Home Loan in Bangalore
Housing Loan Types
About Home Loan
A home loan is a financial solution you can obtain from a lender by pledging your personal or commercial property as collateral. Housing loans in Bangalore are a borrowing option normally used to purchase the plot, flat, or property you are pledging. In some cases, you can use the loan to renovate, repair, remodel or construct a house. Home loans offer high-value financing at low interest rates, repayable over a lengthy tenor, normally stretching up to 20 years.
Home Loan Eligibility Criteria
Home Loan - Salaried : Salary will be More than 20K
- On basic salary
- Gross salary method
- RTR method ( if Existing loan take over and top-up )
- Salary + Rental income
- Salary + bonus + incentive
- Loan on FD
Home Loan - Self Employed
- Firm salary income
- RTR method (if Existing loan take over and top-up )
- Rental income
- Banking surrogate
- Turnover method
- GST method
- Loan on FD
Benefits: Rate of Interest will be less in home loan comparing to other loans, tenure will be longer , they are many option in home loan like plot loan, contraction loan, etc., tax benefits, Less Processing fee, easy process, long tenure, women offers, lot of other offers, Less EMI, last but not least your dream will become true.
Feature : Loan is to modify between a variable rate and a hard and fast rate. If it’s Variable rate of interest No break prices within the event of early reimbursement and If interest rates decrease, repayments will decrease. If it’s mounted rate of interest. If interest rates decrease, repayments won’t amendment throughout the mounted rate amount. Interest offset facility not accessible for mounted rate loans .Flexible Tenure is that the tenure of loan is one amongst the longest. You’ll be able to repay between one year to fifteen years and typically up to twenty years to thirty years. Maximum Loan quantity is you’ll be able to get 60 % to 80 % of the house’s purchase worth. However, you wish to pay 20 % as payment.”
Housing Loan Partners
Home Loan Tips
- Before getting home loan, keep a things clear and necessary documents needed.
- There are mainly two types of lenders–commercial banks and housing finance companies.
- Different lenders may quote you different rates of interest and other terms and conditions, so you should contact several lenders to make sure you’re getting the best.
- Know how much of a down payment amount your required to pay, and find out other costs in the loan like processing fees, administrative charges and prepayment charges by Banks or NBFC’s Knowing just the amount of the EMI or the interest rate is not good enough ask for more information on loan amount, loan term, kind of rates (fixed or floating) so that you can compare with others and go with best banks or NBFC’s and all this are very important things toremember