Home Loan in Bangalore
Housing Loan Types
New Home Loans
Home loans is the loan required to buy a residential property. It can be availed by a Salaried or a Self Employed profile. The loan can be availed first time or multiple time upon the requirement & the eligibility of the customer. This loan can be used even for renovation, extension and repairs to your existing house.
There are not much differences between a home loan and a plot loan except the fact that housing loans are used for buying a developed property or under-construction property while a plot loan is used for buying a piece of land which can be developed later for residential purposes. Plot Loans help you acquire the land for your home so that you can start turning your dream home into reality.
Home construction Loans
A construction loan is also known as a “self-build loan”. It is used to finance the construction facility on a land to build a home Home buyer takes a construction loan to cover the costs of the construction. Home Construction loans will usually attract the higher interest rates than tradional home loans.
Home Loan Balance Transfer
The concept of balance transfer basically involves transferring the outstanding principal loan amount from one financial institution to another to get better loan terms such as reduced rate of interest. And the second benefit on Balance Transfer is to get the ‘Top-up’ on loan.
Top Up Loans
Top-up loan is a facility provided by banks, housing finance companies and other financial institutions that allows you to borrow a certain amount of money over and above your home loan in the same bank (Existing Banks) OR if the requirement of the customer is not met by the existing banker then Balance Transfer product can be used to Increase the Loan amount in the new bank with Best Rate of Interest.
Home Renovations Loans
Home Renovation Loans is also called as Improvement Loan. Home is where “your” story begins. All your dreams of making your place into a lovely home can be fulfilled easily. With the help of a loan, you can transform your home into a modern living space for you and your family.
Commercial Construction Loans
There are not much differences between a home Construction loan and a Commercial Construction loan except the fact that home Construction loans are used for constructing a House/Residential property and Commercial Construction loans are used for constructing a Commercial property. The usage of the property will be for Commercial use for themselfs or for giving on rent to others.
Composite loan are loans which are given to an individual who plans to buy a plot and also wish to construct the home on the same plot. Therefore a composite housing loan means a loan that can offer you, loan to buy a land, and also provide you money for construction of a house.
NRI Homes Loan
An NRI home loan is for those who may be residing outside the country, but their heart still lies in India. As they say, home is where the heart is. The Indian real estate market is attractive for non-resident Indians (NRIs) as it is easier to earn in a stronger currency and pay in Indian rupees. Now any NRI can think of buying a property or investing on a property by residing outside of the country.
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