Try Applying for a higher Loan Amount as most bank reduce interest rates as loan amount increases
Try Adding the income of a co-applicant like a working spouse
Financebuddha can help you consolidate all your loans into one to increase your eligibility
As you already know, owning a house in Bangalore is not very easy, the land value in itself is very high plus being the major IT hub there is lot of expansion in Apartment living. This has increased the demand and thus the rates on property have shoot up. If you are planning to buy a house in Bangalore, the smart option is to take the option of home loan. This way you can own a house instead of just paying rent and also get the benefit of tax exemptions.
Finance Buddha is considered and recommended as one of the easiest routes of applying for a home loan. Here you can check the eligibility criteria for applying for a home loan and make sure you have the originals and copies of the same. Because, anytime to bank officials ask for the documents you will have to submit the same.
These are the basic eligibility criteria that every individual should meet in order to get a home loan in Bangalore.
Criteria |
Salaried |
Self Employed |
Who is Eligible |
People in permanent service in public or private sector. |
Self-employed Business - men, doctors, engineers, dentists, architects, etc. |
Loan Amount |
Determined by income, current debt, age, retirement age, number of co-borrowers, maximum loan to value, etc. |
Determined by income, current debt, age, retirement age, number of co-borrowers, maximum loan to value, etc. |
Borrower Age at Time of Sanction |
Between 21 and 60 (or age of requirement, if lower) |
Between 21 and 65 years |
Borrower Age at Time of Maturity |
Upto 60 (or age of requirement, if lower) |
Upto 65 years |
Home Loans Interest Rates Comparison of Top Banks / NBFCs in Bangalore
Banks/NBFC | Institution Type | Minimum Loan Amount | Maximum Loan Amount | Minimum Tenure | Maximum Tenure | Interest Rates | Fees & Charges |
Axis Bank | BANK | ₹3,00,000 | ₹500,00,000 | 1 Year | 30 years | 8% - 11% | Up to 1% (min of ₹10,000) + GST as applicable |
Bajaj Finserv | NBFC | ₹20,00,000 | ₹350,00,000 | 10 Years | 20 years | Salaried: 8.85% - 10.30% | Up to 0.80% + GST as applicable |
Self Employed: 9.25% - 11.15% | Up to 1.20% + GST as applicable | ||||||
Citibank | BANK | ₹2,10,000 | ₹10,00,00,000 | 1 Year | 25 years | 8.00% - 16.00% | ₹10,000 + 0.20% of the Loan Amount + GST as applicable |
DHFL | HFC | ₹1,00,000 | ₹30,00,000 | 1 Year | 30 years | 10% - 19.07% | ₹2,500 + GST as applicable |
HDFC Bank | BANK | ₹1,00,000 | ₹10,00,00,000 | 1 Year | 20 years | 8.80% - 9.55% | Up to 0.50% or ₹ 3,000 (whichever higher) + GST as applicable |
ICICI Bank | BANK | ₹5,00,000 | ₹3,00,00,000 | 1 Year | 30 years | 8.35% -9.10% | 0.5% + GST as applicable |
IDFC | BANK | ₹10,00,000 | ₹10,00,00,000 | 1 Year | 30 years | Salaried: 8.90% - 10.35% | ₹10,000 to 0.20% of the Loan Amount + GST as applicable |
Self Employed: 9.05% - 10.8% | |||||||
Indiabulls | NBFC | ₹15,00,000 | ₹30,00,00,000 | 1 Year | 30 years | 8.80% | ₹10,000 to 1.00% + GST as applicable |
IndusInd Bank | BANK | ₹1,00,000 | ₹1,00,00,000 | 1 Year | 30 years | 8.00% - 16.00% | ₹5,000 to 2% + GST as applicable |
Kotak Mahindra Bank | BANK | ₹5,00,000 | ₹10,00,00,000 | 5 years | 20 years | 8.90% | 0 for online application; Offline application - Upto 1.25% + GST as applicable |
LIC Housing | HFC | ₹1,00,000 | ₹10,00,00,000 | 1 Year | 30 years | 9.15% - 10.10% | ₹10,000 - ₹15,000 + GST as applicable |
PNB Housing Finance Ltd. | HFC | ₹50,000 | ₹75,00,000 | 1 Year | 30 years | 9.00% - 12.50% | 1% + GST as applicable |
Punjab National Bank | BANK | ₹1,00,000 | ₹500,00,000 | 3 Months | 30 years | 8.70% - 9% | 0.35% + GST as applicable (Min- ₹2,500/; Max- ₹15,000/) |
Standard Chartered Bank | BANK | ₹10,00,000 | ₹35,00,00,000 | 1 Year | 25 years | 9.31% - 9.85% | Up to 1% + GST as applicable |
State Bank of India | BANK | ₹5,00,000 | ₹200,00,000 | 5 years | 30 years | 9.10% - 9.45% | ₹10,000 + 0.20% + GST as applicable |
Tata Capital | NBFC | ₹2,00,000 | ₹500,00,000 | 1 Year | 30 years | 8.8% - 11.25% | 0.5% + GST as applicable |
Reliance Home Finance Ltd. | HFC | ₹1,00,000 | ₹10,00,00,000 | 1 Year | 30 years | 8.90% | Up to 2% + GST as applicable |
Vastu Housing Finance Corporation Ltd. | HFC | ₹500,000 | ₹50,00,000 | 1 Year | 20 Years | 12.5% - 15.5% | Up to 2% + GST as applicable |
Some of the common and essential documents for home loan application in Bangalore are here.
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