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Bhopal, the capital city of Madhya Pradesh has come into the limelight in recent years as one of the best cities to live in India. It boasts of fantastic civic amenities, the best of educational and health care institutions and excellent public transportation infrastructure. Although the city has seen rapid development in the past few years, it is still an affordable city to live in.
Bhopal has also been named under the central government’s development initiative ‘Smart Cities’. Those who want to invest in Bhopal’s real estate will not find a better time than now.
Here, we will discuss buying a home in Bhopal and other factors in reference to borrowing a home loan in the city.
Bhopal has been chosen as one of twenty cities in India that are slated to be developed as smart cities as part of the first phase of the central government’s Smart Cities mission. Being o a lake city which picturesque surroundings, the city is a blend of the old city charm and the new-age development.
Old Bhopal is all about peacefully coexisting in small city lanes in contrast to the urban and well-planned housing societies across the new parts of the city. Bhopal’s flourishing industrial base has led to several employment opportunities and therefore, an influx of people in the city.
Although the city offers all the required civic amenities, home prices in Bhopal continue to remain affordable for many. It is currently experiencing development at a fast pace due to various IT companies and MNC’s establishing themselves in the city.
Today, Bhopal has several real estate units constructing residential and commercial properties in the city. There are also various special economic zones that are upcoming. All these factors are put together to act as strong motivations for people to buy a home in Bhopal.
A home loan is a sum of money that a home buyer can borrow from a bank or lending institution at a certain interest rate. Once borrowed, it has to be paid through EMI or equal monthly instalments every month till the end of the loan tenure. Under home loan agreements, the property is considered as security by the bank or lender. Home loans are available for purchasing both residential as well as commercial properties.
Here is a list of some of the top home loan providers in Bhopal:
The table below contains information on the common eligibility criteria and documentation requirements for home loans in Bhopal:
18 years – 75 years
Voter ID, Driver’s license, Passport,
Resident and non-resident Indians
Copy of Telephone Bill, electricity bill, water bill, piped gas bill, Aadhaar card.
Salaried and Self-employed
Salaried applicants– Minimum income of Rs.10,000 per month
Self-employedapplicants– minimum income of Rs. 1.8 lakh p.a.
Additional read – Home loan balance transfer in Bhopal
A home buyer can either apply for a home loan online or offline in Bhopal. Most banks allow both modes of loan applications. The loan applications must be accompanied by relevant documentation, without which the application may be rejected. It is important to have a good credit score before making a home loan application in Bhopal. This reduces the chances of loan rejection which would otherwise negatively impact one’s credit score.
The well-planned infrastructure and numerous opportunities for higher education combined with good governance practise in the city are some of the top reasons why Bhopal makes for an ideal choice for home buyers. Although the rising property rates in Bhopal is a concern for those looking to own a house in the city, it is easy to get a home loan here. Homebuyers can find the lowest home loan rates in Bhopal as there are a lot of options available for home loans Always look for the lowest rates and good services while shortlisting a home loan provider in Bhopal.
1. How to take a home loan in Bhopal?
One can take a home loan in Bhopal by filling in the loan application form of the selected bank or lending institution. This has to be followed by submission of all necessary documents including residential proof, photo identity proof, income proof, bank statement, property documents, etc.
2. How long does it take to get a housing loan in Bhopal?
Home loan disbursement in Bhopal usually takes up to 15-30 days depending on the bank or lender’s process. It may take a longer time in case any of the required documents are not furnished or are inappropriate.
3. What is the minimum income requirement to get a home loan in Bhopal?
The minimum income required to avail of a home loan in Bhopal is Rs. 25,000. This amount may vary across different banks and lenders. It may also depend on the candidate’s credit history or track record.
4. What are the documents required to apply for a home loan in Bhopal?
Some of the commonly required documents to be furnished while availing of a home loan in Bhopal include a home loan application form, passport size photographs, identity proof, residence proof, original property documents, etc.
5. What is the best interest rate on home loans in Bhopal?
While the interest rates on home loans in Bhopal may vary across banks and lenders, the lowest rate of interest available currently is 6.50%.
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