- Home Loan in Bangalore
- Features & Benefits of Home Loan in Bangalore
- Documents Required for a Home Loan in Bangalore
- Interest Rate for Home Loans in Bangalore
- Fees and Additional Charges on Home Loans in Bangalore
- Eligibility Criteria for Home Loans in Bangalore
- Calculate Your EMI on Home Loan in Bangalore
- How to Apply for a Home Loan in Bangalore on Fincity?
Home Loan in Bangalore
Bangalore is home to more than 10 million people and houses a number of reputed banks and non-banking financial companies (NBFCs) offering home loans at competitive rates. Axis Bank, HDFC Bank, SBI, Kotak Mahindra are some well-known banks while LICHFL and Tata Capital are among the long list of well-known NBFCs in Bangalore. With all the options available at your disposal, getting a loan for home purchase, home construction, home renovation is quite easy if you are a resident of Bangalore. The interest rate currently starts as low as 6.75% with minimal to no processing fee.
Features & Benefits of Home Loan in Bangalore
There are a number of benefits of taking a home loan that residents of Bangalore city have enjoy. Here we look at the notable ones:
PMAY: Buying a home can be a costly affair and therefore the government has launched an affordable housing scheme called Pradhan Mantri Awas Yojana (PMAY). If you are eligible for the PMAY benefit, under the Credit linked subsidy scheme, you can access a subsidy on your home loan interest (up to an amount of Rs.2.67 lakhs).
Top-Up Loan: If you have an existing home loan with a bank/NBFC, you can get a top-up loan from the lender which is essentially an amount over and above the original loan amount borrowed. The best part about a top-up loan is that you get it at a low rate, generally at the same rate as your current home loan. You generally would not have to submit extra documentation for a top-up loan from your current home loan lender. You can also avail of a top-up loan when you opt for a home loan balance transfer from the new lender. A top-up loan makes it easier to handle other expenses that show up after you buy a house such as home renovation, home interiors, etc.
Minimal Documentation: The list of Home Loan documents required depends on the lender you choose. Documents required are generally simple and minimal.
Balance Transfer Facility: If you have a home loan in Bangalore running at a higher interest rate, you may want to refinance your loan to a different bank. This allows you to access a lower interest rate, bringing down your total loan cost over the life of the loan, and also giving you the option of an additional top-up loan. By choosing a home loan balance transfer, you can also lengthen the loan tenure and therefore reduce your monthly EMI.
Flexible Tenure: Certain reputed banks offer a flexible loan tenure of up to 30 years.
Part-payment and Foreclosure Facility: Many lenders allow customers to make prepayments towards the principal amount borrowed and even foreclose their home loan at no additional change. However, certain banks and financial companies charge 1-4% of the amount you are paying towards the loan as a penalty.
Documents Required for a Home Loan in Bangalore
Here is a general list of documents required for a Home Loan in Bangalore:
- Application Form – Application form signed with photo/s
- Identity Proof – such as your PAN card or Passport
- Address Proof – Any residence proof such as your passport, driving license, voter’s ID card, bank statement or passbook, landline bill, etc.
- Income Proof – Your Salary slips, 6 months’ bank statements, Form 16
- Self-employed individuals have to submit the previous 3 years’ ITR (for self and business), balance sheets audited by a CA, and profit and loss account. Last 12 months’ bank statements (for both self and business)
- Business Profile and Certificate of Proof of Business Existence
- Property Documents such as your Registered Sale Deed, House Tax Receipt (Latest), and even Past Sale Deeds
- In case you have a co-borrower, submit relevant documents such as their identity proof, income proof, and address proof.
Interest Rate for Home Loans in Bangalore
The Home Loan Interest rate in Bangalore starts at just 6.75%. With Fincity, you can find the lowest-rate home loans that stay low over the entire life of the loan.
Home Loan Interest Rate for Top Banks
|SBI Home Loan||6.75%|
|LIC Housing Finance Home Loan||6.95%|
|HDFC Home Loans||7%|
|Axis Bank Home Loan||7.0%|
|Deutsche Bank Home Loan||7.15%|
Fees and Additional Charges on Home Loans in Bangalore
Below is a list of fees and charges that apply when you take a Home Loan in Bangalore.
|Type of Charge||Fee/charge applicable|
|Processing fees||0-2% of the loan amount + GST|
|Prepayment Charges:||0-4% of the prepayment amount + GST|
|Loan statement charges||Differs based on the lender|
|EMI bounce charges||Differs based on the lender|
|CERSAI Registration Fee||Rs. 100 + service tax|
Eligibility Criteria for Home Loans in Bangalore
Your loan request is approved only if you meet the eligibility criteria set by the lender concerned. Make sure to check with the lender before you apply for a Home Loan in Bangalore.
Below we list the general eligibility criteria pertaining to residential status, age and work experience of the borrower.
|Home Loan Eligibility Terms||Salaried Borrowers||Self-employed Borrowers|
|Age||21–60 years||25–70 years|
|Work/business experience||At least 3 years||At least 5 years|
Find out how much home loan you qualify for with the Fincity Home Loan Calculator. Type in loan-related details such as the loan scheme’s interest rate, loan tenure, city, monthly income, date of birth and current financial obligations to find out your loan eligibility.
Calculate Your EMI on Home Loan in Bangalore
Doing your bit of research and calculating your tentative EMI beforehand helps you choose the right loan amount and tenure based on your repayment capacity. Use the Fincity Home Loan EMI calculator to quickly find out the EMI amount and repayment schedule applicable on your home loan in Bangalore.
How to Apply for a Home Loan in Bangalore on Fincity?
You can apply for a Home Loan on Fincity by simply following the below steps:
1) Click https://app.fincity.com to sign up.
2) Click ‘Home Loan’ under Loan Type.
3) Enter the required details in the given fields – personal, professional, income, property-related, and upload necessary documents.
4) Click Submit.