Hubli or Hubballi, along with the twin city of Dharwad, is the second-largest city in Karnataka by size and population. Also called Chota Mumbai, it is a commercially prosperous town and one of the fastest-growing cities in the state. It has an education hub with many universities and an industrial hub as well.
Hubli is a major commercial hub with many companies and trading centres. These contribute to the state’s economy and provide jobs for many inhabitants. If you plan to build a permanent residence here to be close to your family and workplace, you may want to apply for a home loan in Hubli.
Now, let us look into home loans’ features, benefits, and eligibility criteria.
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:
|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|
|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)|
Also Read: 5 Benefits Of Taking A Joint Home Loan
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
Here is a list of some of the standard eligibility criteria for home loans:
Although the actual requirements may vary for different financial institutions, most require you to submit the following documents to apply for home loans:
Navi offers home loans with interest rates as low as 6.46% per annum. You can get loans of up to Rs. 10 crores approved in just a few minutes through a completely digital process. Download the Navi app and follow the given steps to apply for a home loan:
Step 1: After clicking on ‘Apply’ for a home loan, you have to enter the city and property details.
Step 2: Enter the required information in the profile and work details.
Step 3: Fill in some basic details and your PAN to check home loan eligibility.
Step 4: Now, you have to upload some property and personal documents for verification.
Step 5: You will get approval for a home loan in Hubli within minutes after the verification process is complete.
You can use an online home loan EMI calculator to check EMI. All you need to do is enter the loan amount, tenure and interest rate to check your monthly repayment 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.
You can 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.
Before you go…