Home Loan in Bangalore

Bangalore, the capital of Karnataka, is one of those rare cities which have the power to attract visitors. Since it has the most pleasant weather throughout the year, it has earned the name “Pensioner’s Paradise” – where the people of all ages are welcomed by the hospitable Bangaloreans.

Renowned as the hub of software professionals to the entire world, Bangalore city has now become the nerve centre of industrial activity. The Electronic City in Bommasandra and the Software Technology Park, known as the IT Park has proffered it with the reputation of being called the Silicon Valley of India.

Besides this, Indian technological organizations such as ISRO, Infosys and Wipro are headquartered in Bangalore. Also, it is a haven to various educational and research institutions in India like Indian Institute of Science (IISc), Indian Institute of Management (Bangalore) (IIMB), National Institute of Design, Bangalore (NID R&D Campus), National Law School of India University (NLSIU) and National Institute of Mental Health and Neurosciences (NIMHANS). Furthermore, state-owned aerospace and defence organisations – Bharat Electronics, Hindustan Aeronautics and National Aerospace Laboratories are located here.

It is for these reasons that Bangalore ranks among the 10 fastest growing cities in the world and has several ongoing and planned projects in the Information Technology sectors. Bangalore, today, is India’s fifth largest and the fastest growing city in Asia.

Home loan

A home loan is a secured loan that helps you buy your dream home. It can be opted for purchasing a new house for a family, a commercial property, home extension or renovation. Home loan allows you to borrow greater sums and for longer tenure depending on your age, income, credit score and other credentials. Any salaried or self employed individual with regular income can apply for the same. Here the home is accounted as a collateral against the loan amount.

Home Loan Eligibility

You are eligible to get a loan against 70% – 85% of the house value. The following factors decide your loan eligibility

• Age (21–65 years)
• Repayment Capacity
• Educational qualifications
• Stability and continuity of income
• Number of dependents
• Co-applicant’s income, if any
• Assets
• Liabilities

You can increase the loan amount you are eligible for by making your spouse/ parents as the co-applicant

Home Loan Documentation

• Duly signed and filled form
• Processing fee cheque

For salaried individuals	For self-employed individuals
Identity, residence and age proof	Identity, residence and age proof
Last 6 months’ bank statements	Education qualification certificate
Last 3 months’ salary slips	Last 6 months’ bank statements
Form 16 or Income Tax returns	Last 3 months’ salary slips
	Form 16 or Income Tax returns with computation of income
	Proof of continuity/existence of business, for self-employed non-professionals
	Business profile, for self-employed non-professionals
	Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Home Loan Features

• Pre-approved home loan
• Home loan balance transfer for transferring your existing home loan to the bank with lower EMI.
• Home loan insurance protects your home loan and help your family repay the loan in case of any unfortunate event
• Flexible rate (fixed or floating rate)
• Quick and transparent processing

Home Loan Details
Interest rate	10%–10.5%
Processing fee	0.50% of the loan
Loan tenure	1 year–30 years
Pre-closure charges/ pre-payment	Nil