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Home Loans in Bangalore

Bangalore, the Silicon city of India is one of the highest preferred locations to purchase a home in India. The lowest home loan interest rates in Bangalore starts from 8.50% for loan amounts of up to 90% of property value and tenures of up to 30 years.

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Compare Home Loan Interest Rate Offered by Various Banks & HFCs in Bangalore

Name of LenderInterest Rates

SBI

8.50% - 10.05%

HDFC

8.75% - 9.65%

LIC Housing Finance

8.50%

ICICI Bank

8.75%

Kotak Mahindra Bank

8.70%

PNB Housing Finance

8.50%

Punjab National Bank

8.40% - 10.25%

Bank of Baroda

8.40% - 10.60%

Union Bank of India

8.35%

IDFC First Bank

8.75%

L&T Housing Finance

8.65%

Bajaj Housing Finance

8.50% - 15.00%

Godrej Housing Finance

8.64% onwards

Tata Capital

8.70%

Federal Bank

8.80%

Check Best Home Loan Interest Rates starting @8.50% from different banks and NBFCs.

Home Loan Interest Rate in Bangalore

Home loan in Bangalore and neighbouring areas start from 8.50%:

Home Loan ParametersHome Loan Details
Interest Rate8.50%
Processing Fee0% to 1.25 % of the loan amount
Tenure/ Repayment1-30 years

pnb housing home loan

Top Home Loan Providers in Bangalore

There are more than 30 banks and financial institutions that can give you the best home loans in Bangalore. Here we are mentioning some of those lenders which give lucrative deals on your home loans.

HDFC Home Loan in Bangalore

HDFC or HDFC Limited caters to home loan in Bangalore under different loan slabs based on the requirement amount of home loan. There are different home loan interest rates for women that can benefit you greatly if one co-applicant of your home loan is a woman.

Loan SlabHome Loan Interest Rates (in % p.a.)
For Women* (upto 30 Lakhs)8.60 - 9.10
For Others* (upto 30 Lakhs)8.65 - 9.15
For Women* (30.01 Lakhs to 75 Lakhs)8.85 - 9.35
For Others* (30.01 Lakhs to 75 Lakhs)8.90 - 9.40
For Women* (75.01 Lakhs & Above)8.95 - 9.45
For Others*(75.01 Lakhs & Above)9.00 - 9.50

Citibank Home Loan in Bangalore

The lowest home loan interest rate at Citibank is {{CITI_BANK_HL_INTEREST_RATE}} and the maximum home loan that can be availed is Rs 10 Crores. You can get a home loan of upto 80% of the property value in Bangalore.

LIC Housing Finance Limited Home Loan in Bangalore

LIC Housing Finance gives 7 different types of home loans in Bangalore or any other place. The best home loan interest rates starts from 8.50% for people having a CIBIL score more than 800 and are salaried. For people whose CIBIL score is less than 600 and are self-employed, for them the home loan interest rates in Bangalore is around 8.50%.

Also Check 30 Lakh Home Loan EMI and Apply Online.

PNB Housing Finance Limited Home Loan in Bangalore

PNB HFL starts giving housing loans in Bangalore from Rs 8 lakh onwards and takes approximately 10 days to process. The minimum home loan rate of interests in Bangalore is 8.50% for salaried professionals whose CIBIL or credit score is more than 800.

Are you looking for Rs. 1 Crore Home Loan EMI? Check EMI & Apply.

Home Loan Interest Rate for amount up to Rs 35 Lakhs in Bangalore

Credit ScoreSalaried / Self – employed professional (SEP)Self – employed non – professional (SENP)
>= 8008.50% to 9.00%8.60% to 9.10%
>775 to 7998.55% to 9.05%8.75% to 9.25%
>750 to <=7758.70% to 9.20%8.90% to 9.40%
> 725 to < =7509.00% to 9.50%9.35% to 9.85%
> 700 to <= 7259.30% to 9.80%9.65% to 10.15%
> 650 to <= 70010.40% to 10.90%10.75% to 11.25%
up to 65010.60% to 11.10%10.95% to 11.45%
NTC** Cibil >17010.65% to 11.15%10.95% to 11.45%
NTC** Cibil <=1709.95% to 10.45%10.30% to 10.80%

Home Loan Interest Rate for amount above Rs 35 Lakhs in Bangalore

Credit ScoreSalaried / Self – employed professional (SEP)Self – employed non – professional (SENP)
>= 8008.6% to 9.1%8.85% to 9.35%
>775 to 7998.65% to 9.15%8.9% to 9.4%
>750 to <=7758.8% to 9.3%9.25% to 9.75%
> 725 to <=7509.15% to 9.65%9.4% to 9.9%
> 700 to <=7259.5% to 10%9.85% to 10.35%
> 650 to <=70010.6% to 11.1%10.95% to 11.45%
upto 65010.8% to 11.3%11.15% to 11.65%
NTC** Cibil >17010.85% to 11.35%11.2% to 11.7%
NTC** Cibil <=17010.15% to 10.65%10.5% to 11%

SBI Home Loan

State Bank of India is one of the premier banks of India and so to get a housing loan in Bangalore is very easy with SBI. The cheapest SBI home loan interest rate is 8.50% - 10.05% and the maximum tenure for which home loan can be availed is 30 yrs. The loan disbursement process can take upto 3 weeks in SBI home loan Bangalore.

Indiabulls Home Loan

The final Indiabulls home loan rate of Interest depends upon Profile, Loan amount, tenor, property type and other risk parameters. The lowest home loan rates in Bangalore is 9.30% for 30 yrs. This can change depending on the credit worthiness of the applicant.

Axis Bank Home Loan

Axis bank home loan in Bangalore is one of the most searched options to get a home loan. The home loan interest rate varies depending upon the applicant profile, salary and credit score.

Additional Info: Apply SBI MaxGain Home Loan @9.55% - 10.05%

Interest Rate For Salaried Individuals in Bangalore

TypeRepo Rate + SpreadEffective Rate of Interest
Floating RateRepo Rate + 2.70% to Repo Rate + 3.05%8.50%
Fixed RateAll Loan Amounts14% p.a.

Home Loan For Self Employed Individuals in Bangalore

TypeRepo Rate + SpreadEffective Rate of Interest
Floating RateRepo Rate + 2.80% to Repo Rate + 3.15%8.70% - 9.05% p.a.
Fixed RateAll Loan Amounts14% p.a.

Additional Info: Also check Home Loan in Mumbai

Types of Home loans offered in Bangalore

There are more than 10 types of home loans offered in Bangalore. Have a look below to understand what different types of home loans you can take from banks and other financial institutions(FIs) or NBFCs(non-banking financial institutions):

Types of Home LoanPurpose of Home Loan
Home LoanThis type of loan is taken to purchase residential property like flats and apartments.
Loan against PropertyGet loan by pledging your property to the bank.
Home improvement LoanThis loan is taken for house renovation related activities like painting, wiring revamp etc.
Home Extension LoanThis type of loan is taken to extend an already existing loan. For example to build a floor, room and balcony.
Land purchase LoanThis type of loan is taken to purchase a land. The construction of property should be completed within a fixed timeline.
House construction LoanThis type of loan is taken to construct a house.
Home Loan Balance TransferHome loan balance transfer is used to transfer the existing home loan to a lower interest rate reducing the overall outgo in process.
Pre-approved Home LoanThis type of pre-approved home loan is given by banks and lending institutions to their existing customers on the basis of their credit worthiness and income.
Home Loan Top-upsThis is given as an extra loan on your existing home loan.
Home loans for NRIThis type of home loan is suitable for people who live outside India but are willing to construct a house in India.
Home Loan OverdraftHome loan overdraft allows borrowers to get more loan amount linked to their savings and current account.

Check out the eligibility and benefits of LRD Loan.

Features and Benefits of Home Loan in Bangalore

Home Loan is a secured loan where the bank keeps possession of your home papers till the repayment is done. Let’s have a glance at some features of home loan in Bangalore:

  • Home loans in Bangalore are usually offered at a minimum interest rate of 7.80% p.a.
  • Tenures may be up to 30 years.
  • LTV ratio: 80%-90% of the cost of property.
  • Facilities like Home Loan top-ups, overdraft and home loan balance transfer to existing home loan borrowers are easily available.
  • Selected existing bank customers are offered pre-approved instant home loans.
  • No prepayment charges.
  • Pradhan Mantri Awas Yojna for economically weaker sections, middle income groups and low income groups with interest subsidy of up to Rs 2.76 lakh

Additional Info: Also check How to Apply for Pradhan Mantri Awas Yojana

Eligibility Criteria of Home Loans in Bangalore

To be eligible for home loan in Bangalore there are some requirements. Let’s see what are those requirements that will allow you to have your dream home in Bangalore:

  • Applicant’s nationality: Indian Resident, PIO, NRI
  • Age- 21 years up to 70 years at the time of loan maturity
  • Work experience: At least 3 years for salaried and self-employed
  • Applicant’s job profile: Salaried (government and corporate professionals)/Self-Employed Non-Professionals (contractor, trader, commission agent)/Self-Employed Professionals (Doctors, CS, lawyers, CA, architect, consultant, engineer
  • CIBIL/Credit score should be 750 and above for increased chances of availing home loan and at lower interest rates

Additional Info: Also check Home Loan Eligibility

Documents Required for Home Loan in Bangalore

Below are the list of documents needed to get a home loan in Bangalore

Home loan Documents For Salaried Loan Applicants

  • Proof of Identity- PAN Card/Driving License/ Voter ID/Passport/Aadhar Card.
  • Proof of address- Passport/Utility bill/Aadhar card
  • Proof of Income- Latest salary slip/ ITR/Form-16
  • Bank Statement- Last 3 months bank statement/ last 6 months bank passbook.
  • Property Documents- Agreement sale copy, Certificate of possession, Land tax receipt, the detailed cost of construction, Letter of allotment, Original NOC.

Additional Home Loan Documents for Self-Employed Applicants

  • Business profile
  • Recent Form 26AS
  • Income Proof: ITR with income computation for past 3 years
  • Memorandum and Articles of Association of the company
  • Balance sheet and profit & loss account statement for last 3 years
  • Current account statement of business entity
  • Savings account statement of individual for past 6 months

Additional Info: Also check Documents Required For Home Loan

FAQs for Home Loans in Bangalore

Which bank is the best for home loan in India?

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Best home loan interest rates in Bangalore is 7.80%. With the recent rate hike trend it is assumed that the search for cheapest home loans in Bangalore might take a while. Till then you can have a look at these banks / NBFCs and the home loan interest rates that they offer 

Banks/NBFCsHome Loan Interest Rate
HDFC8.60% onwards
LIC HFL8.50% onwards
SBI8.55% onwards
ICICI8.60% onwards
Kotak Bank8.50% onwards

Which Type of Home Loan is Best in India?

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Home loan can be needed for multiple scenarios like loan against property in Bangalore, loan against power of attorney property in Bangalore, and many more. So, there is no particular best home loan for all but it will depend on the exact requirement of the customer to decide which type of home loan can best cater to their requirements.

How long does it Take to Get a Home Loan in Bangalore?

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It takes anything between 7 to 21 days in order to get a home loan in Bangalore.

What is the Lowest Interest Rate on a Home Loan in Bangalore?

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The lowest home loan interest rate in Bangalore is 8.55% p.a.. Currently it is offered by SBI.

What is the Minimum Income requirement to get a Home Loan in Bangalore?

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If your monthly salary is more than Rs 25000 then you can get a home loan in Bangalore.

How to get Home Loan in Bangalore?

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Why only Bangalore, you can apply for a home loan from anywhere in India using our website MyMoneyMantra.com or you can directly visit the link https://www.mymoneymantra.com/home-loans and fill the form with your exact requirements.

Which Bank gives fastest Home Loan?

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All banks take almost similar time in disbursing your home loan amount. It takes from 7 to 21 days to get your home loan amount.

How much down payment for home in Bangalore?

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Normally to buy a new home, a down payment of 10% of the total cost of the property is required. But it is always advisable to go for a minimum home loan amount by paying around 20% to 30% as down payment to the builder.

Can I get home loan on residential plot?

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Plot loans are available for only a residential plot unlike home loans which are available on all properties. The maximum Loan to Value (LTV) when it comes to plot loans is stipulated at 70%. For home loans, the LTV can go up to 90% in some cases.