Recently, Hubli or Hubballi, the second-largest city in Karnataka by size and population has seen a surge in demand for home loans. This is primarily due to an increase in first-time homebuyers. As per RBI’s mandate, you could get up to 90% financing of the property value provided you’re eligible. Also, home loan interest rates are lower than other financing options like personal loans. Follow this comprehensive guide if you’re looking for a home loan in Hubli.
It is important to know which bank/NBFCs offer home loans at what interest rates to avail a home loan in Hubli. If you are interested in making getting a house of your own in Hubli, 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||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%|
Rate of Interest (P.a)
Loan Tenure (Years)
Here is a list of some of the standard eligibility criteria for home loans:
|Age||25 to 65 years|
|Nationality||Indian Citizen or NRI|
|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||750 or above|
|Eligible for a Joint Home Loan||Only parents, spouse, siblings, or children|
Although the actual requirements may vary for different financial institutions, most of them require you to submit the following documents to apply for home loans:
However, with Navi, you would need just your PAN and Aadhaar to get an in-prinsiple approval.
Navi offers home loans with interest rates as low as 7.39% p.a. You can get loans of up to Rs. 10 crores approved in just a few minutes through a completely digital process. Follow these steps to get a home loan with Navi:
You can calculate your home loan EMI via an online home loan EMI calculator. Just choose your loan amount, the tenure that you wish, and interest rate to check your monthly EMI obligations. Let’s understand this with an example:
Let’s say you have taken a home loan in Hubli 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 your repayment details (yearly)
|Year||Principal Paid||Interest Paid||Total Payment||Outstanding Loan Balance|
This table is for illustrative purposes only.
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Getting a home loan in Hubli isn’t that difficult if you’re eligible. You can choose to apply for a home loan in Hubli from Navi to get the benefit of low-interest rates along with quick and hassle-free approval. Before applying, you can check all the above factors to make sure you are getting the best value.
Ans: You can apply jointly for a home loan with your spouse as a co-borrower to increase your home loan eligibility. You can also disclose any additional source of income, decrease the tenure of your loan or pay a higher down payment to be eligible for a higher loan amount.
Ans: For most banks, the home loan interest rate is linked with an external benchmark like RBI’s Repo rate. Every time there is a change in Repo linked lending rate (RLLR), the home loan interest rate (if it is floating) changes with a time lag of three months. The lending rate of HFCs and NBFCs also indirectly depend on RBI’s Repo rates.
Ans: Experts recommend choosing floating interest rates when they are expected to decline in the future. Applicants who are comfortable with changing interest rates for their home loans can try this option. Floating rates are usually 1-2% lower than fixed rates.
Ans: You can pick the best home loan by comparing interest rates, associated charges and terms by visiting individual websites of financial institutions. Otherwise, you can visit aggregator websites to compare these terms against each other or seek professional advice. Besides these factors, you will want to check the lender’s services and availability.
Ans: Lenders have a vested interest in the well-being of your property, and thus, some of them insist that you get a property insurance policy. With premium starting from Rs.2000 per year, these can cover up to Rs.50 lakh against losses due to natural calamities or accidents.
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 8.74% 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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