How To Apply For Home Loans In Gulbarga?

Gulbarga, also known as Kalaburagi, attracts numerous tourists every year and the population has seen a rise of 4.5% rise. So, if you too are planning to shift to Gulbarga and have a house of your own, now is the right time. Even with the new RBI guidelines and increase repo rate, few financial institutions such as Navi offer home loans with interest rates starting from 6.71%. Also note that, applying for a home loan will get a wide range of benefits under Section 80C, 24(b), 80EE, and 80EEA. Check out the interest rates various financial institutions offer and other major factors if you are planning to apply for a home loan in Gulbarga.

Features and Benefits of Home Loan in Gulbarga

If you have always looked forward to buying a house for yourself, then do not let the rising prices scare you. Availing a home loan in Gulbarga has its advantages.

• Home loan for all your housing needs: Your dream could be owning a home or build a home, you can avail a home loan for all your needs. You can choose a home loan feature if it is to buy a new house, expand your existing house, self-construct a house, or buy a resale property for yourself.
• Tax benefits: The top-most useful benefit of a home loan is the deduction you can claim on the interest and principal repayments while filing ITRs. 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 under special circumstances u/s 80EE, 80EEA, and up 80C.
• Low interest rate: The home loan interest rate at any place, is much lower compared to any other loan types available. If there is a shortage of funds, you can always use the top-up feature on the existing loan and your interest remain the same.
• High loan amount and long tenure: Affording a house in today’s world is not cheap, especially if you live in the “Silicon Valley of India”. But, if it is a home loan, you can obtain a high loan amount and many banks/NBFCs offers a flexible loan tenure of up to 25+ years for their repayment. With this, your monthly instalments become affordable and less stressful. 
• Easy balance transfer facility: If you wish to transfer your home loan from your bank to any other bank/NBFCs for several reasons, such as the interest rate, service charges, customer service experience, etc., you are free to transfer the balance. 
• Minimal documentation and instant approval: In today’s fast-paced world, individuals prefer effortless procedures and quick responses. With the rise in the technology, everything is becoming digital. You can easily avail a home loan in Gulbarga online from many banks/NBFCs without the need of you visiting the lender.

Also Read: How To Choose Banks/ NBFCs For Home Loans?

Interest Rates for Home Loan in Gulbarga

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:

Banks/NBFCs	Interest Rate (p.a.)	Processing Fee
Navi Home Loan	6.71% onward	Check with the lender
Bank of Baroda	6.90% onward	Rs.8,500 – Rs.25,000
Axis Bank	6.90% onward	Rs.10,000
LIC Housing Finance	6.90% onward	Rs.10,000 – Rs.15,000
Kotak Mahindra	7% onward	0.5%
Canara Bank	7.10% onward	Rs.1,500 – Rs.10,000
Karur Vysya Bank	7.20% onward	Rs.5,000
Karnataka Bank	7.50% onward	Rs.250
South Indian Bank	7.85% onward	0.50% (Rs.5,000 – Rs.10,000)
Yes Bank	8.95% onward	Up to 1% (Rs.10,000)

How to Apply for a Home Loan in Gulbarga?

Step 1: Go to the lender’s website or app

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

What Are the Eligibility Criteria for Home Loans?

Most lenders try to keep their eligibility parameters flexible in order to help borrowers finance the purchase of a new home However, you should go through the following criteria before applying for a home loan:

• For salaried employees:

Criteria	Requirement
Age	21 years to 65 years
Nationality	Indian resident or non-resident Indian
Employment	Employed in the private or public sector
Minimum income	Varies across lenders and cities. Generally, salaried employees should be earning Rs. 20,000 per month
Work experience	At least 2-3 years
Credit score	750 or above
Co-applicants for a joint loan	Spouse, parents, children, and siblings

• For self-employed individuals:

Criteria	Requirement
Age	21 to 65 years old
Nationality	Indian resident or non-resident Indian
Minimum income	Varies across lenders and cities. Generally, a self-employed individual should be earning Rs. 3 lakh annually
Work experience	Should be running the business for  a minimum of 5 years
Credit score	750 or above

Note that the eligibility requirements vary across different lenders. 

Also Read: Benefits Of Non Banking Financial Company Home Loans

Documents Required while Applying for Home Loan in Gulbarga

With advancements in the borrowing system, lenders now offer home loans with minimal documentation. Borrowers do not have to be buried in paperwork and can receive financial aid swiftly. Nonetheless, you will need to furnish certain necessary documents, like the following:

For Salaried

• PAN
• Identity Proof: Passport, voter’s ID, driving licence, Aadhaar Card, etc.
• Address Proof: Identity Proof: Passport, voter’s ID, driving licence, Aadhaar Card, Ration Card, Property Tax, etc.
• Income Proof: Salary slip for the past 3 months
• Form 16 for the past year
• Certified letter from Employer
• Increment or Promotion letter
• IT returns of past 3 years

For Self-employed

• PAN
• Identity Proof: Passport, voter’s ID, driving licence, Aadhaar Card, etc.
• Address Proof: Identity Proof: Passport, voter’s ID, driving licence, Aadhaar Card, Ration Card, Property Tax, etc.
• Income Tax Returns (ITR) of last 3 years
• Balance Sheet and Profit & Loss Account Statement of the Company/Firm (duly attested by a C.A.)
• Business License Details (or any other equivalent document)
• The license of Professional Practice (For Doctors, Consultants, etc.)
• Registration Certificate of Establishment (For Shops, Factories & Other Establishments)Proof of Business Address

Apply for a Home Loan in Gulbarga with Navi in 6 Easy Steps 

To obtain home loans in a hassle-free and convenient manner on Navi’s technology-driven platform, follow these steps:

Step 1: Install the Navi app. 

Step 2: Open the app and register yourself as a user by entering your mobile number. 

Step 3: Choose the option of “Home Loan.”

Step 4: Now, put your property location as “Gulbarga”, choose the type of property you are purchasing and mention its address.

Step 5: Finally, provide your personal information, like PAN, Aadhaar number, and your employment information. 

Step 6: Upon submitting your property documents, your application will be completed. Navi will verify your documents and instantly approve your loan. 

How to Calculate EMI for a Home Loan in Gulbarga?

Many online home loan EMI calculator are available to check EMI. Enter your desired loan amount, your flexible tenure and interest rate to check your monthly EMI options. Let’s understand this with an example:

Assume that have taken a home loan of Rs.50 lakh for a tenure of 20 years in Gulbarge. The interest rate charged is 7%. Upon calculation, your EMI would be Rs.38,765.

Here’s a detailed breakdown of your yearly repayment details:

Year	Principal Paid	Interest Paid	Total Payment	Outstanding Loan Balance
2022	Rs.78,372	Rs.2,31,748	Rs.3,10,120	Rs.49,21,628
2023	Rs.1,24,612	Rs.3,40,566	Rs.4,65,178	Rs.47,97,015
2024	Rs.1,33,621	Rs.3,31,559	Rs.4,65,180	Rs.46,63,393
2025	Rs.1,43,280	Rs.3,21,900	Rs.4,65,180	Rs.45,20,112
2026	Rs.1,53,639	Rs.3,11,540	Rs.4,65,179	Rs.43,66,474
2027	Rs.1,64,744	Rs.3,00,436	Rs.4,65,180	Rs.42,01,729
2028	Rs.1,76,656	Rs.2,88,524	Rs.4,65,180	Rs.40,25,074
2029	Rs.1,89,424	Rs.2,75,756	Rs.4,65,180	Rs.38,35,649
2030	Rs.2,03,117	Rs.2,62,063	Rs.4,65,180	Rs.36,32,530
2031	Rs.2,17,803	Rs.2,47,377	Rs.4,65,180	Rs.34,14,729
2032	Rs.2,33,546	Rs.2,31,633	Rs.4,65,179	Rs.31,81,182
2033	Rs.2,50,431	Rs.2,14,749	Rs.4,65,180	Rs.29,30,752
2034	Rs.2,68,532	Rs.1,96,647	Rs.4,65,179	Rs.26,62,218
2035	Rs.2,87,946	Rs.1,77,234	Rs.4,65,180	Rs.23,74,272
2036	Rs.3,08,761	Rs.1,56,418	Rs.4,65,179	Rs.20,65,510
2037	Rs.3,31,082	Rs.1,34,098	Rs.4,65,180	Rs.17,34,428
2038	Rs.3,55,017	Rs.1,10,162	Rs.4,65,179	Rs.13,79,412
2039	Rs.3,80,680	Rs.84,500	Rs.4,65,180	Rs.9,98,732
2040	Rs.4,08,199	Rs.56,981	Rs.4,65,180	Rs.5,90,533
2041	Rs.4,37,707	Rs.27,471	Rs.4,65,178	Rs.1,52,825
2042	Rs.1,52,824	Rs.2,235	Rs.1,55,059	Rs.0

This table is for illustrative purposes only.

Points to Remember before Applying for Home Loans in Gulbarga

• Loan Amount: As per the RBI guidelines, lenders in India can only provide 80% of the property value as a home loan for loans above Rs.30 lakh. However, with Navi, you can get loans up to 90% of the property value irrespective of the loan size.
• Interest Rates: If you go with floating rates, you need to know that those are subject to change based on market fluctuations. It would go up if your lender raises the rate, but with rate cuts, you may benefit from lower interest rates. Fixed rates, on the other hand, remain unchanged.
• Eligibility Factors: The amount of your home loan is determined by factors such as your credit score, income, existing liabilities, age, and loan tenure. It is preferable to consider the aforementioned factors before applying for a home loan.
• Additional charges: Besides interest rates, you should also check out the processing fees, late payment penalties and foreclosure/prepayment charges applicable on your loan and also be aware of all the hidden charges as well.
• Credit score: It is better to maintain a credit score of 750 or above. If it is lower, you can try to improve your credit score before applying for a home loan in Gulbarga. This will allow you to get better interest rates and higher loan amounts.

Final Word

Given the massive population and small geographical size of Gulbarga, finding an affordable and comfortable house might be difficult. Fortunately, home loans in Gulbarga can be an effective solution to this problem for individuals. Unlike other borrowing options, a home loan gives you a massive loan amount at exceedingly low interest rates. 

To find out which home loan offer suits your financial profile the best, use Navi’s home loan EMI calculator. 

FAQs on Home Loan in Gulbarga

Before you go… 

• Looking for instant 🚀 personal loans 24*7 anywhere, anytime? Install the Navi app now!
• Or, maybe you’re looking to buy that house you’ve been eyeing 🏠 and you need a loan of up to Rs. 5 crores. Install the Navi app now and get your instant in-principle approval right away! Interest rates starting at 6.40% p.a.
• How about an affordable health insurance policy 👨‍⚕️ starting at a monthly premium of just Rs. 241? Install the Navi app and get your policy in under 2 minutes
• Instead, want to put your savings into action and kick-start your investment journey 💸 But don’t have time to do research. Invest now with Navi Nifty 50 Index Fund, sit back, and earn from the top 50 companies.