Home Loans in Mangalore
Known for its beautiful beaches, vibrant culture, and booming real estate market, Mangalore indeed has a lot to offer to those who live here. You will get ample lenders happily offering a home loan in Mangalore, making your dream of buying a home here come true. The home loan interest rate in Mangalore, starting at 8.50% per annum, is an affordable bet for anyone. Home loans are offered to salaried and self-employed applicants for a maximum tenure of up to 30 years. These banks and non-banking financial companies (NBFCs) in Mangalore usually charge a processing fee between 0.25% and 0.50% of the loan amount to process each home loan application.
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Home Loan Interest Rates in Mangalore
The lowest home loan interest rate in Mangalore begins at 8.50% per annum. Top banks and non-banking financial companies offer all types of home loan schemes to interested borrowers with minimum documentation.
Have a look at the top 10 financial institutions with their current interest rates and processing fees for home loans in Mangalore:
| BASIC Bank/NBFC Partner | Name | Max Tenure (in years) | Rate of Interest | Processing Fees (INR) | Contact |
|---|---|---|---|---|---|
|
LIC HFC | 30 | 8.50% | Up to 0.25% (Rs. 25,000 max) | Enquire |
|
Aadhar HFC | 30 | 11.75% - 17% | Rs. 3,500 + GST | Enquire |
|
HDFC Bank | 30 | 8.65% - 9.85% | Up to 0.25% (Rs. 3,540 min) | Enquire |
|
Bank of Baroda | 30 | 8.60% | 0.50% (Rs. 8,500 min; Rs. 25,000 max) | Enquire |
|
PNB Housing | 30 | 8.75% - 11.45% | Up to 0.50% (Rs. 10,000 max) | Enquire |
|
Kotak Mahindra Bank | 20 | 8.75% - 9.60% | Rs. 10,000 - 0.25% | Enquire |
|
Mahindra Finance | 20 | 8.50% | 1% - 3.5% of the loan amount (Rs. 1,000 min) | Enquire |
|
Tata Capital Ltd. | 30 | 8.95% - 12.00% | Up to 0.25% (Rs. 3,540 max) | Enquire |
|
ICICI Bank | 30 | 8.75% onwards | 0.50% - 2.00% of the loan amount | Enquire |
|
State Bank of India | 30 | 9.15% - 12.95% | Up to 0.25% (Rs. 10,000 max) | Enquire |
Eligibility Criteria for Home Loans in Mangalore
To check the borrower's financial capability and creditworthiness, banks and NBFCs set specific eligibility criteria for home loans. These eligibility criteria not only help the lenders verify the borrower's loan repayment capacity but also help comply with the guidelines set by the regulatory authorities.
Make sure to go through the table below to understand the basic criteria for home loan eligibility in Mangalore:
| Eligibility Parameters | Salaried Individuals | Self-Employed Individuals |
|---|---|---|
| Citizenship | Indian | Indian |
| Professional Experience | 2 years | 3 years |
| Age |
Min: 21 years |
Min: 21 years |
| Monthly Income | Minimum of Rs. 1.8 lakh per annum |
Minimum of Rs. 1.8 lakh per annum |
| CIBIL Score | 750+ | 750+ |
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.
- Indian residents can easily apply for home loans in Mangalore
- The eligible age limit for anyone to apply for a home loan in Mangalore is between 21 to 65 years of age
- Salaried must possess at least 2 years of work experience in their job, and self-employed applicants must possess a 3-year work experience in the current business
- Most lending institutions in Mangalore offer home loans to those who have a CIBIL score of 750 or above
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 Mangalore
Documents play a crucial role in the home loan application process. Through these documents, the lender gets to verify a borrower's identity, age, income, address, and credit history. To make it easier for you, we are now sharing the list of documents required for housing loan in Mangalore for salaried and self-employed applicants:
1. For Salaried Loan Applicants
- Identity documents such as an Aadhaar Card, PAN card, Voter ID Card
- 3 months salary slips
- 3 months bank statements
- A processing fee cheque
- Recent form 16
- Recent IT return
- Appointment letter
- Property documents such as sale deed, NOC from the builder or housing society, approved construction plan, and advance payment receipt to the builder
2. For Self-Employed Loan Applicants
- Identity documents such as an Aadhaar Card, PAN card, Voter ID Card
- Business profile and license of the company
- Recent form 26AS
- 6 months savings account statement
- ITR with computation of income for previous 3 years as proof of income
- 3 years balance sheets and P&L account statements attested by a CA
| 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 Mangalore
You can expect a variety of housing loan schemes from a good home loan company in Mangalore. Most of them offer home loans to buy a home or a plot, construct a home on a plot, extend or renovate a home, balance transfer, and top-up. While some banks also offer affordable housing government schemes like PMAY. Listed below are the popular home loan schemes offered by the best banks and NBFCs in Mangalore:
| Type of Document Required | The Object of the Loan |
|---|---|
| Home Purchase Loan | Buying a residential property |
| Plot Purchase Loan | Buying land or plot, where construction will be completed within a specific time |
| Balance Transfer Home Loan | Transferring the outstanding loan amount to a new lender at a lower rate of interest |
| Home Construction Loan | Constructing a home on an already bought plot |
| Home Extension Loan | Adding an extra floor, room, or balcony in an already existing home |
| Home Improvement Loan | Renovating an existing house through services like wiring, painting, and other similar activities |
| Top-Up Loan | Helping the borrower meet sudden 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
To apply for a home loan in Mangalore, you must first select the lending bank or NBFC. Fill out the home loan application, submit the documents, and a processing fee cheque. The easiest way is to contact the BASIC Home Loan team to get assistance in filling out the home loan application and fulfilling other formalities.
The lowest interest rate for a home loan in Mangalore starts at 8.50% per annum. However, this may vary from bank to bank, so verify the same from the lender you choose.
Yes, almost all banks and NBFCs offer home loans in Mangalore to salaried applicants. The minimum salary requirement for a housing loan in Mangalore, as asked by most lenders, is Rs. 1.8 lakh per annum.
A home loan borrower in Mangalore is eligible for tax benefits under Section 80C and 24(B) of the Income Tax Act. As per the 80C section, the borrower gets a deduction of up to Rs. 1.5 lakh on the principal amount to be repaid and, according to 24(B), up to Rs. 2 lakh deduction on the interest rate payment.
An eligible borrower who has a decent credit score of 750 and above is between 21 years to 65 years of age and can submit all the required documents can get a home loan of up to 90% of the loan amount in Mangalore.