Gulbarga, also known as Kalaburagi, attracts numerous tourists every year and the population has seen a rise of 4.5% rise. So, if you are planning to shift to Gulbarga and purchase a house of your own, now is the right time. Also, with several lenders like Navi offering attractive interest rates and fast in-principle approval, getting a home loan for your dream home has never been this easy. Here’s a thorough guide to getting a home loan in Gulbarga.
Here are a few features and benefits of availing of a home loan in Gulbarga:
Here is a list of home loan interest rates in Gulbarga:
|Lending Institutions||Interest Rates Starting From (per annum)||Processing Fees|
|Navi Home Loan||8.74% onwards||1%|
|Kotak Mahindra Bank||8.75% onwards||0.5%|
|Axis Bank||8.60% onwards||1%|
|Yes Bank||8.95% onwards||1.5%|
|ICICI Bank||8.75% onwards||0.5% – 2%|
|HDFC Bank||8.60% onwards||0.50%|
|Bank of Baroda||8.60% onwards||0.50%|
|Bank of India||8.30% onwards||0.25%|
|LIC Housing Finance||8.90% 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%|
Follow these steps to apply for a home loan in Gulbarga:
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:
|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|
|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|
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:
To obtain home loans in a hassle-free and convenient manner on Navi’s technology-driven platform, follow these steps:
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|
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.
Ans: Under Section 80C of the Income Tax Act, the principal component of your home loan EMI is eligible for a tax deduction of up to Rs.1.5 Lakh. Moreover, you can also obtain a deduction of Rs.2 Lakh on the interest component.
Ans: A tax deduction is only applicable when you can prove that the top-up home loan amount has been used for house-related purposes. You can get a deduction of Rs.30,000 on the interest component, but only for self-occupied houses.
Ans: As home loans are high-value loans, lenders are stringent about the eligibility criteria. A bad credit score (below 650) makes a lender doubt your repayment capabilities. You might get a home loan from a few lenders but at a very high-interest rate. Moreover, the loan amount may not be that high.
Ans: No, it is not necessary to obtain a home loan with a co-applicant. However, it has additional benefits. Generally, lenders offer a higher loan amount and lower interest rates when there is a co-borrower. Moreover, both the borrowers can avail of tax benefits on their respective income during a financial year.
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|
HSBC Bank Home Loan Interest Rate April 2023HSBC offers a variety of home loan products designed for Indian citizens and NRIs (Non-Resident Ind... Read More »
Axis Bank Home Loan Interest Rate April 2023Axis Bank home loan interest rate starts at 8.75% p.a. The bank offers home loans up to ₹5 crore ... Read More »
Karnataka Bank Home Loan Interest Rate April 2023Karnataka Bank home loan interest rate starts at 9.26% p.a. The bank offers an array of home loan s... Read More »
BBMP Property Tax – How to Calculate, Check Status and Pay Tax?The Karnataka State Government imposes this tax on the residents of the State who own properties in... Read More »
Union Bank of India Home Loan Interest Rate April 2023Union Bank of India offers up to 90% of the property value as home loan. Union Bank home loan inter... Read More »
Hartalika Teej in India 2023 – Muhurat and Rituals (18th Sept)Hartalika Teej is an auspicious festival for Hindu women. The day is mainly dedicated to Goddess Pa... Read More »
Bank of Baroda Home Loan Interest Rate April 2023Bank of Baroda (BoB) home loan interest rate starts at 9.15% p.a. For the salaried and 9.25% ... Read More »
Stamp Duty in Thane 2023 – Property Registration ChargesIn India, every State government levies a stamp duty on property transfers. The location, type of p... Read More »
Stamp Duty in Karnataka 2023 – Property Registration ChargesIf you have recently purchased a property in Karnataka, you are liable to pay stamp duty in Karnata... Read More »
Stamp Duty and Property Registration Charges in TelanganaThe state government in India is in charge of defining rules and standards and managing the collect... Read More »
Stamp Duty and Property Registration Charges in PuneStamp duty and registration charges need to be paid to the state government to register your proper... Read More »
Apply for EC Online in Karnataka 2023 – Fees and ChargesThe Government of Karnataka has introduced an online service portal (the Kaveri Online Services por... Read More »
Top 10 Chit Fund Schemes in India in 2023Chit funds are one of the most popular return-generating saving schemes in India. It is a financial... Read More »
10 Best Gold ETFs in India to Invest in April 2023Gold ETFs or Gold Exchange Traded Funds are passively managed funds that track the price of physica... Read More »
10 Best Demat Accounts in India for Beginners in 2023Creation of Demat accounts revolutionised the way trades were conducted at the stock exchanges. It... Read More »
20 Best Index Funds to Invest in India in April 2023What is an Index Fund? An index fund is a type of mutual fund or exchange-traded fund (ETF) that... Read More »
Best Arbitrage Mutual Funds to Invest in India in April 2023Arbitrage funds are hybrid mutual fund schemes that aim to make low-risk profits by buying and sell... Read More »
10 Best SIP Plans in India to Invest in April 2023What is SIP? SIP or Systematic Investment Plan is a method of investing a fixed amount in ... Read More »
10 Best Corporate Bond Funds in India to Invest in April 2023Corporate bond funds are debt funds that invest at least 80% of the investment corpus in companies ... Read More »
10 Best Bank for Savings Account in India [Highest Interest Rate 2023]Savings account is a type of financial instrument offered by several banks. It lets you safely depo... Read More »