Compare Home Loan Interest Rate Offered by Various Banks & HFCs in Bhubaneswar
|Name of Lender||Up to Rs. 30 Lakh||Above Rs. 30 Lakh to Rs. 75 Lakh||Above Rs. 75 Lakh|
|SBI||8.50% - 10.15%||8.50% - 10.05%||8.50% - 10.05%|
|HDFC||8.50% - 10.35%||8.50% - 10.60%||8.50% - 10.70%|
|LIC Housing Finance||8.45% – 10.10%||8.45% – 10.30%||8.45% – 10.50%|
|Kotak Mahindra Bank||8.85% onwards||8.85% onwards||8.85% onwards|
|PNB Housing Finance||8.50% - 14.50%||8.50% - 13.00%||8.50%-10.85%|
|Punjab National Bank||8.65%-9.60%||8.60%-9.50%||8.60%-9.50%|
|Bank of Baroda||8.50% - 10.65%||8.50% - 10.65%||8.50% - 10.90%|
|Union Bank of India||8.75% – 10.75%||8.75% – 10.95%||8.75% – 10.95%|
|IDFC First Bank||8.85% onwards||8.85% onwards||8.85% onwards|
|L&T Housing Finance||8.60% onwards||8.60% onwards||8.60% onwards|
|Bajaj Housing Finance||8.70% onwards||8.70% onwards||8.70% onwards|
|Tata Capital||8.95% onwards||8.95% onwards||8.95% onwards|
Note: Rates as of 31st March 2023
Features of Home Loans offered in Bhubaneswar
- The interest rates on home loans offered by banks, HFCs and NBFCs usually start from 8.35% p.a.
- Home loan lenders usually offer repayment tenures extending up to 30 years.
- According to the RBI’s guidelines on loan to value (LTV) ratios for home loans, banks/HFCs/NBFCs can offer LTV ratios of up to 90% for loan amounts of up to Rs 30 lakh, up to 80% for home loans above Rs 30 lakh and up to Rs 75 lakh & up to 75% for home loans above Rs 75 lakh.
|Home Loan Amount||Home Loan LTV Ratio|
|Up to Rs 30 lakh||Up to 90% of total cost of property|
|Above Rs 30 lakh and up to Rs 75 lakh||Up to 80% of total cost of property|
|Above Rs 75 lakh||Up to 75% of total cost of property|
- Existing home loan customers can exercise the home loan balance transfer facility and transfer their existing loan to any other bank/HFC/NBFC at lower interest rates.
- Lenders offering home loans in Bhubaneswar also provide home loan top-up facility for existing borrowers who can use the loan proceeds to fulfil their personal (except for speculation), professional or business related needs.
- Banks, HFCs and NBFCs offering home loans in Bhubaneswar also provide pre-approved home loans to eligible customers based on their income, credit scores, occupation profile, etc.
- Prospective home loan applicants in Bhubaneswar belonging to economically weaker sections of the society can apply for the Pradhan Mantri Awas Yojna (PMAY) scheme provided by the Govt. of India.
- According to the guidelines on prepayment of home loans set by RBI, lenders offering home loans at floating interest rates cannot levy any prepayment charges. However, any bank/HFC/NBFC offering home loans at fixed interest rates can either charge or waive off the home loan prepayment fees based on their discretion.
Minimum Income Requirements for availing Home Loans in Bhubaneswar
Banks, HFCs, NBFCs offering home loans in Bhubaneswar usually approve loan applications of salaried individuals with minimum monthly income of Rs 10,000 and self-employed applicants with yearly income of Rs 1 lakh and above.
Home Loan in Bhubaneswar: Eligibility Criteria
Most banks, HFCs and NBFCs offering home loans in Bhubaneswar have the following home loan eligibility criteria for their loan applicants:
Home loan lenders usually prefer salaried loan applicants working in pvt./public sector companies and Govt. institutions and self-employed individuals like doctors, lawyers, contractors, etc.
Home loan lenders in Bhubaneswar usually approve loan applications of individuals aged 18 years and above. However, lenders also require their borrowers to repay the loan amount by the time they reach 70 years of age.
Resident Indians are eligible for availing for home loans in Bhubaneswar with some lenders also offering home loans to NRIs, PIOs and OCIs.
Banks, HFCs and NBFCs usually prefer loan applicants having credit scores of 750 and above as they consider them as creditworthy. As such, lenders offering home loans in Bhubaneswar usually sanction home loan applications to individuals with higher credit scores. Such applicants are also eligible for availing home loans at fixed interest rates.
Lenders offering home loans in Bhubaneswar usually prefer approving loan applications of individuals with minimum 2 years of business continuity/work experience.
Documents Required for Home Loans in Bhubaneswar
Home loan applicants in Bhubaneswar must usually submit the following documents required for availing home loans:
For Salaried Applicants
- Age and identity proof: Aadhaar Card, Driving licence, birth certificate, voter ID, PAN card, bank passbook, etc.
- Income proof: Letter of promotion/increment, salary slips of last 3 months, employment contract, income tax returns, bank statements of last 6 months with salary credits, Form 16, etc.
- Residence proof: Voter ID, ration card, utility bills (gas, electricity, telephone), LIC policy receipt, bank passbook, etc.
- Own contribution proof
- Cheque for processing fees favouring the home loan lender
- Bank statements reflecting repayment of ongoing loans, if any
- Property related documents
Additional home loan documents required for self-employed applicants
- Income tax returns of last 3 years
- Last 6 months current account statement of the business entity and savings account statement of home loan applicants
- Last 3 years P&L account & balance sheet attested by the CA
- Business address proof
- Latest form 26AS
- Details of business licence
- Business profile of home loan applicant
Note: Any bank, HFC or NBFC offering home loans in Bhubaneswar might ask loan applicants to submit further documents if deemed necessary.