Easy Steps To Avail Home Loans In Hubli

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.

Features and Benefits of a Home Loan in Hubli

• Lower interest rates: Interest rates on home loans are affordable. By opting for a floating interest rate on your loan, you can take advantage of the lowest interest rates offered by financial institutions. 
• Due diligence by the financial institution: The lender does a thorough legal check on the property when you apply for a home loan. Therefore, if you get loan approval, you can be assured that your house has no legal issues or disputes.
• Longer repayment period: Since home loans offer a significant amount of money, they come with a long repayment period of up over 20 years. This reduces the repayment burden allowing you to pay an affordable EMI. 
• No prepayment penalty: Home loans with floating interest rates do not carry prepayment penalties. Therefore, if you receive a lump sum amount, you can repay part of your borrowings and close your loan sooner. 
• Balance transfer facility: If you think that your current lender is charging too much, you can switch to a new lender to enjoy more competitive terms. Customers transferring their loan balance can get benefits such as an interest rate reduction or a loan top-up.

Interest Rates for 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:

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

How to Apply for a Home Loan in Hubli?

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

Eligibility Criteria for a Home Loan in Hubli

Here is a list of some of the standard eligibility criteria for home loans:

• Age Limit for salaried applicants: Must be above 21 years and below 62 years
• Age limit for the self-employed: 21 years to 65 years
• Nationality: Must be a resident Indian citizen
• Minimum salary: Rs. 25,000 (for salaried applicants) 
• Business income (minimum): Rs. 2 lakh per annum (for the self-employed)
• Minimum work experience: 3 years (for salaried applicants)
• Business continuity: At least 5 years (for the self-employed individuals)
• Credit score: Must be at least 750

Documents Required to Apply for a Home Loan

Although the actual requirements may vary for different financial institutions, most require you to submit the following documents to apply for home loans:

• Basic KYC documents: Voter ID card, PAN card, Aadhaar card, passport or driving licence for proof of identity and address
• Proof of salary income: Employee ID card and latest salary slips for 3 months, bank account statement for 6 months, Form 16, and ITR returns (for salaried applicants)
• Property documents (to be submitted later): Buyer allotment letter/buyer agreement, title deeds, non-encumbrance certificate and copy of plans (whichever applicable)

Documents Required for a Salaried Employee

• Form 16
• Certified letter from Employer
• Payslip of last 2 months
• Increment or Promotion letter
• IT returns of past 3 years

Documents Required for Self-Employed

• 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

How to Apply for a Home Loan in Hubli from Navi?

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. 

Also Read: 5 Tips To Keep In Mind Before Applying For Home Loans

How to Calculate EMI for a Home Loan in Hubli?

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
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.

Things to Consider before Applying for Home Loans in Hubli

• Interest rates: Floating rates let you benefit from a fall in home loan interest rates. Fixed interest rates are better if the market rates increase in the future. 
• Down payment: Different financial institutions require you to pay a part of the property’s value yourself. This amount can vary based on the property’s cost and your eligibility.
• Home loan eligibility: Factors such as your credit score, income, existing liabilities, age and loan tenure decide how much loan you can get. 
• Additional charges: Besides interest rates, you should also check out the processing fees, late payment penalties and foreclosure/prepayment charges applicable on your loan.
• Credit score: You can try to improve your credit score before applying for a home loan. This will allow you to get better interest rates and higher loan amounts.

Final Word

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. 

FAQs on Home Loan In Hubli

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