Getting a home loan in Bangalore wouldn’t be too difficult if you have the repaying capacity and a good credit score in place. Though RBI has recently raised the repo rate by 40 bps, which has affected the home loan interest rates, still the rates are lower than most financing options like personal loans. Also, getting a home loan comes with a plethora of benefits, including but not limited to tax benefits under Section 80C, 24(b), 80EE, and 80EEA. So, if you’re someone residing in Bangalore and looking for a home loan for that dream house of yours, this blog might just interest you. Here’s how to apply for a home loan in Bangalore.
Here are some of the features and benefits of home loans:
Home loans can be put under a larger basket of loans that includes home improvement loans, home renovation loans, plot loans, etc. So, if you’re planning to buy or purchase a house, you can go for a home or housing loan. For renovation and repair work, you could go for a home renovation or improvement loan. Most of the time, the interest rates for these loans are similar to that of normal home loans.
One of the benefits of a home loan is that you can claim tax benefits under the Income Tax Act, 1961.You can claim up to Rs.1.5 lakh on principal repayments under section 80C of the Income Tax Act, up to Rs.2 lakh on interest repayments under section 24B, and more benefits under special circumstances u/s 80EE, 80EEA, and 80C.
Home loan interest rates are usually lower than other financing options like personal loans. For instance, you can get a home loan of Rs.10 crore at interest rates starting from 8.74% p.a. with Navi. However, the final rate offered is solely at the discretion of the lender, who decides on the rates based on your repayment capacity, credits core, etc.
Affording a house in today’s world is not cheap, especially if you live in the “Silicon Valley of India”. However, you could make the dream of owning a house come true by applying for a home loan. You can get up to 90% of property financing (LTV ratio or loan-to-value ratio) from lenders like Navi. Also, you could repay at your convenience, thanks to flexible tenures that could extend from 25 to 30 years.
If you wish to transfer your home loan from your bank to any other bank/NBFCs for several reasons, such as high interest rate, service charges, customer service experience, etc., you could opt for a home loan balance transfer.
It is important to know which bank/NBFCs offer home loans at what interest rates. If you are building a house or planning to buy your dream home, here is a list of banks/NBFCs offering home loan with its respective interest rates and processing fees:
|Lending Institutions||Interest Rates Starting From (per annum)||Processing Fees|
|Navi Home Loans||8.74% onwards||1%|
|Kotak Mahindra Bank||9.00 % onwards||0.5%|
|Axis Bank||8.95% onwards||1%|
|Yes Bank||8.95% onwards||1.5%|
|ICICI Bank||8.85% onwards||0.5% – 2%|
|HDFC Bank||8.90% onwards||0.50%|
|Bank of Baroda||8.60% onwards||0.50%|
|Bank of India||8.60% onwards||0.25%|
|LIC Housing Finance||8.65% onwards||Check with lender|
|Federal Bank||9.90% onwards||0.50%|
|Union Bank of India||8.60% onwards||0.50%|
|Reliance Home Finance||9.75% onwards||0.5% – 1%|
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Follow these steps to apply for a home loan in Bangalore:
Every lender across India can set different criteria that you will have to meet before attaining a home loan. Still, there are some common criteria that you should pay attention to:
|Age||Between 21 and 65 years old|
|Nationality||Indian resident or non-resident Indian|
|Income||Varies across cities but is generally set at a minimum annual income of Rs. 1,80,000 for salaried employees and Rs. 3,00,000 for self-employed borrowers|
|Work experience||Most lenders accept borrowers with a minimum work experience of 2 years|
|Credit score||Generally, 750 or above|
|Eligible for a joint loan||Only parents, spouse, siblings, or children|
This requirement can vary depending on the category you fall under – salaried or self-employed.
On Navi’s technology-driven platform, you can easily and instantly obtain a home loan from the comfort of your home. All you have to do is follow these simple steps:
You can use an online home loan EMI calculator to check your monthly repayment obligations. All you need to do is enter the loan amount, tenure, and interest rate to check your monthly repayment obligations.
Rate of Interest (P.a)
Loan Tenure (Years)
Buying a house is a huge step in anyone’s life. To get you closer to achieving that goal, home loans are the most suitable borrowing option. The beautiful city of Bangalore is home to most of India’s IT giants. Fortunately, home loans in Bangalore are affordable and offered at low-interest rates so that you can also make this city your home. The decision to take this loan is also crucial and requires extensive financial planning. To make this task simpler, you can access Navi’s easy-to-use home loan EMI calculator.
Ans: In case you have a lump sum amount with you, you can utilise it to foreclose your home loan. An outstanding loan amount means paying monthly instalments, which includes the interest component. You can free yourself from this additional cost by prepaying the remaining loan amount. However, you should consider the foreclosure charges levied by lenders before making this decision.
Ans: When you apply for a home loan with a co-applicant, the likelihood of your loan getting approved increases. Most lenders charge a lower interest rate if there are co-applicants. Moreover, you and your co-borrower can both enjoy tax benefits on your respective incomes.
Ans: There are numerous reasons behind a home loan getting rejected. It can be that you have too many loans, or your credit score is bad. The rejection might also be because you applied for a loan and EMI amount that is too high for your income slab.
Ans: One type of home loan is a home improvement loan, which can be used for renovating or improving your house. If you have an existing home loan, you can obtain a top-up loan and use it for the same purpose.
Ans: The minimum income requirement varies across lenders and cities and can be between Rs. 15,000 and Rs. 45,000. For metropolitan cities like Bangalore, this requirement is generally set at Rs. 25,000 per month.
Are you looking to buy that house you’ve been eyeing 🏠 and you need a loan of up to ₹5 crore. Install the Navi app now and get instant in-principle approval right away! Interest rates starting at 8.60% p.a.
Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
|Home Loan Interest Rate||Home Loan EMI Calculator||Home Loan Tax Benefits|
|Home Loan Prepayment Calculator||Minimum CIBIL Score For Home Loan||How to Apply for Home Loan|
|Home Loan Prepayment||NBFC Home Loans In India||Home Loan Stamp Duty|
|Home Loan Balance Transfer||Home Loan Types||Home Loan Process|
|NRI Home Loan||Home Loan Insurance||Benefits of Joint Home Loan|
|Documents Required For Home Loan||Top Banks And NBFCs for Home Loans||Home Loan For Women|
|Home Construction Loans||Home Loan Sanction Letter||Loan Against Property Interest Rates|
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