Davanagere’s economy has shown a prominent growth. Now is the time to consider investing in real estate and secure your wealth or maybe even buy a house due to the favourable climatic conditions. In case you’re planning to purchase a property or house in Devanagere but falling short of funds, you could always apply for a home loan. If you are eligible and have an above average credit score – 750 or above, you could even get up to 90% financing of the property value. Read this blog to know how to apply for a home loan in Devanagere.
Under the Central Government’s Smart Cities Mission, the city was chosen as one of the hundred cities in India to get transformed into a smart city. As per the 2020 human living Index, it remained in the ‘top 9 livable cities’ list under 10 million population. From great transportation facilities to educational developments, the city has a lot to offer to its natives.
Apart from the booming economy, these are a few reasons why it is ideal to invest in housing properties in Davanagere. However, shelling out a large sum from your savings to finance a land/house purchase is a risky option as there will be other liabilities to look after. In such a scenario, home loans in Davanagere become an ideal solution owing to the lenient eligibility requirements and hassle-free documentation for acquiring substantial funds.
Also Read: 5 Benefits Of Taking A Joint Home Loan
It is important to know which bank/NBFCs offer home loans at what interest rates before applying for one. If you are building a house or planning to buy your dream home, here is a list of banks/NBFCs offering a home loan with its respective interest rates and processing fees:
|Lending Institutions||Interest Rates Starting From (per annum)||Processing Fees|
|Navi Home Loans||7.39% onwards||1%|
|Kotak Mahindra Bank||7.50 % onwards||0.5%|
|Axis Bank||7.60% onwards||1%|
|Yes Bank||8.95% onwards||1.5%|
|ICICI Bank||7.60% onwards||0.5% – 2%|
|HDFC Bank||7.55% onwards||0.50%|
|Bank of Baroda||7.45% onwards||0.50%|
|Bank of India||7.40% onwards||0.25%|
|LIC Housing Finance||7.50% onwards||Check with lender|
|Federal Bank||8.55% onwards||0.50%|
|Union Bank of India||7.40% onwards||0.50%|
|Reliance Home Finance||9.75% onwards||0.5% – 1%|
Here’s how you could apply for a home loan in Davanagere
Step 1: Go to the lender’s website or the mobile application
Step 2: Go to the home loan section
Step 3: Click ‘Apply’ to proceed
Step 4: Fill in details like your name, DOB, monthly income, PAN number, etc.
Step 5: Check your loan eligibility
Step 6: Choose loan amount and tenure
Step 7: Get in-principle approval
Here is a tabular representation of all the eligibility parameters home loan applicants need to fulfil to qualify for this form of credit:
|Age||Between 18 and 70 years|
|Income and Employment||For salaried individuals, there should be at least 2 years of work experience in a reputed organisation. Self-employed applicants need to run a business for a minimum of 3 years and have a steady income source to qualify.|
|Credit Score||750 or above|
|Repayment Capacity||Total EMI obligation must not go beyond 50% of the total revenue or income.|
Keep in mind that these criteria may vary from one home loan provider to another. Also, note that the maximum loan amount you can get from lending institutions will not exceed 90% of the value of the property you are purchasing.
At Navi, you get the convenience of availing a home loan of up to Rs. 10 crore.
When you are applying for a home loan, make sure that you have the mentioned documents:
If you are a Salaried Employee
If you are Self-Employed
Other than these, there can be certain lender-specific document requirements that you can check on the lending institution’s online portal.
Now that you are aware of all the perks you will get, here are the steps you need to follow to apply for a home loan via Navi:
Step 1: Download the Navi app.
Step 2: Open the app and register with your mobile number.
Step 3: Upon registering, click on “Home Loan”.
Step 4: Now, submit the property details, like location, type, and address of the property.
Step 5: After submission, check your home loan eligibility by providing your PAN and other details.
Step 6: Once you submit the required documents and the same are verified, your home loan will be instantly approved.
Even though Navi allows borrowers to avail a high loan amount, it is advisable to check your monthly obligations before finalising. You can use Navi’s home loan EMI calculator and enter the necessary values to get the exact EMI you need to bear.
Use an online home loan EMI calculator to check your EMI. Enter your desired loan amount, tenure and interest rate, and you will be able to check your monthly EMI options. Let’s understand this with an example:
Let’s say that you have taken a home loan of Rs.50 lakh for a tenure of 20 years. The interest rate charged is 7%. Upon calculation, your EMI would be Rs.38,765.
Here’s a detailed breakdown of the yearly repayment details
|Year||Principal Paid||Interest Paid||Total Payment||Outstanding Loan Balance|
Note: This table is for illustrative purposes only.
Along with affordable interest rates, home loans in Davanagere come with several other facilities, such as customised offers, prepayment facility, top-up loan feature which allows individuals to refinance an existing loan, etc. However, go through the terms and conditions once and check the associated charges such as processing fee, foreclosure charges, etc. too before applying.
Also, it’s better to be aware of your monthly EMI payments before taking a home loan. Download the Navi app and check out the Navi EMI calculator to decide what offer suits you considering your repaying capacity.
Ans: Home loan borrowers can get tax deductions by availing a home loan. Under Section 80C, you can claim up to Rs. 1.5 lakh as deductions from your principal repayment. Additionally, Section 24 allows you to claim up to Rs. 2 lakh from your interest payments.
Ans: Home loan refinancing or balance transfer refers to shifting your outstanding principal amount from your current lender to a new lender. Generally, the most important benefit of refinancing a home loan is lower interest costs.
Ans: A top-up loan is an additional line of credit that financial institutions extend to existing home loan borrowers. Some financial institutions may offer top-up loans at attractive terms after the balance transfer. Such loans are easy to avail due to minimal documentation.
Ans: Paying a high down payment results in a limited home loan principal amount. When the principal amount is lower, the resulting EMIs are lower as well. Moreover, lenders tend to offer attractive interest rates to borrowers who make a high down payment.
Ans: The repo rate refers to the interest that the Reserve Bank of India (RBI) charges when it lends money to commercial banks. Therefore, in case of any changes to the repo rate will reflect on a bank’s home loan interest rates as well. Generally, when the repo rate declines, you can expect cheaper housing loans.
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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