Home Loans in Bangalore
Bangalore, the Silicon City of India, is one of the most preferred locations in India to purchase a home. The lowest home loan interest rates in Bangalore start from 7.35% for loan amounts of up to 90% of property value and tenures of up to 30 years.
Compare Home Loan Interest Rate Offered by Various Banks & HFCs in Bangalore
| Name of Lender | Interest Rates |
|---|---|
| SBI | 7.50% - 8.45% |
| HDFC | 7.90% - 9.00% |
| LIC Housing Finance | 8.50% |
| ICICI Bank | 8.00% |
| Kotak Mahindra Bank | 8.20% |
| PNB Housing Finance | 8.25% |
| Punjab National Bank | 8% - 9.70% |
| Bank of Baroda | 7.45% |
| Union Bank of India | 7.85% - 10.25% |
| IDFC First Bank | 8.85% |
| L&T Housing Finance | 8.65% |
| Bajaj Housing Finance | 7.49% - 17.00% |
| Godrej Housing Finance | 8.64% onwards |
| Tata Capital | 7.75% |
| Federal Bank | 9.15% |
Home Loan Interest Rate in Bangalore
Home Loan in Bangalore and neighbouring areas start from 7.35%:
| Home Loan Parameters | Home Loan Details |
|---|---|
| Interest Rate | 7.35% |
| Processing Fee | 0% to 1.25 % of the loan amount |
| Tenure/ Repayment | 1-30 years |
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 that give lucrative deals on your home loans.
HDFC Home Loan in Bangalore
HDFC or HDFC Limited caters to home loans in Bangalore under different loan slabs based on the required amount of the 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 Slab | Home 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 up to 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 start from 8.50% for people having a CIBIL score of more than 800 and who are salaried. For people whose CIBIL score is less than 600 and who are self-employed, the home loan interest rates in Bangalore are around 7.35%.
Also, Check the 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 interest in Bangalore is 8.25% for salaried professionals whose CIBIL or credit score is more than 800.
Home Loan Interest Rate for amounts up to Rs 35 Lakhs in Bangalore
| Credit Score | Salaried / Self–employed professional (SEP) | Self–employed non–professional (SENP) |
|---|---|---|
| >= 800 | 8.50% to 9.00% | 8.60% to 9.10% |
| >775 to 799 | 8.55% to 9.05% | 8.75% to 9.25% |
| >750 to <=775 | 8.70% to 9.20% | 8.90% to 9.40% |
| > 725 to < =750 | 9.00% to 9.50% | 9.35% to 9.85% |
| > 700 to <= 725 | 9.30% to 9.80% | 9.65% to 10.15% |
| > 650 to <= 700 | 10.40% to 10.90% | 10.75% to 11.25% |
| up to 650 | 10.60% to 11.10% | 10.95% to 11.45% |
| NTC** Cibil >170 | 10.65% to 11.15% | 10.95% to 11.45% |
| NTC** Cibil <=170 | 9.95% to 10.45% | 10.30% to 10.80% |
Home Loan Interest Rate for amounts above Rs 35 Lakhs in Bangalore
| Credit Score | Salaried / Self – employed professional (SEP) | Self – employed non – professional (SENP) |
|---|---|---|
| >= 800 | 8.6% to 9.1% | 8.85% to 9.35% |
| >775 to 799 | 8.65% to 9.15% | 8.9% to 9.4% |
| >750 to <=775 | 8.8% to 9.3% | 9.25% to 9.75% |
| > 725 to <=750 | 9.15% to 9.65% | 9.4% to 9.9% |
| > 700 to <=725 | 9.5% to 10% | 9.85% to 10.35% |
| > 650 to <=700 | 10.6% to 11.1% | 10.95% to 11.45% |
| upto 650 | 10.8% to 11.3% | 11.15% to 11.65% |
| NTC** Cibil >170 | 10.85% to 11.35% | 11.2% to 11.7% |
| NTC** Cibil <=170 | 10.15% to 10.65% | 10.5% to 11% |
SBI Home Loan
State Bank of India is one of the premier banks of India, and so getting a housing loan in Bangalore is very easy with SBI. The cheapest SBI home loan interest rate is 7.50% - 8.45% and the maximum tenure for which a home loan can be availed is 30 years. The loan disbursement process can take up to 3 weeks in the 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 8.75% for 30 years. This can change depending on the creditworthiness 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 on the applicant profile, salary, and credit score.
Interest Rate For Salaried Individuals in Bangalore
| Type | Repo Rate + Spread | Effective Rate of Interest |
|---|---|---|
| Floating Rate | Repo Rate + 2.70% to Repo Rate + 3.05% | 7.35% |
| Fixed Rate | All Loan Amounts | 14% p.a. |
Home Loan For Self-Employed Individuals in Bangalore
| Type | Repo Rate + Spread | Effective Rate of Interest |
|---|---|---|
| Floating Rate | Repo Rate + 2.80% to Repo Rate + 3.15% | 8.70% - 9.05% p.a. |
| Fixed Rate | All Loan Amounts | 14% p.a. |
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 Loan | Purpose of Home Loan |
|---|---|
| Home Loan | This type of loan is taken to purchase residential property like flats and apartments. |
| Loan against Property | Get loan by pledging your property to the bank. |
| Home improvement Loan | This loan is taken for house renovation related activities like painting, wiring revamp etc. |
| Home Extension Loan | This type of loan is taken to extend an already existing loan. For example to build a floor, room and balcony. |
| Land purchase Loan | This type of loan is taken to purchase a land. The construction of property should be completed within a fixed timeline. |
| House construction Loan | This type of loan is taken to construct a house. |
| Home Loan Balance Transfer | Home 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 Loan | This 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-ups | This is given as an extra loan on your existing home loan. |
| Home loans for NRI | This type of home loan is suitable for people who live outside India but are willing to construct a house in India. |
| Home Loan Overdraft | Home loan overdraft allows borrowers to get more loan amount linked to their savings and current account. |
Features and Benefits of Home Loan in Bangalore
A Home Loan is a secured loan where the bank keeps possession of your home papers till the repayment is made. Let’s have a glance at some features of home loans 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 the 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
Eligibility Criteria of Home Loans in Bangalore
To be eligible for a home loan in Bangalore, there are some requirements. Let’s see what those requirements are 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 a home loan, and at lower interest rates
Documents Required for Home Loan in Bangalore
Below is 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, and Original NOC.
Additional Home Loan Documents for Self-Employed Applicants
- Business profile
- Recent Form 26AS
- Income Proof: ITR with income computation for the past 3 years
- Memorandum and Articles of Association of the company
- Balance sheet and profit & loss account statement for the last 3 years
- Current account statement of a business entity
- Savings account statement of an individual for the past 6 months
FAQs
The best home loan interest rate in Bangalore is 7.80%. With the recent rate hike trend, it is assumed that the search for the 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/NBFCs | Home Loan Interest Rate |
| HDFC | 8.60% onwards |
| LIC HFL | 8.50% onwards |
| SBI | 8.55% onwards |
| ICICI | 8.60% onwards |
| Kotak Bank | 8.50% onwards |
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.
It takes anything between 7 to 21 days in order to get a home loan in Bangalore
The lowest home loan interest rate in Bangalore is 8.55% p.a.. Currently, it is offered by SBI.
If your monthly salary is more than Rs 25000 then you can get a home loan in Bangalore.
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.
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.
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.
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.
Reshma Rawat is a passionate writer, with a decade of experience in writing for a variety of domains (finance, technology, lifestyle, e-commerce, real estate, etc.). Currently, she is working as Assistant Manager - Content @MyMoneyMantra, and writes blogs & webpages on financial products (loans, credit cards, insurance, financial policies by government, mutual funds, etc.
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