INTRODUCTION
Bihar the land of tradition and culture is on the verge of a revolution in commercial real estate. Whether you are planning to purchase a house in the state’s largest city, Patna or a rural area, getting a home loan can turn your dream into a reality. Here, the author aims to give insights about Home Loans for Bihar with emphasis on Factors, Document Required and the importance of Selecting Right Lender.
Kinds of Home Loans offered in Bihar
- New Home Purchase Loans: When taking a new house or even an apartment in case one is buying.
- Home Construction Loans: You need it for building a new home on a piece of land.
- Home Improvement Loans: For homes constructed in the past and require renovation or repair work.
- Home Extension Loans: To extend your current home; Sieельно, to provide more room to the existing home.
- Balance Transfer Loans: For porting of existing home loans from one bank to another in hope of a lower interest rate.
Benefits of Home Loans
- Tax Benefits: Claim tax exemptions on both principal and interest in terms of Section 80C & Section 24 (b) of the Indian Income Tax Act.
- Flexible Tenure: Select your preferred duration or term in receiving your REPAYMENT which can last for 5 to 30 years.
- Affordable EMIs: And when it comes to home loans, customers get what they have been longing for; competitive interest rates mean cheap loans.
Options for Loans / Banks / NBFCs
| Banks / Nbfc | R.O.I | Processing Fees | LoanAmount | Cibil Score | Apply Now |
| HDFC Bank Home Loans | 8.45% – 10% (Reducing Per Annumn) | 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 Annumn) | 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 Annumn) | 0.25% – 0.5% | 5.00 Lacs – 20.00 cr | 625 or above | https://referloan.in/loans/pnb-hfl-loan-home-loan |
General Eligibility and Document Required for This Type of Loan
Eligibility
- Nationality: In particular, the person that applies for a job must be a citizen of India.
- Age: 63 and 73 percent responded they were between 23 and 72 years of age.
- Credit Score: A minimum credit score of seven hundred and seventy- five from the Centralised Identity for Bureau of Industrial and Financial Reporting.
- Occupation: Employed, business own or working independently, or a professional.
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, Income Tax Returns, and Profit & Loss
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 as per the need.
This is how ReferLoan can help!
- Loan Comparison: Search for the various home loan products from various institutes.
- Eligibility Check: Set the conditions for the given type of loan products.
- Application Assistance: It is possible to get assistance on the items needed to fill a loan application to be sure that all documentations are filed accurately.
- Customer Support: Get access to the customers’ support to clear the doubts and to help you in the process.
Frequently Questions
- What are the cities in Bihar that people mostly prefer to take home loans?
Home loan seekers are on the increase because of infrastructural development and realization of real estate opportunities particularly in the following cities of Bihar: Patna, Gaya, Bhagalapur, Muzaffarpur and Darbhanga.
- What is the amount of loan which I can avail in the state Bihar?
It depends with your income, credit standing as well as the value of the property that is being offered as security. In most cases the banks and other financial institution will tend to provide loan of between 80-90% of the market value of the property.
- What are the current home loans’ interest rates available in Bihar?
Interest rates normally fall between 7% and 10%, with these being influenced by the lender, credit score, as well as the character of the loan; it can either be a fixed rate or a floating rate.
- What does the loan tenure of the home loans involve in Bihar?
Bihar home loans are generally available with varying tenures of 5 to 30 years, which gives options of evacuation according to the paying power to the borrowers.