Balance Transfer Home Loan | To transfer the outstanding loan amount to a new lender at a lower rate of interest |
| Top-Up Loan | To help the borrower meet sudden personal and professional financial needs |
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
Following are the steps required to apply for a home loan in Bhiwadi:
- Visit the bank or NBFC and inquire about the rate of interest
- Fill in the home loan application form
- Submit the documents required along with a processing fee cheque
- Wait for the lender to approve your home loan
The minimum income required to get a home loan in Bhiwadi is Rs. 10,000 per month. However, we advise you to check for the same from your chosen lender.
No bank or non-banking financial company in Bhiwadi will offer you a 100% home loan amount. You can expect up to 90% of the property value as the maximum home loan amount from the best banks and NBFCs in Bhiwadi.
To get a home loan in Bhiwadi quickly, you must fill out the application form accurately and submit the complete documents. Alternatively, you can reach out to the BASIChomeloan team online to get assistance in applying for a home loan in Bhiwadi as soon as possible.
Yes, home loan interest in Bhiwadi can be reduced by balance transfer home loans offered from a lender that offers a lower rate of interest. Alternatively, one can switch to a floater rate basis to enjoy a comparatively lower rate of interest for a home loan in Bhiwadi.