Compare Home Loan Interest Rate Offered by Various Banks & HFCs in Bangalore
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
| SBI | 8.75% - 9.50% | 8.75% - 9.40% | 8.75% - 9.40% |
| HDFC | 8.65% - 10.35% | 8.65% - 10.60% | 8.65% - 10.70% |
| LIC Housing Finance | 8.65% – 10.10% | 8.65% – 10.30% | 8.65% – 10.50% |
| ICICI Bank | 8.75% - 9.85% | 8.75% - 9.85% | 8.75% - 9.85% |
| Kotak Mahindra Bank | 8.65% onwards | 8.65% onwards | 8.65% onwards |
| PNB Housing Finance | 8.75% - 13.00% | 8.75% - 13.00% | 8.85%-10.85% |
| Punjab National Bank | 8.60% - 9.35% | 8.55% - 9.25% | 8.55% - 9.25% |
| Bank of Baroda | 8.60%-10.35% | 8.60%-10.35% | 8.60%-10.60% |
| Union Bank of India | 8.60% – 10.50% | 8.60% – 10.70% | 8.60% – 10.70% |
| IDFC First Bank | 8.60% onwards | 8.60% onwards | 8.60% onwards |
| L&T Housing Finance | 8.65%-8.75% | 8.65%-8.75% | 8.65%-8.75% |
| Bajaj Housing Finance | 8.70% onwards | 8.70% onwards | 8.70% onwards |
| Godrej Housing Finance | 8.39% - 10.99% | 8.39% - 10.99% | 8.39% - 10.99% |
| Tata Capital | 8.95% onwards | 8.95% onwards | 8.95% onwards |
| Federal Bank | 8.60%-9.95% | 8.60%-10.00% | 8.60%-10.05% |
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Home Loan Features
- Interest rates start usually @ 8% p.a. onwards
- Tenures might range up to 30 years
- LTV ratio: 90% of property cost
- Home loan balance transfer of existing home loans from bank/HFC to other bank/HFCs at lower interest rates
- Top-up facility to existing home loan borrowers to meet their personal requirements
- Home loan overdraft option to ensure higher liquidity and interest cost savings
- Pre-approved instant home loans to select customers
- Pradhan Mantri Awas Yojna: Credit linked interest subsidy of up to Rs 2.76 lakh for EWS, LIG, MIG-I, MIG-II
- No pre-payment charges
Income Requirements of Home Loan in Bangalore: At least Rs 15,000 p.m. for salaried applicants; can be more for some Banks/NBFCs
Eligibility Criteria of Home Loans in Bangalore
- The applicant should be an Indian Resident, NRI, PIO
- Minimum Age- 21 years; Maximum Age- Up to 70 years when loan matures
- Job Profile: Salaried (government and corporate employees)/Self-Employed Professional (Doctors, CS, lawyers, CA, architect, consultant, engineer)/Self-Employed Non-Professional (contractor, trader, commission agent)
- Work experience: At least 3 years
- CIBIL/Credit score should be 750 and above for increased chances of availing home loan and at lower interest rates
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Documents Required for Home Loans in Bangalore
For Salaried Applicants
- Aadhaar card, voter ID, driving license, PAN card, passport, for KYC
- Income Proof: Salary slips for last 3 months, Bank statement for past 6 months with salary credits, ITR/Form-16
- Bank statement showing repayment history
- Employment contract
- Own contribution proof
- Property related documents
- Processing fee cheque
Additional Documents for Self-Employed Applicants
- Recent Form 26AS
- Business profile
- Memorandum and Articles of Association of the company
- Balance sheet and profit & loss account statement for last 3 years
- Income Proof: ITR with income computation for past 3 years
- Savings account statement of individual for last 6 months and current account statement of business entity
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