Bangalore, officially known as Bengaluru, is known by many names, one of them being the Silicon Valley of India. And rightly so, the city is home to over 2 million employees working in IT and IT-enabled services. The city also has plenty of reputable educational institutions, medical facilities, shopping centres, etc., making it one of the most sought-after cities to live in. When you need to live permanently in the city, make the procedure of owning a house simple and affordable by availing Home Loan in Bangalore.
Home Loan in Bangalore – Features & Benefits
- Zero prepayment charges on floating rate home loans
- Interest subsidy of up to Rs. 2.67 lakh on home loans under PMAY scheme
- Pre-approved home loans for eligible customers
- Multiple pre-approved real estate projects to choose from
- Low interest rates and minimum documentation
- Balance transfer and top up facilities are available
- Tax benefits on home loan principal and interest amount under Section 24(b) and Section 80C of the Income Tax Act, 1961
Home Loan Interest Rates in Bangalore
| Lender | Lowest Interest Rates (p.a.) | Interested? |
| Citibank | 6.75% | Check Eligibility |
| Kotak Mahindra Bank | 6.75% | Check Eligibility |
| Bank of Baroda | 6.85% | Check Eligibility |
| Axis Bank | 6.90% | Check Eligibility |
| HDFC Bank | 6.90% | Check Eligibility |
| LIC Housing Finance Ltd. | 6.90% | Check Eligibility |
| ICICI Ltd. | 6.95% | Check Eligibility |
| State Bank of India | 6.95% | Check Eligibility |
| IDFC First Bank | 7.00% | Check Eligibility |
| Federal Bank | 7.65% | Check Eligibility |
| Standard Chartered Bank | 8.86% | Check Eligibility |
| Aditya Birla Housing Finance Ltd. | 9.00% | Check Eligibility |
Note: Interest Rates offered by Banks, NBFCs/ HFCs are subject to change as per the directives of RBI and lenders’ discretion
Compare Home Loan Rates of All Lenders
Calculate Home Loan EMI
Paisabazaar offers Home Loan EMI Calculator that helps you calculate your home loan EMI in less than a second using a few basic loan details, principal amount, interest rate and loan tenure. Knowing your home loan EMI in advance helps in knowing the affordability before applying for a loan. It also helps in planning finances in advance to ensure loan payments are made on time. The online home loan calculator is easy to use and it calculates not only monthly instalments but also the total interest due and the total amount payable. Calculate Your Home Loan EMI
Home Loan Eligibility in Bangalore
| Criteria | Salaried applicant | Self-employed applicant |
| Nationality | Resident Indians, Non-Resident Indians (NRIs) & Persons of Indian Origin (PIOs) | |
| Age | 18 – 70 years | 21 – 70 years |
| Work experience/ business continuity | At least 2 years | At least 3 years |
| Net minimum income/salary | At least Rs. 25,000 | At least Rs. 5 lakh |
| Credit Score | Score as close to 900 will get your better home loan offers | |
Note: The above eligibility criteria may vary across lenders, home loan schemes, locations and credit profiles.
Other factors that may impact your home loan eligibility include your age educational qualifications, number of dependents, assets, existing loan payments, etc.
Must Read: How to Improve Your Home Loan Eligibility
Documents Required for Home Loans in Bangalore
The list of documents required to apply for home loan in Bangalore is:
- Duly filled & signed home loan application form
- Proof of Residence (Aadhaar, Voter ID, Passport, Driving License, etc.)
- Proof of Identity (Aadhaar, PAN, Passport, Driving License, Voter ID, etc.)
- A few passport size photographs
- Form 16 or latest salary slips (for salaried applicants)
- Bank account statements of last 6 months
- Proof of Business Continuity of at least 5 years (for Businessmen/ self-employed individuals)
- Property related documents
Check Also: The complete list of home loan documents
List of Top Home Loan Providers in Bangalore
- State Bank of India (SBI)
- HDFC Bank
- ICICI Bank
- Punjab National Bank (PNB)
- Axis Bank
- Bank of Baroda (BoB)
- Canara Bank
- Bank of India (BoI)
- Kotak Mahindra Bank
List of Top Builders in Bangalore
- Mahindra Lifespaces
- Puravankara
- Sobha Limited
- Century Real Estate
- Provident Housing
- Godgrej Properties
- Pride Housing
- Ramky Group
- Prestige Group
- Brigade Group
Types of Home Loans offered in Bangalore
- Home Purchase Loan – This loan is the most common type of home loan taken primarily to buy an under-construction property/ ready-to-move-in apartment/ resale property
- Composite Loan – This type of home loan is most suitable for people who want to purchase a residential plot and later construct a house
- Home Construction Loan – This home loan covers expenses related to home construction
- Home Improvement Loan – This type of housing loan caters to the fund requirements related to home renovation and repairing of an existing property
- Home Extension Loan – This home loan type is ideal for people who require funds to add more space to their existing house
- Step Up Loan– This type of home loan is ideal for young individuals who have just started their professional careers. In this home loan scheme, borrowers can pay lower EMIs in the early years of home loan term. In the later years, the EMIs can be increased as per increase in the disposable income of the borrower
- Bridge Loan– As the name suggests, this type of home loan helps in bridging the gap of funds between the time you purchase a new property and sale of the existing property
- Interest Saver Loan– This type of housing loan is similar to an overdraft facility. In this, a borrowers’ bank account is linked to the loan account. So, any amount deposited in the linked bank account, if over and above the EMI, is taken as a prepayment towards the loan, thus reducing the principal amount and saving on the interest payable
Check Also: Types of Home Loan
How to Apply for Home Loan in Bangalore
Steps to apply for home loan online at Paisabazaar.com are:
- Step 1: Click here to start with the home loan application process
- Step 2: Fill in the required details about the loan amount required, the type of home loan required, etc.
- Step 3: Select the checkbox to agree on the terms and conditions
- Step 4: Click the ‘View Best Offers’ button to proceed
Best home loan offers according to the applicant’s eligibility will appear.
- Step 5: Compare and apply for the best home loan offer
Once the process is finished, an acknowledgement message will appear which will include a reference number which can be used to track home loan application. Customers will also get a call from Paisabazaar’s home loan experts to take forward the process.
