Home Loan in Bangalore
Bangalore, the Silicon Valley of India, is a hub of the IT industry, top educational institutions, and world-class healthcare centers. The wide range of residential options, from apartments to villas and luxury homes, available in Bangalore, also known as Bengaluru, are irresistible, especially because the city has a high potential for property appreciation. Several banks and NBFCs are always ready to help keen homebuyers with easy home loans in Bangalore. The home loan in Bangalore starts at an interest rate of 8.50% per annum for a maximum repayment tenure of up to 30 years. Many banks in Bangalore offer home loans with a minimum processing fee of up to 0.25% of the loan amount. Whether you choose a home loan or a mortgage loan in Bangalore, ensure that you meet the eligibility criteria set by the banks and housing finance companies based on some standard parameters.
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Home Loan Interest Rates in Bangalore
The interest rate on home loans in Bangalore can vary for different lending banks and NBFCs. Besides, there can be a variation based on the type of loan chosen and the prevailing market conditions. The lowest home loan interest rate in Bangalore starts at 8.50% per annum. The table below enlists the best home loan interest rates in Bangalore offered by the top banks and NBFCs:
| BASIC Bank/NBFC Partner | Name | Max Tenure (in years) | Rate of Interest | Processing Fees (INR) | Contact |
|---|---|---|---|---|---|
|
LIC HFC | 30 | 8.50% - 10.75% | Up to 0.25% (Rs. 25,000 max; one-time) | Enquire |
|
L&T Finance Ltd | 30 | 8.55% - 10.30% | Rs. 10,000 (one-time) | Enquire |
|
HDFC Bank | 30 | 8.65% - 9.85% | Up to 0.25% (Rs. 3,540 min; one-time) | Enquire |
|
ICICI Bank | 30 | 8.65% - 9.40% | Up to 0.30% (one-time) | Enquire |
|
Union Bank of India | 30 | 8.70% | Up to 0.50% (Rs. 15,000 max; one-time) | Enquire |
|
PNB Housing Finance | 30 | 8.75% - 11.45% | Up to 0.50% (Rs. 10,000 max; one-time) | Enquire |
|
IDFC First Bank | 30 | 8.85% - 9.25% | 0.25% - 0.50% (one-time) | Enquire |
|
Kotak Mahindra Bank | 20 | 8.85% - 9.45% | Rs. 10,000 (one-time) | Enquire |
|
State Bank of India | 30 | 9.15% - 12.95% | Up to 0.25% (Rs. 10,000 max; one-time) | Enquire |
|
Tata Capital | 30 | 8.95% - 12.00% | Up to 0.25% (Rs. 3,540 min; one-time) | Enquire |
Eligibility Criteria for Home Loans in Bangalore
Fulfill your dream of owning a home in Bangalore by meeting the eligibility criteria set out in common by a majority of banks and NBFCs in the city. These are general eligibility criteria based on the age, citizenship, CIBIL score, and monthly income of the applicant. The table below enlists the standard home loan eligibility in Bangalore followed by a majority of banks and housing finance companies:
| Eligibility Parameters | Salaried Individuals | Self-Employed Individuals |
|---|---|---|
| Citizenship | Indian/ NRI/ PIO | Indian/ NRI/ PIO |
| Professional Experience | 3 years | 3 years |
| Age |
Min: 21 years Max: 70 years |
Min: 21 years Max: 70 years |
| Monthly Income | Minimum Rs. 25,000 |
Minimum Rs. 25,000 |
| CIBIL Score | 750+ (preferred) | 750+ (preferred) |
Note: Applicants are encouraged to declare any additional sources of income besides those mentioned in the table above to boost their chances of getting a home loan approval.
- All home loan applicants seeking housing finance at top banks and NBFCs must be Indian residents. Some banks and NBFCs also offer home loans to NRIs and PIOs
- Both salaried and self-employed home loan applicants should ideally be between 21 and 70 years (at the time of loan maturity) of age
- Salaried and self-employed applicants must demonstrate at least 3 years of professional experience and business establishment, respectively
- Both salaried and self-employed home loan applicants must have a preferred Credit/CIBIL score of over 750 to qualify for availing home loans at Bangalore banks
Note:These criteria are subject to variation from one bank to another. It is recommended that you check with the specific bank you are applying to for a home loan for its eligibility requirements.
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Documents Requirement for Home Loans in Bangalore
To enjoy hassle-free and quick home loans from the best banks and NBFCs in Bangalore, you must apply with a set of KYC documents. These are documents to establish your credibility as a reliable borrower on the basis of your identity, age, address, income, property, and investments. Have a look at the standard list of documents required for a home loan in Bangalore:
1. For Salaried Loan Applicants
- KYC documents such as Voter ID, Driving License, PAN card, Aadhaar Card, and Passport
- Proof of income such as salary slips of the previous 3 months, the latest Form 16, and the latest ITR
- Bank statements for the last 3 months
- A cheque for the processing fee for the loan application
- Property documents such as certificate of possession, original NOC, agreement sale copy, letter of allotment, detailed cost of construction, and land tax receipt
2. For Self-Employed Loan Applicants
- KYC documents such as Voter ID, Driving License, PAN card, Aadhaar Card, and Passport
- Recent Form 26AS
- Bank account statement for the last 6 months
- ITR with computation of income for previous 3 years as proof of income
- Profit & Loss account statements and Balance Sheets for the last 3 years
- Business profile and license of the company
- Memorandum and Articles of Association of the company
- A cheque for the processing fee for the loan application
- Property documents such as certificate of possession, original NOC, agreement sale copy, letter of allotment, detailed cost of construction, and land tax receipt
| Type of Document Required | Examples of Documents that can be Submitted |
|---|---|
| Proof Of Residency | Aadhaar Card, Valid Passport |
| Proof Of Income | Bank Passbook, Bank statement, Last 3 years IT Return |
| Proof Of Age | PAN Card, Voter ID, Birth Certificate, Registration Certificate Of Establishment |
| Proof Of Employment | Certified Letter from Employee/Company Memorandum |
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Home Loan Options Available in Bangalore
There are several housing finance companies in Bangalore offering a variety of home loan plans to suit everyone's needs. Whether it is a need to buy a home, a plot, construct or renovate a home, or transfer balance from an existing home loan, the best banks in Bangalore offer it all at lucrative interest rates. The table below enlists the popular schemes for a housing loan in Bangalore:
| Type of Document Required | The Object of the Loan |
|---|---|
| Home Purchase Loan | To buy a residential home such as a flat or an apartment |
| Plot Purchase Loan | To purchase a plot where a house can be constructed in the future |
| Home Construction Loan | To construct a home on an already purchased plot |
| Home Extension Loan | To extend an already existing home by adding a floor, balcony, or a room |
| Home Improvement Loan | To improve an existing house with activities such as wiring, painting, and other activities |
| Balance Transfer Home Loan | To transfer the existing loan amount to a new lending party offering a lower rate of interest |
| Pre-Approved Home Loan | To help existing borrowers get money to buy home loans based on their credit history and income |
| Top-Up Loan | To help the borrower meet personal and professional financial needs |
Note:The options tabulated above are the most popular loan options availed of by most customers. Please check with your specific bank for other home loan options that they offer.
FAQs
The standard eligibility criteria that an applicant must meet to get a home loan in Bangalore is based on age, citizenship, minimum income, and CIBIL score. However, these parameters may also vary from bank to bank and NBFC to NBFC in Bengaluru.
An eligible applicant can borrow a home loan in Bangalore of up to 90% of the property value. Based on some conditions, a borrower can fetch a home loan of up to Rs. 15 crores from some housing finance companies in Bangalore.
The current lowest home loan interest rate in Bangalore is 8.50% per annum, offered by LIC Housing Finance Company Ltd. However, we suggest you verify the same from the official website of the NBFC before applying for the same.
The maximum loan repayment tenure for a home loan in Bangalore offered by a majority of banks and housing finance companies is up to 30 years.
Both salaried and self-employed applicants can easily apply for home loans in Bangalore, and to get the approvals, they must submit documents to prove their age, identity, address, income, signature, and employment. You are advised to check for the particular documents required by the bank or NBFC in Bangalore where you want to apply for a home loan.