Home Loan in Bihar
The best home loans in Bihar are offered by various banks and financial institutions, such as HDFC, SBI, PNB housing finance, IIFL, Aadhar housing finance, and Indiabulls housing finance. The home loan interest rate starts from 8.50%, whereas the processing fees are nominal, starting from 0.25% + GST.
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 compare various banks and their home loan interest rates.
Let’s have a look below to know the same:
| Name of Lender | Up to Rs. 30 Lakh | Processing Fee |
|---|---|---|
| SBI | 8.50% - 10.05% | Nil up to 31.03.2023 |
| HDFC | 8.75% - 9.65% |
|
| LIC Housing Finance | 8.50% | Up to 0.50% of the loan amount. |
| ICICI Bank | 8.75% | "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 | 8.75% | 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 | 8.50% | up to 0.50% of the loan amount. Minimum processing fee is Rs 10000. |
| Bank of Baroda | 8.40% - 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 India | 8.35% | 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 | 8.50% - 15.00% | Up to 0.50 % of the loan amount + GST and other applicable statutory levies. |
| Tata Capital | 8.75% | 0.5% of the loan amount + GST. |
| Federal Bank | 8.80% | 0.50% of the limit sanctioned with a min of Rs.10000/- and maximum of Rs.45000/-. |
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 Parameters | Home Loan Details |
|---|---|
| Interest Rate | 8.50% |
| Processing Fee | 0% to 1.25 % of the loan amount |
| Tenure/ Repayment | 1-30 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.
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 that 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% 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 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.
| Loan Slab | Home 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 8.65% for people having a CIBIL score of more than 800 and are salaried. For people whose CIBIL score is less than 600 and who 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 Type | Home Loan Interest Rate* |
|---|---|
| Salaried - Home Loan | 11.75% - 16.50% |
| Self-Employed - Home Loan | 12.75% to 17.00% |
| Loan Against Property | 15.00% 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 Loans | Salaried | Self Employed |
|---|---|---|
| Rate of Interest | 8.80% 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.
| 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 Bihar
IIFL Home Loans progressively works towards facilitating affordable home loans to first-time homebuyers in 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 8.75% 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 8.75% p.a.
SBI Home Loan Bihar
State Bank of India is one of the premier banks of India so to get a home loan in Jaipur is very easy with SBI. The cheapest SBI home loan interest rate is 8.50% - 10.05% and the maximum tenure for which a home loan can be availed is 30 yrs. The loan disbursement process can take up to 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 on the applicant's 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.
Home Loan Interest Rate in Bihar for Salaried and Professional Individuals
| Loan Type | Effective ROI (p.a.) |
|---|---|
| Home Loan | 8.50% |
| Home Loan (Balance Transfer) | 8.50% |
| Top Up | 9.20%* to 15.00%* |
Interest Rate For Salaried Individuals in Bihar
| Type | Repo Rate + Spread | Effective Rate of Interest |
|---|---|---|
| Floating Rate | Repo Rate + 2.70% to Repo Rate + 3.05% | 8.50% |
| Fixed Rate | All Loan Amounts | 14% p.a. |
Home Loan Interest Rate For Self Employed Individuals in Bihar
| 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 Bihar
| 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 Bihar
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 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. |
Mortgage Loans in Bihar
Mortgage loans in Bihar is another term for home loans in Bihar. So, if you need any type of mortgage loan ie. a 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 at @8.50% from different banks and NBFCs.
Features and Benefits of Home Loan in Bihar
A 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 loans 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, overdrafts, and home loan balance transfers 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 a 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 of 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 of home loan at lower interest rates
Documents Required for Home Loan in Bihar
Below is 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 the 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 the individual for the past 6 months
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 the provision of quality housing accommodation at affordable prices for all sections of society.
Home Loan in Bihar Gramin Bank
The objective behind Bihar Gramin Bank is to ensure the availability of Housing loans 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
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
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.
There are a total of 141 urban bodies in Bihar.
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.
The lowest home loan interest rate in Bihar is 8.50%. With the recent rate hike trend it is assumed that the search for the 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/NBFCs | Home Loan Interest Rate |
|---|---|
| HDFC | 8.75% - 9.65% |
| LIC HFL | 8.65% |
| SBI | 8.50% - 10.05% |
| ICICI | 8.75% |
| Kotak Bank | 8.75% |
Home loans can be needed for multiple scenarios like loans against property in Bihar loans against the power of attorney property in Bihar, and many more. So, there is no particular 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.
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 the District Registration Counseling Center (DRCC).
It takes anything between 7 to 21 days to get a home loan in Bihar.
The lowest home loan interest rate in Bihar is 8.50% p.a. Currently it is offered by HDFC Bank.
If your monthly salary is more than Rs 25000 then you can get a home loan in Bihar.
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 in the form with your exact requirements.
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.
Normally to buy a new home, a down payment of 10% of the total cost of the property is required. However, it is always advisable to go for a minimum home loan amount by paying around 20% to 30% as a down payment to the builder.
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.
Yes, you can prepay your home loan easily by paying a nominal fee as prescribed by the respective bank in case of any.
It must be made clear that even Home Loans are a type of mortgage loan; wherein the property you seek a loan is considered collateral for the sanction.
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 a tenure increase will result in higher interest costs than the EMI increase option.
If you are self-employed then yes your income tax returns will be needed to avail a home loan.
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.
Yes, you can get a home loan with a Rs 50000 salary.
No, you cannot get a home loan with a salary of Rs 15000.
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.
Any bank or financial institution that gives a special home loan interest rate to government employees is best for govt employees.
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.
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).