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:
|Interest Rates Starting From (per annum)
|Navi Home Loan
|Kotak Mahindra Bank
|0.5% – 2%
|Bank of Baroda
|Bank of India
|LIC Housing Finance
|Check with lender
|Union Bank of India
|Reliance Home Finance
|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:
|21 years to 65 years
|Indian resident or non-resident Indian
|Employed in the private or public sector
|Varies across lenders and cities. Generally, salaried employees should be earning Rs. 20,000 per month
|At least 2-3 years
|750 or above
|Co-applicants for a joint loan
|Spouse, parents, children, and siblings
|21 to 65 years old
|Indian resident or non-resident Indian
|Varies across lenders and cities. Generally, a self-employed individual should be earning Rs. 3 lakh annually
|Should be running the business for a minimum of 5 years
|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:
|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
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