Max Tenure
5 yrs
Best Rate
7.35%
Processing Fee
10,000₹*
Features
- * Upto 30 years Loan Tenure
- * No Prepayment or Foreclosure charges
- * Funding up to 90%* of the property cost
- * Customized eligibility programs
- * Accessible network & decades of experience
Pricing
- Interest rate – 7.35%
- Processing Fees – 0.25% of loan amount or Rs. 10,000/- (salaried), 0.5% of loan amount or Rs. 10,000/- (self-employed)
Documents Required
- Age Proof (PAN Card, Passport, Any other Certificate from Statutory Authority)
- Residence Proof (Passport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory Authority)
- Education Qualifications – Latest Degree
- Latest Salary-slips for 3 months or 3 years Income Tax returns for Self Employed
- Bank Account statement for last 6 months (Salary Account) or 12 months for Self Employed
Max Tenure
30 yrs
Best Rate
6.90%
Processing Fee
0%*
Features
- Best ROI in the industry
- For women beneficiaries 0.05% less than normal rate
- Speedy Sanction
- No prepayment charges
- No hidden charges
- Interest calculated on daily reducing balance
- Longer Repayment tenor
Pricing
- Interest Rate: 6.90% to 8.90%
- Processing Fee: 0
Documents Required
- ID proof(PAN card, Pass port/Voter Id/Employer ID/Driving Licence/ Aadhaar Card/MNREGA No) with 2 PP photos
- Residence proof: Latest Tel bill, Bank Statement / Elec bill / Ration Card / letter from employer)
- Certificate from employer confirming confirmation of continuous service - For Salaried Only
- A brief note on nature of business / activity / business licence in case of self-employed
- Form 16 for last 3 years
- Bank Statement / Pass book of salary or Business A/c for last 6 months
- Balance sheet and P&L Account for last 3 years - For Self Employed
- Salary Slip for last six months - for Salaried
- Income Tax returns with taxpaid challans for last 3 years - For Self Employed
Max Tenure
15 yrs
Best Rate
12%
Processing Fee
3-5%
Features
- Loan on Cash income
- Past Bureau issues also considered.
- Funding on gram panchayat , B khata , Properties under municipal limits also funded.
- Loan starts at 5 lacs.
Pricing
- Interest Rate: 12 % to 18%
- Processing Fee: 3 - 5%
Documents Required
- Identity proof such as Pan Card, Voters ID Card, Passport.
- Address proof such as electricity bill, ration card.
- Income proof documents, if available.
- Bank pass book or Bank Statements.
- Property documents, if property identified.
How to Get a Home Loans in Bhubaneswar
Real estate investments have earned the reputation of being a "smart investment" option in every Indian household. Purchasing a home is regarded as the most prudent investment option in this country.
Bhubaneshwar, the state capital of Odisha, has the best property prices in the state. It is also aided by continuous development and infusion of development schemes, making it an appealing destination for property investment.
Popular localities in Bhubaneshwar and their trending property rates
| Locality Name | Property Rates (Price Range (Rs. per sq. ft.) |
|---|---|
Andharua | Rs. 2,338 - 3,102/sq. ft. |
Chandaka | Rs. 2,592 - 3,102/sq. ft. |
Damana Square | Rs. 4,718 - 5,398/sq. ft. |
Gudiapokhari | Rs. 2,550 - 2,932/sq. ft. |
Jatni | Rs. 3,272 - 3,910/sq. ft. |
Jaydev Vihar | Rs. 4,930 - 5,568/sq. ft. |
Kalinganagar | Rs. 4,888 - 5,738/sq. ft. |
Khandagiri | Rs. 4,548 - 5,015/sq. ft. |
Madanpur | Rs. 3,315 - 3,910/sq. ft. |
Nayapalli | Rs. 5,525 - 5,865/sq. ft. |
Old Town | Rs. 3,698 - 4,122/sq. ft. |
Pahala | Rs. 3,995 - 4,718/sq. ft. |
Palasuni | Rs. 4,548 - 5,228/sq. ft. |
Patia | Rs. 4,208 - 4,845/sq. ft. |
Patrapada | Rs. 4,165 - 4,420/sq. ft. |
Pokhariput | Rs. 2,805 - 4,165/sq. ft. |
Raghunathpur | Rs. 3,825 - 4,378/sq. ft. |
Rasulgarh | Rs. 3,910 - 4,590/sq. ft. |
Sailashree Vihar | Rs. 4,802 - 5,270/sq. ft. |
Sundarpada | Rs. 2,592 - 3,145/sq. ft. |
Sunderpada | Rs. 2,592 - 3,145/sq. ft. |
Tamando | Rs. 3,230 - 4,462/sq. ft. |
Uttara | Rs. 2,338 - 2,508/sq. ft. |
Home loans in Bhubaneshwar
Home loans are the most common way to purchase your dream home. Home loans provide financing for up to 80% of the purchase price at extremely low interest rates. They allow you to repay the amount over a period of 30 years, allowing you to plan your monthly finances with ease.
Top Home Loan Lenders in Bhubaneshwar
| Housing Finance Company | Housing Finance Interest Rates | Processing Fee |
|---|---|---|
SBI | Starts at 6.55% | 0.40% Min of Rs.10000 and a Max of Rs.30000 |
HDFC | Starts at 6.75% | 0.50%, Min Rs. 3,000 |
PNB Housing Finance | Starts at 7.35% | 0.50%, Min Rs. 10,000 |
LIC Housing Finance | Starts at 6.66% | Min Rs. 10,000 to |
Indiabulls | Starts at 8.65% | 1.00% |
IIFL | Starts at 8.45% | 1.25% |
Piramal Housing Finance | Starts at 9.00% | 0.10% |
GIC Housing Finance | Starts at 10.25% | Min Rs. 2,500 |
Sundaram Home Finance | Starts at 6.95% | NIL |
L&T Housing Finance | Starts at 6.75% | 2.00% Min Rs. 4,999 |
Types of home loans in Bhubaneshwar
In Bhubaneshwar, you can get the following types of home loans:
Home loans to purchase a residential property
A Home Loan, also known as a housing loan, is provided for the purchase of a house or apartment. Banks typically lend 80 to 85% of the property's market value. They are available in a variety of tenure lengths and interest rates, both fixed and floating. This can be used to buy new homes or old homes that have been resold in the real estate market.
Loans to purchase residential plots
This loan is available for the purchase of land or an empty plot for residential construction, or investment purposes. This loan cannot be used to purchase any agricultural land. Unlike home loans, where the loan amount is typically 80 to 85% of the property's value, land loans are offered up to 90% of the cost.
Loans to construct a house
Home construction loans are available for the sole purpose of constructing a home on previously owned land. The land can be an empty lot or it can be used to demolish an existing house and build a new one in its place. Typically, the loan amount provided for this is between 85 – 90% of the construction cost.
Home improvement loans
These loans assist the borrower with any home improvement or renovation work. They apply to all types of construction and renovation work. Paint jobs, new flooring, plumbing, and exterior elevation work are all covered by home improvement loans.
Home expansion loans
These are loans given to borrowers in order for them to expand their existing homes. This includes everything from expanding a single room to adding additional rooms to constructing a new floor above the existing house. Depending on the project, these costs could range from Rs. 20,000 to Rs. 10 lakhs.
Additional Read: Home Loan Application Process
Eligibility criteria to get a home loan in Bhubaneshwar
Since home loans are offered for large sums and have long repayment terms, banks have strict eligibility criteria for sanctioning a home loan. The fundamental requirements are as follows:
- You must be either a salaried employee or a self-employed professional. This includes salaried individuals, self-employed professionals or non-professionals, business owners and farmers.
- You must meet the age and income requirements, as well as be able to demonstrate a stable income. You will need a minimum of 2 years of work experience for salaried individuals and min. 2 years of business continuity for self-employed
- Min. age to apply is 21 years and the maximum age is 60 years (at the time of loan completion)
- You must meet the age and income requirements, as well as be able to demonstrate a stable income.
What is an EMI? How to use the CreditMantri home loan EMI calculator?
EMI is Equated Monthly Instalment. This is the amount you will be paying to the bank every month till the loan tenure is completed to pay off your loan. This amount includes your interest component and the principal component.
Credit Mantri has a Home Loan EMI Calculator which allows you to calculate the approximate EMI you will have to shell out on your home loan. You can adjust the loan tenure and interest rate to find out different EMIs for calculation purposes.
Calculating your EMI is a good way to find out if you can afford the home loan. It helps you in your loan processing cycle.
Home Loans in Bhubaneshwar FAQs
1. What is the average time taken for home loan processing in Bhubaneshwar?
Home loans usually take up to 15- 30 business days for processing and sanctioning.
2. What are the different repayment tenures available for home loans in Bhubaneshwar?
Home loans in Bhubaneshwar come with a maximum repayment tenure of 30 years. However, this will be determined by your lender on a case to case basis.
3. What is the maximum home loan that I can get in Bhubaneshwar?
For the purchase of new or pre-owned homes, one can receive up to 85% of the purchase price. You can get up to 75% of the project cost as a loan if you are constructing a house. You can get a loan for up to 80% of the project cost for home renovations and repairs. Home loans of up to Rs.10 crores are available in the current market, depending on your eligibility.
4. What is the most number of co-applicants I can have on my home loan application?
The maximum number of joint applicants in an Indian home loan application is six. Also, keep in mind that each applicant must be an immediate family member.
5. What are the charges for pre-closure of home loans?
Most banks don’t levy any pre-closure charges if you are repaying the loan with your own income.