Home Loans in Patna

If you are contemplating buying a home in Patna, don't let the worries of arranging for finances dishearten you. Simply apply for a home loan in Patna from a reliable bank or housing finance company. The home loan interest rate in Patna starts at 8.45% p.a. Top lenders may ask for a processing fee of up to 0.50% on the loan amount and grant you a home loan for as long as 30  years with flexible repayment options. Patna is one of those cities that also offers extra concession on interest rates to women borrowers, and women can apply for home loans either as individuals or as co-applicants.

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Home Loan Interest Rates in Patna

The most affordable home loans in Patna have an interest rate starting at 8.45% per annum. Women borrowers can expect a concession of 0.05% on home loan interest rates in Patna at various banks and NBFCs. Moreover, applicants can choose between a floater or a fixed interest rate at several financial institutions offering housing loan schemes in Patna.

The table drafted below will help you compare the rate of interest and processing fee charges on home loans in Patna by the top 10 banks and non-banking financial companies:

BASIC Bank/NBFC Partner Name Max Tenure (in years) Rate of Interest Processing Fees (INR) Contact
bank Bank of India 30 8.45% Up to 0.25% of the loan amount (Min: Rs. 1,500; Max: Rs. 20,000) Enquire
bank LIC HFC 30 8.50% Up to 0.25% (Max: Rs. 25,000) Enquire
bank Aavas Finance 30 8.50% Up to 1% of the loan amount + GST Enquire
bank HDFC Bank 30 8.65% - 9.85% Up to 0.25% (Min: Rs. 3,540) Enquire
bank PNB Housing 30 8.75% onwards Up to 0.50% (Max: Rs. 10,000) Enquire
bank Federal Bank 30 8.80% onwards 0.50% of the loan amount (Rs. 3,000 + GST min; Rs. 7,500 + GST max) Enquire
bank Aditya Birla Capital 30 8.80% onwards Up to 1% of the loan amount Enquire
bank Tata Capital Ltd. 30 8.95% onwards Up to 0.25% (Max: Rs. 3,540) Enquire
bank State Bank of India 30 9.15% - 12.95% Up to 0.25% (Rs. 10,000 max) Enquire
bank Karur Vysya Bank 30 9.23% Rs. 2,500 - Rs. 7,500 + GST Enquire
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Eligibility Criteria for Home Loans in Patna

With so many applicants for home loans, it becomes difficult for lenders to shortlist the more reliable ones. For this reason, banks and housing finance companies chart out their home loan eligibility criteria, taking into consideration factors like nationality, income, age, and CIBIL score. 

Spare some time to understand the standard home loan eligibility in Patna before applying for one: 

Eligibility Parameters Salaried Individuals Self-Employed Individuals
Citizenship Indian Residents/ NRIs/ PIOs Indian Residents/ NRIs/ PIOs
Professional Experience 2 years 2 years
Age

Min: 21 years
Max: 65 years 

Min: 21 years
Max: 65 years 

Monthly Income

Minimum Rs. 10,000/ monthly

Minimum Rs. 1.8 lakh/ yearly

CIBIL Score 750 or above (preferred) 750 or above (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 lenders grant home loans in Patna to Indian residents, and there are many that also offer housing loans to Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs)
  • A home loan borrower must be within 21 to 65 years of age when applying for a home loan
  • The total work experience required for a home loan in Patna for self-employed and salaried individuals is 3 and 2 years, respectively
  • Candidates with a credit score of 750 and above will not find difficulty getting a home loan in Patna

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 Patna

When applying for a housing loan, you must fill out the application form, submit the processing fee cheque, and a set of KYC documents. Worry  not, even if you are not aware of what are the essential documents for home loan in Patna, as it will acquaint you with the same:

1. For Salaried Loan Applicants

  • Duly filled and signed home application form
  • KYC documents like Aadhaar Card, Voter ID Card, PAN card
  • A cheque in favor of the lender for the processing fee 
  • Salary slips and bank account statements for the last 3 months
  • Last-filled IT return
  • Last-filled Form 16
  • Property documents 
  • Appointment letter

2. For Self-Employed Loan Applicants

  • KYC documents like PAN Card, Aadhaar Card, Voter ID Card
  • Company license
  • Business Profile 
  • Recent Form 26AS
  • ITR of the last 3 years
  • P&L account statements and balance sheets for the previous 3 months
  • Bank account statement for the  last 6 months
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 Patna

Whether a bank or a private home loan company in Patna, if you approach a lender, you are most likely to get plenty of options in terms of housing loan schemes. It is because these lenders understand the varied needs of potential home buyers and existing homeowners. 

Check out the table below to understand the different types of home loans available in Patna:

Type of Document Required The Object of the Loan
Plot Purchase Loan The primary purpose of this loan is to help people buy a plot for residential home construction
Home Purchase Loan It is a home loan designed to help potential home buyers buy their dream homes with sufficient funds
Home Improvement Loan This loan is for those who wish to improvise the internal or external look of their home
Home Construction Loan It is a loan given to those who already own a plot and want to build a home on that plot.
Home Renovation Loan This loan is meant for those who want to renovate their home with repairs and improvements
Home Extension Loan The aim of this loan is to help the existing homeowner extend the home without feeling stressed out about finances
Flexible Balance Transfer Home Loan It is a flexible option for existing home loan customers to transfer their outstanding home loan balance to another lender
Top-Up Home Loan The easiest way to help existing home loan customers to get extra finances without applying for a new loan

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 NBFCs and Banks for Home Loans in Patna

Comparing the interest rates and home loan schemes available at various financial service providers will help you shortlist the best home loans in Patna. So, it is time to enlighten you with the best 5 lending banks and housing finance companies offering home loans in Patna in partnership with BASIChomeloan:

Top Banks for Home Loans in Patna (BASIC Partner) Top NBFCs for Home Loans in Patna (BASIC Partner)
Bank of India LIC HFC
HDFC Bank Aavas Finance
Karur Vysya Bank Aditya Birla Capital
SBI PNB Housing
Federal Bank Tata Capital Ltd.

FAQs

Listed below are some tips to get the lowest interest rate on a home loan in Patna:

  • Maintain a decent CIBIL score
  • Choose a suitable home loan scheme
  • Consider shorter loan terms
  • Increase your down payment
  • Apply with a co-applicant

Top banks and NBFCs in Patna offer home loans for a maximum amount that is equivalent to 90% of the property cost.

Lenders prefer lending money to home loan borrowers who have a decent credit score of 750 and above.

The top lenders for home loans in Patna are:

  • Bank of India
  • LIC HFC
  • Aavas Finance
  • PNB Housing Finance
  • Karur Vysya Bank

Yes, women applicants can easily apply for home loans in Patna and fetch a concession of up to 0.05% on home loan interest rate in comparison to men.