Home Loan in Bangalore

Home renovations? Check. Home Construction? Check. Real estate investments? Check. Home loans in Bangalore cater to every housing requirement of potential borrowers. Housing loans in Bangalore make sure finance doesn’t keep you away from your dream property. Search nowhere else if you’re a salaried or self-employed person looking for a new home. Find all things about home loans in this detailed piece.

Highlights on Home Loan in Bangalore

Housing Loans come with their own unique advantages and features. Some features that set it apart from the rest of the loans are listed below:
Home Loan Highlights
Interest Rates (per annum) 8.40% onwards
Time Period Up to 30 years
Loan to Value (LTV) 70%-90%
Processing Fee  0.25% onwards
Prepayment Charges  NIL

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Check Home Loan interest rates available in Bangalore from India's leading banks.

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HDFC Bank Home Loan in Bangalore starting at.

8.35% - 9.4%

Axis Bank Home Loan in Bangalore starting at.

8.7% - 13.3%

ICICI Bank Home Loan in Bangalore starting at.

8.85% - 9.1%

YES Bank Home Loan in Bangalore starting at.

9.4% - 10.25%

IndiaBulls Home Loan in Bangalore starting at.

8.99% - 9.75%

CITI Bank Home Loan in Bangalore starting at.

8%

Bank of Baroda Home Loan in Bangalore starting at.

8.4% - 10.6%

DHFL Home Loan in Bangalore starting at.

11%

Canara Bank Home Loan in Bangalore starting at.

8.5% - 11.25%

IndusInd Bank Home Loan in Bangalore starting at.

8.5% - 10.57%

Union Bank of India Home Loan in Bangalore starting at.

9.5% - 14.8%

State Bank of India Home Loan in Bangalore starting at.

8.4% - 10.15%

Punjab National Bank Home Loan in Bangalore starting at.

8.4% - 10.25%

Indian bank Home Loan in Bangalore starting at.

8.4% - 9.9%

Bank of India Home Loan in Bangalore starting at.

8.3%

Bank of Maharashtra Home Loan in Bangalore starting at.

8.5%

Housing Loan Eligibility Criteria in Bangalore

A housing loan in Bangalore can be obtained once an applicant fulfils certain basic criteria. Some common eligibility criteria for applying for a housing loan in Bangalore are listed below:

  • Age Bracket: Lending institutions extend home loans to applicants between 18 and 70 years old.
  • Previous Work Experience: A minimum of 2 years of work experience and stable employment at the current organisation is required for an applicant to apply for a housing loan in Bangalore.
  • Minimum Salary: Financial institutes prefer a minimum monthly salary of Rs. 25,000-30,000. You can check with your bank’s monthly/annual minimum salary requirements. Stable incomes help establish an applicant’s financial stability and divide the loan amount into appropriate EMIs.
  • Credit Score: Financial institutions prefer a credit score of 750 or higher for candidates willing to apply for home loans.
  • Residential Status: Indian residents, as well as Non-Resident Indians (NRIs), are eligible to apply for home loans as long as they have Indian citizenship.

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Home Loan EMI Calculator

  • 5 Lac
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  • 30
%
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Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

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Home Loans in Bangalore - An Overview

If you wish to bridge the gap between you and your dream house, look at Home Loans in Bangalore. A home loan becomes your partner in making your dream house a reality. Whether you live in a rented house, wish to have your own place, or finally find the ideal apartment you’ve been planning to buy for years, a housing loan in Bangalore can offer solid financial aid.

Buying an estate for housing or investment purposes is not easy in Bangalore. Scouting for the right locations, finding your kind of place, working around the documentation and finally moving in involves a lot of hassle. However, with the best home loan rates in Bangalore, finance would not be a problem.

How to Get a Housing Loan in Bangalore with Fast-Disbursement? 

Three-Step Process

Home loan approval is much more complex and time-consuming than other loans. Stringent application and verification steps precede disbursals in the home loan approval process.

  • Applicant Verification - Verifying the information provided by the borrower in their application and establishing their repayment potential is the first step. The banks decide the loan amount they are willing to sanction only after a thorough background check of the applicant. Banks or HFCs may sanction the loan in full or part, depending upon the borrower’s credibility ascertained by them. An applicant’s CIBIL score plays a crucial loan in establishing their creditworthiness. 
  • Property Verification: Banks conduct thorough checks of the property as it is the only security against which the loan is issued. Property verification is a reviewing process through which banks ascertain the estate's value. Banks may do a legal check on their own or by hiring third-party agencies to ensure no conflict or discrepancy is involved in the matter. Lenders may keep property-related documents with them until the loan is settled. Several factors like the location, condition of the land/building and ownership history, among others, are key areas around which lenders make their judgments. 
  • Loan Disbursal: After successful verification, the loan disbursal process begins by signing the necessary legal documents. The loan agreement prepared after the verification stages specifies the loan amount, tenure and applicable interest rate. A lender may extend the loan amount in full or in parts. The formal signing of the loan agreement implies approval of the loan by the lender and a transfer of ownership by the borrower. An applicant must sign the loan papers carefully and seek immediate clarification on anything unclear.

Approval Time 

The approval time for a housing loan in Bangalore is 2-4 weeks. The banks conduct detailed verification before lending big amounts to minimise the possibility of loan default. It must be kept in mind that the approval process may take even longer in some cases.

Pre-approved loans can offer relatively quicker access to home loans through digital applications. Banks offer pre-approved loans to their existing customers as their verified information is already available. While these loans do not eliminate the thorough verification procedure, they minimise it to some extent.

Further, it must be noted that the majority of delays in home loan approvals happen because of discrepancies in the documentation process. Hence an applicant must keep all the documents handy and submit genuine details while applying for a home loan.

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Documents Required for Home Loan in Bangalore

Photocopies of the following documents may be asked by a lender while extending home loans in Bangalore.

  • Loan Application Form 
  • PAN Card
  • Id Proof- Aadhar Card/Driving License/Voter ID
  • Address Proof- Utility Bills/Aadhar Card/Voter ID
  • Income Proof- Previous bank/salary statements or Form 16
  • Employment Proof- Certificates showcasing past as well as current employment
  • Passport size photographs
  • Property documents
  • Disclosure of applicant’s investments

Conclusion

Housing loans in Bangalore have become a go-to financial aid in recent years. The loan offers huge sums at affordable interest rates, which can be repaid within 30 years. Different types of home loans are easily available for different housing needs. An increase in home loan disbursements in recent years is a testament to its wide accessibility. With strong financial credibility, you can add wings to your dreams with the help of home loans in Bangalore.

Most Frequently Asked Questions about Home Loan in Bangalore

What is the process to transfer a home loan in Bangalore?

Banks offer appealing interest, and EMI encourages borrowers to transfer their home loan accounts to them. A borrower can apply for a loan transfer at a new lender after informing the existing lender, collecting their documents and obtaining a No Objection Certificate (NOC). After paying the required loan transfer charges, the borrower can apply for the transfer at the new lender. 

Is it good to buy a house in Bangalore with a home loan?

Yes, a home loan in Bangalore can offer strong financial support. The loan can finance up to 90% of the property’s value. Applicants can use online EMI calculators to make well-informed decisions while applying for a home loan.

Which bank is the best for home loans in Bangalore?

Most leading banks offer home loans at low-interest rates and nominal processing fees. Applicants should choose a bank that commands their trust and the market’s credibility. Further, the type of loans, benefits and repayment options the bank offers are crucial to consider when choosing the right bank. 

Is it good to take a home loan from HDFC?

HDFC is one of the country’s leading home loan providers. It offers various home loans with interest rates starting at 8.40% per annum for up to 30 years. It also provides flexible repayment options such as the Step Up Repayment Facility (SURF) and Flexible Loan Installment Plan (FLIP). HDFC Bank allows a borrower to apply for and manage a loan account digitally.

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