INTRODUCTION
Odisha culturally and naturally blessed state of India is also emerging as a pioneer state for affordable housing solutions for the people. To buy houses in Odisha the government has launched different schemes and with the home loans available in different financial institutions it is quite easier to own a home now.
Odisha, in connection with the recently proposed Mo Ghara scheme.
Mo Ghara Scheme
Some of the important schemes launched by Odisha government includes; Mo Ghara scheme it targets the economically weaker section of the households of rural agglomerations. Its main objective is to update all ‘kutcha’ structure houses to ‘pucca’ ones thus improving the living standards of the people.
Key Features of the Mo Ghara Scheme:
- Loan Amount: Housing loans can be availed up to ₹ 3 lakh by the beneficiaries which can be repaid in a maximum 10 years.
- Eligibility: The families having a monthly income Below ₹25000 residing in kutcha houses or single pucca rooms having RCC roofs are eligible. Besides, families should not be the government or PSU employees and possess irrigated land of not more than five acres or dry land of not more than fifteen acres.
- Subsidy and Rebates: The state government has ensured capital subsidy and the higher rebates are available for SC, ST households and households headed by a person with a disability.
- Application Process: Indeed, the application can be completed and submitted online through a specially designed web-site designed to provide maximum convenience and informality of the procedure.
Home Loan Features
Competitive Interest Rates
- We provide Home Loans to the salaried, self-employed and professional individuals at lower interest rates. Interest rates begin at 8% for those applicants that earn a fixed monthly wage and receive a monthly salary of up to 25,000 USD. 50%* per annum and can avail Home Loan EMI as low as Rs.733 / Lakh* only.
Sizeable Sanction
- As for the loan sanction amount, you don’t need to worry because you can avail of a large Home Loan of up to even Rs. 5 Crore* and more based on your financial standing.
Repayment Tenor
- The maximum tenure of the loan is up to 40 years which enables you to slash down your EMIs and pay off the loanamediably.
Quick Disbursal
- Once an application for Home Loan is approved and documents are in place you can get the amount within 48 Hours* if everything goes smoothly.
Options for Loans / Banks / NBFCs
| Banks / Nbfc | R.O.I | Processing Fees | Loan Amount | Cibil Score | Apply Now |
| HDFC Bank Home Loans | 8.45% – 10% (Reducing Per Annum) | 0.5% – 1% | 5.00 Lacs and above | 650 or above | https://referloan.in/loans/hdfc-bank-home-loan |
| Bajaj Housing Finance Home Loan | 8.45% – 10% (Reducing Per Annum) | 0.2% – 0.5% | 5.00 Lacs – 75.00 cr | 650 or above | https://referloan.in/home-loan/bajaj-housing-finance |
| PNB Housing Home Loan | 8.75% – 14% (Reducing Per Annum) | 0.25% – 0.5% | 5.00 Lacs – 20.00 cr | 5.00 Lacs – 20.00 cr | https://referloan.in/loans/pnb-hfl-loan-home-loan |
General Eligibility and Document Required for This Type of Loan
Eligibility
- Age: Age between 21 years by 65 years of age.
- Income: Ensuring that he or she has a good income that would sustain him or her in repaying the loan.
- Credit Score: A record credit score which is above 700 is normally regarded as good.
- Employment: long-term work history for those who are paid via salaries or wages or long-term patronage for business people
Documents Required:
- Proof of Identity: PAN card, Aadhaar card.
- Address Proof: any utility bill or rent agreement.
- Business Proof: Registration certificate, the business license.
- Bank Statements, Bank Statement, Income Tax Returns and Profit Loss A/c
How Referloan Can Help
ReferLoan is among the rapidly advancing businesses of the Indian nation. It serves all sorts of financial needs through banking and non-banking segments where it interconnects the clients needed.
This is how ReferLoan can help!
- Wide Network of Lenders: As ReferLoan deals with many banks and financial institutions throughout the country, it will assist you to find the appropriate loan offers that are available in Odisha at cheaper interest rates.
- Expert Support Throughout: Expert from ReferLoan is there with you all through; the selection of the right loan product, documentation and trying to make the loan approval as easy as possible.
- Fast and Hassle-Free Processing: With ReferLoan it means a quicker approval and a chance to use the time and be welcomed into your new home in Odisha without delay.
- Transparency and Clarity: It makes sure that the borrower fully understands all the terms of the loan, the interest rates, the way in which the loans can be repaid among other aspects while being fully transparent for your benefit.
Frequently Questions
- What are the requirements that one has to meet in order to avail home loan in Odisha?
As for the requirements for coverage, it means that both the employees, having a fixed monthly wage and the independent, for hire sorts are welcome. The requirements include the applicant’s income, the credit score, the age and the employment status, among others.
- What should I expect to borrow from a home in Odisha, whether it is a first time home buyer or refinancing loan?
The amount to be borrowed may range from 80-90% of the property’s market value depending on the borrower’s financial strength, or the financier’s standard package.
- What is the current home loans rate of interest in Odisha?
Interest rates normally fall between 6. ranging from 5% to 9% which depends on the various factors such as the lender, tenure of the loan, and the credit score of the customers.
- What the repayment tenures for home loans in odisha?
Home loan repayment terms sum up between 5 and 30 years depending on the negative balance of the borrower.
- Which are needed papers/ documents for home loan application in Odisha?
Identity proof, address proof, income proof and bank and property-related documents that include salary slips or IT returns, bank statements etc.