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
bank LIC HFC 30 8.50% Up to 0.25% (Rs. 25,000 max) Enquire
bank HDFC Bank 30 8.65% - 9.85% Up to 0.25% (Rs. 3,540 min) Enquire
bank Union Bank of India 30 8.70% 0.50% (Rs. 15,000 max) Enquire
bank PNB Housing 30 8.75% - 11.45% Up to 0.50% (Rs. 10,000 max) Enquire
bank Tata Capital Ltd. 30 8.95% - 12.00% Up to 0.25% (Rs. 3,540 max) Enquire
bank Cholamandalam Home Loans 30 9.00% - 20.00% Rs. 5,000 Enquire
bank State Bank of India 30 9.15% - 12.95% Up to 0.25% (Rs. 10,000 max) Enquire
bank ICICI Bank 30 9.25% - 10.05% 0.50% - 2.00% Enquire
bank Bajaj Housing Finance 20 8.50% - 9.10% Up to 7% Enquire
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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
Max: 75 years

Min: 18 years
Max: 75 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 
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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.

Best Bank and NBFCs for Home Loans in Bhopal

The top banks and NBFCs in Bhopal offer the best home loan schemes to aspiring homeowners who wish to buy a home. Listed below are the top 5 banks and housing finance companies in Bhopal (partnered with BASIC Home Loan) that can help you get financial help to buy a dream home in Bhopal:

Top Banks for Home Loans in Bhopal (BASIC Partner) Top NBFCs for Home Loans in Bhopal (BASIC Partner)
ICICI Bank LIC HFC
SBI Bajaj Housing Finance
Union Bank of India Cholamandalam Home Loans
Axis Bank PNB Housing

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