Compare Home Loan Interest Rate Offered by Various Banks & HFCs in Patna
|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 Patna
- The home loan interest rates offered by housing loan lenders usually start from 8.35% p.a.
- The home loan tenures offered by lenders usually extends up to 30 years.
- RBI has mandated that loan to value (LTV) ratios for housing loans offered by home loan lenders can go up to 90% for home loans of up to Rs 30 lakh, 80% for home loans above Rs 30 lakh and up to Rs 75 lakh & 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|
- Home loan customers have the option to move their existing loan to any other bank/HFC/NBFC at lower interest rates by exercising the home loan balance transfer
- Lenders also provide home loan top-up for existing borrowers who need additional finance, over and above their existing loan, for fulfilling their personal, professional or business related needs.
- Home loan applicants who belong to middle/low income groups and economically weaker sections of the society can apply for the Pradhan Mantri Awas Yojna (PMAY) scheme provided by the Indian Govt.
- Banks, HFCs and NBFCs offering home loans in Patna also provide pre-approved home loans to eligible customers based on their income, credit scores, occupation profile, etc.
- RBI has mandated that banks, HFCs and NBFCs cannot levy home loan prepayment charges for loans availed at floating interest rates. However, lenders can collect prepayment charges for housing loans availed at fixed interest rates. They can also waive off the prepayment fees based on their discretion.
Minimum Income Requirements for availing Home Loans in Patna
Lenders offering home loans in Patna usually sanction housing loans to salaried individuals earning at least Rs 10,000 per month and self-employed applicants with at least Rs 1 lakh as annual income.
Home Loan in Patna: Eligibility Criteria
Some of the most important eligibility criteria for home loans set by banks, HFCs and NBFCs offering home loans in Patna are mentioned below:
Lenders offering home loans in Patna both to salaried and self-employed home loan applicants.
Home loan lenders in Patna usually sanction housing loans to individuals who are at least 18 years old. Moreover, lenders usually mandate that home loan borrowers should repay the entire loan amount by the time they are 70 years old.
Banks, HFCs and NBFCs offering home loans in Patna usually prefer resident Indians as loan applicants with some lenders also offering housing loans to NRIs/PIOs/OCIs.
Home loan applicants with credit scores of 750 and above are usually considered as financially disciplined. As such, lenders usually prefer sanctioning home loan applications of such individuals. Loan applicants with higher credit scores are more likely to avail home loans at fixed interest rates.
Lenders offering home loans in Patna prefer approving loan applications of individuals with at least 2 years of business continuity or work experience.
Documents Required for Home Loans in Patna
Any bank/HFC/NBFC offering a home loan in Patna usually asks their loan applicants to submit the following home loan documents while applying for housing loans:
For Salaried Applicants
- Identity and Age proof: Driving licence, voter ID, Aadhaar Card, birth certificate, PAN card, bank passbook, etc.
- Income proof: Last 3 month salary slips, letter of promotion/increment, contract of employment, income tax returns, Last 6 month bank statements with salary credits, Form 16, etc.
- Proof of residence: Voter ID, Utility bills (telephone, electricity, gas), LIC policy receipt, bank passbook, ration card, etc.
- Proof of own contribution
- Cheque for processing fees in favour of the home loan lender
- Bank statements showing ongoing loan repayments, if any
- Property related documents
Additional Documents for Self-Employed Applicants
- ITR of last 3 years
- Current account statement of business entity of last 6 months
- Savings account statement of last 6 months of home loan applicant
- Last 3 years P&L account & balance sheet attested by the CA
- Latest form 26AS
- Address proof of the business
- Details of business licence
- Business profile of home loan applicant
Note: Lenders offering home loans in Patna might ask their loan applicants to submit additional documents if deemed necessary.