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Bandhan Bank Home Loan Highlights |
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Interest Rate |
9.15%- 15.00% p.a. |
| LTV Ratio (Loan Amount) | Up to 90% of property cost |
| Tenure | 5- 30 years |
| Processing Fees | 0.25% – 1.00% + GST |
Note: Rates as of 28th September 2023
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Table of Contents
Bandhan Bank Home Loan Interest Rates
| Home Loans | Interest Rate (p.a.) |
| Suraksha Home Loan | 9.15%-13.32% |
| Sajavat Home Loan | 9.15%-13.32% |
| Su-awas Home Loan | 13%-15% |
| Suvidha Home Loan | 9.15%-13.32% |
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Compare Home Loan Interest Rates for Top Banks & HFCs
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
| SBI | 8.40% - 10.15% | 8.40% - 10.05% | 8.40% - 10.05% |
| HDFC Bank Limited | 8.50% onwards | 8.50% onwards | 8.50% onwards |
| LIC Housing Finance | 8.50% – 10.35% | 8.50% – 10.55% | 8.50% – 10.75% |
| ICICI Bank | 9.00%-9.80% | 9.00%-9.95% | 9.00%-10.05% |
| Kotak Mahindra Bank | 8.70% onwards | 8.70% onwards | 8.70% onwards |
| PNB Housing Finance | 8.50% - 14.50% | 8.50% - 11.45% | 8.50%-11.45% |
| Punjab National Bank | 8.55%-10.25% | 8.50%-10.15% | 8.50%-10.15% |
| Bank of Baroda | 8.40% - 10.65% | 8.40% - 10.65% | 8.40% - 10.90% |
| Union Bank of India | 8.40% – 10.80% | 8.40% – 10.95% | 8.40% – 10.95% |
| IDFC First Bank | 8.85% onwards | 8.85% onwards | 8.85% onwards |
| L&T Finance Limited | 8.60% onwards | 8.60% onwards | 8.60% onwards |
| Bajaj Housing Finance | 8.45% onwards | 8.45% onwards | 8.45% onwards |
| Tata Capital Housing Finance | 8.70% onwards | 8.70% onwards | 8.70% onwards |
| Federal Bank | 8.80% onwards | 8.80% onwards | 8.80% onwards |
Also check home loan interest rates of other lenders offering home loans
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Bandhan Bank Home Loan Fees and Charges
| Description | Charges |
| Login Fees | Rs 3,500 + GST |
| Processing Fees | 0.25% – 1.00% + GST |
| Administrative Fees | 0.25% – 2.00% + GST |
| Pre-payment Charges on Fixed Rate of Interest | For loans repaid less than 12 months- 4% of outstanding principal + GST For loans repaid more than 12 months- 2% of outstanding principal + GST For cases disbursed under Erstwhile Gruh subject to submission of documentary proof of own source of funds- NIL |
| Pre-payment Charges on Floating Rate of Interest | If applicant and co-applicant are individuals- NIL For one or more non-individuals applicants- 2% + GST |
| Rate of Interest Conversion Charges | 0.50%- 1.25%of outstanding balance |
| Charges for Cheque Bounce | Rs 500 + GST |
| Penal Interest | 24% per annum |
| Account Statement | Provided free of cost once annually Rs 100 + GST for subsequent requests |
| Income Tax Certificate | Provided once annually free of cost Rs 30 + GST for subsequent requests |
| CERSAI Charges | For creation: Rs 100 + GST For satisfaction: NIL |
| CIC Charges | Rs 150 per individual + GST |
| Valuation Report Charges | Rs 2,500 per property offered as security to the bank |
| Technical Inspection Charges | Rs 1,000 per visit for local + GST Rs 1,500 per outstation + GST |
| Search Report and TCC Charges | Rs 2,000 per property offered as security to the bank |
| Charges for registration of mortgage and release of charges | Rs 750 + GST |
| Repayment mode swap charges | Rs 500 + GST |
| Copy of Property Documents | Rs 50 + GST |
| Stamp duty and Statutory Charges | At actuals as per applicable state laws |
| Miscellaneous/Legal Charges | At actuals |
Also know about processing fee for home loans charged by top lenders
Types of Bandhan Bank Home Loan
Suraksha Home Loan
- Purpose: Regular home loan scheme for purchase/extension/construction of house
- LTV Ratio: Up to 90% of the cost of property
- Tenure: 5- 30 years
Sajavat Home Loan
- Purpose: Home loan for renovation and repair of existing house such as plumbing, painting, re-laying the roof
- LTV Ratio: Up to 80% of the cost of repair work
- Tenure: 5- 15 years
Su-awas Home Loan
- Purpose: For construction of pakka/semi-pakka houses, exclusively for micro banking borrowers, for both salaried and non-salaried individuals
- Tenure: 3-10 years
- Loan Amount: Up to Rs 10 lakh
Suvidha Home Loan
- Purpose: Home loan for construction, purchase and extension of house offered to applicants having no formal income proof
- LTV Ratio: Up to 90% of property cost
- Tenure: 5- 30 years
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Eligibility Criteria for Bandhan Bank Home Loan
For Suraksha/Sajavat/Suvidha Home Loan
- Age: 21-75 years
- Surplus income or monthly disposable income is taken into consideration
Su-awas Home Loan
Micro-banking borrowers with a minimum 1 complete cycle of the loan
Bandhan Bank may also check credit score and monthly income of its applicants, just like other home loan lenders do while setting their home loan eligibility.
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Documents Required for Bandhan Bank Home Loan
Documentation for Suraksha/Sajavat/Suvidha Home Loan
For Salaried Borrowers
- Completely filled application form with recent photograph
- Photo ID proof, address proof, age proof for KYC
- Completely filled customer relationship form with recent photograph attached
- Cheque with applicable processing charges
- Salary slips for the last 3 months
- Recent PF statement
- Form 16 provided by the employer
- Last 3 years ITR copies
- Photocopy of investments and life insurance policies
- Copy of bank passbook for all the bank accounts showing entries for last 3 months
- Credit card photocopy with last monthly statement
- In case other loans availed; open or closed:
- Sanction letter copy
- No dues certificate for closed loans
- Updated repayment history
- In case of no salary slips, a salary certificate is required on the employer’s letterhead with signatures and a stamp
- Copy of rent agreement is present accommodation is on rent
- Visiting card
For Self-employed Borrowers
- Complete application form with a recent photograph
- KYC documents
- Customer Relationship Form
- Cheque with applicable processing charges
- Copy of ITR for past 3 years
- Copy of certified accounts or audited accounts with schedules for the last three financial years
- Business note (in bank format) with images of business place
- Investment and life insurance policies photocopy
- Copy of bank passbooks of all the bank accounts for the last 6 months
- Rent agreement of the place of business, if it is on rent
- Shop and establishment license for the commercial entity
- Copy of professional degree/certificate
- Visiting card
- Shareholding pattern or partnership deed of your entity
Additional Legal and Technical Documents
- Approved construction plan with the estimate, construction permission, and layout plan
- Ownership document copy of the previous owner
- Copy of sale deed/construction agreement/sell agreement/amenities agreement
- Recent images of the property
- Ownership proof in revenue records, i.e., Form-6, property card, Form 8-A, Form 7/12
- Receipts of margin money paid
- Copy of allotment letter and share certificate in case of co-operative society
- NA permission from concerned authority
- NOC to mortgage from a concerned authority like development authority/society
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Documentation for Su-awas Home Loan
For Salaried Borrowers
- Filled application form
- Photo ID proof, age proof, address proof for KYC
- Last 3 months salary slips
- Form 16
- Copy of bank passbook for all bank accounts having entries for last 6 months
- In case of other loans, active as well as closed:
- Sanction letter copy
- Updated repayment record
- No dues for closed loans
- Salary certificate in case of no salary slips
- Copy of rent agreement
For Self-employed Borrowers
- Application form
- KYC documents
- Any one of the following:
- Cash flow statement and last 1 year’s ITR statement or verification by local authorities such as Municipality of Panchayat
- ITR for last 2 years with income computation for both the years (if eligibility is calculated based on ITR income)
- Self-declared income statement as per Bank’s format (if the monthly income of the self-employed applicant is less than or equal to Rs 25,000)
- Copy of bank passbook with entries of last 6 months for all the banks
- In case of other loans availed, active as well as closed:
- Copy of sanction letter
- No dues of closed loans
- Updated repayment record
- Rent agreement of the business place
- Rent agreement copy of accommodation
Additional Legal and Technical Documents
- Non-agricultural permission from the authority concerned
- Ownership document of the previous owner
- Latest image of the property
- Copy of agreement to sell/sale deed/amenities agreement/construction agreement
- Ownership proof in revenue records such as Form 8-A, Form 7/12, Form 6, property card
- Receipt of margin money paid in case of property purchase
- Approved construction plan with layout plan, construction permission, and estimate
Know more about home loan documents required by other lenders
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Bandhan Bank Home Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
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FAQs
1. What factors determine the home loan eligibility of the applicants?
Ans. The home loan eligibility of the applicants depends on the monthly disposal or surplus income of home loan applicants.
2. Can I choose between fixed and floating rates of interest?
Ans. Bandhan Bank offers home loans at floating rates only.
3. Can I prepay my home loan availed from Bandhan Bank?
Ans. Yes, you can prepay the home loan availed from Bandhan Bank. The bank does not levy any prepayment charges on home loans offered at floating rates.
4. I do not have any formal income documents. Can I avail home loan from Bandhan Bank?
Ans. If you do not have formal income proofs such as salary slip with PF deduction and IT returns , you can avail Suvidha Home Loans for purchase/construction/extension of house. The bank conducts detailed field investigation and assessment to assess the cash flow and income of such applicants.
5. Can micro-banking borrowers avail home loans from Bandhan Bank?
Ans. Yes, Bandhan Bank offers Su-awas Home Loan scheme to micro-banking borrowers.
6. What is the minimum credit score required to avail home loans from Bandhan Bank?
Ans. Bandhan Bank has not specified the cut-off credit score for home loan applicants. However, applicants having credit scores of 750 and above usually have higher chances of availing home loans at lower interest rates.
Click Here:- To know more about Cibil Score based Interest Rates of Home Loan