Bandhan Bank Home Loan

Buying a home is the dream of all, irrespective of age, gender, and financial background. Everyone desires and has ideas for their dream home. However, buying or constructing a house can be quite expensive considering the market rates. It gets quite intimidating at times without a financial strategy to manage your finances.

Home Loans are massive amounts that you have to repay along with an added interest rate during your selected tenure. Different banks offer different home loan schemes to customers for different interest rates.

Bandhan Bank is a different bank in India that is known for offering home loans at affordable interest rates. If you intend to apply for a Bandhan Bank home loan, make sure you go through all their terms, conditions, and criteria beforehand. 

This article closely discusses all the Bandhan Bank home loan scheme details, including its features, eligibility criteria, and other necessary details that you need to keep in mind before playing for the loan.

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Different banks have different features when it comes to home loans, and different kinds of home loans are offered by the leading banks in India. Some features of the Bandhan Bank home loan that you must keep in mind before selecting a scheme for yourself are listed below.

• Bandhan Bank home loan interest rate starts from 8.40%. The maximum interest rate applied to customers for home loans remains around.
• Similar to other banks, when you apply for a longer tenure, your monthly instalments decrease. On the other hand, when you choose a shorter tenure of around five years, your monthly instalments increase along with it.
• Bandhan Bank allows its customers to repay the home loan amount for up to 30 years.
• Having a good credit score for home loan is extremely essential. You have an excellent credit score; the bank is more likely to offer home loan tax benefits and other perks to you after your loan is approved.
• Several insurance facilities are available that you can expect after your loan is approved by the bank.
• Unlike many other leading banks in India, Bandhan Bank requires minimal documents for verification when you apply for a Bandhan Bank home loan.
• A processing fee of around 0.50% - 1% of the loan amount is charged as per the finance policies of Bandhan Bank.
• Bandhan Bank offers several home loan schemes to customers, such as the Suraksha home loan scheme, Sajavat home loan scheme, Suvidha home loan, and Su-awas home loan scheme. Different interest rates are applied to different schemes as per the policies.
• You can use the Bandhan Bank Home Loan EMI Calculator to calculate your EMI before applying for a home loan. It will help you compare different schemes and choose the one that suits your requirements properly. 
• Bandhan Bank offers several home loan schemes for customers with different goals and purposes. Different interest rates are applied for different home loan schemes. Therefore, it makes it easier for everyone to find a suitable Bandhan Bank housing loan from this range.

Additional Info: Looking for 60 Lakh Home Loan EMI? Check EMI & Apply.

Bandhan Bank offers several home loan schemes to customers. Bandhan Bank home loan interest rate differs from one scheme to the other based on the financial policies of the bank.

Go through the chart to compare and analyse different interest rates offered by the bank for different home loan schemes.

Home loan interest rates can largely vary from one bank to the other. These are interest rates that are mostly applied to salaried people. For self-employed people, on average, an interest rate of around 8.30% is applied. The interest rate for Bandhan Bank housing loan differs based on the monthly income, credit score, other financial obligations, and other details.

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Interest rates of Bandhan Bank, along with other banks,. differ based on the current repo rate. Before applying for a home loan, make sure you check out all the home loan schemes offered by the leading banks in India. It will help you go for the lowest interest rate along with checking whether you receive other tax benefits and rewards with the loan or not.

Suraksha Home Loan

• Loan available for: Purchase/ construction/ extension of house. 
• Loan amount: Up to 90% of the cost of property (includes land and construction). 
• Tenure: 5 to 30 years.
• Interest rate: 8.40% p.a.

Sajavat Home Loan

• Loan available for: Renovation and repair of existing house, painting, plumbing, re-laying the roof, etc. 
• Loan amount: Up to 80% of the cost of repair work. 
• Tenure: 5 to 15 years.
• Interest rate: 8.40% p.a. 

Su-awas Home Loan

• Loan available for: Micro salaried and non-salaried banking borrowers to construct ‘pakka’ or ‘semi-pakka’ houses.
• Tenure: Up to 10 years for construction and 5 years for renovation.
• Interest rate: 13% to 15% p.a. 

Suvidha Home Loan

• Loan available for: Purchase/ construction/ extension of house without income proof.
• Loan amount: Up to 90% of the cost of property (includes land and construction). 
• Tenure: 5 to 30 years.
• Interest rate: 8.41% to 12.58% p.a. 

There are several documents that are required by month and bank for verification purposes before they grant you a home loan. Some important Home Loan Documents that you need to keep while applying for a Bandhan Bank home loan include:

• Your identity proof such as voter card, Aadhaar card, driving license, passport, PAN card is required by the bank.
• Your address proof- electricity bills, water bills, telephone bills can be presented as address proof to the bank.
• In order to apply for a Bandhan Bank home loan, you must present salary slips for the last three months while applying for the loan.
• Your bank statements for the last six months are required as proof of income.
• If you have any financial obligations at the moment, details of those loans’ repayment tenures and amounts must be presented to the bank.
• Those who are self-employed are required to provide the bank with proof of the existence of their business. Balance sheets reflecting your loss and profit statements are required.
• Salaried people need to submit property-related documents while applying.
• In order to apply for the Bandhan Bank home loan, your age proof-birth certificate/ Voter ID/ Aadhar card must also be provided to the bank.

Additional Info: Looking for 40 Lakh Home Loan? Check EMI & Apply.

When you apply for a Bandhan Bank home loan, several charges and fees are applied. Some of the most significant fees that you will have to pay are listed below:

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It is important to go through the eligibility criteria of the bank before you apply for a home loan to determine whether or not you are eligible for the loan. Some of the most important points that you need to keep in mind are listed below.

• You must have a monthly salary of at least 25,000 in order to be eligible for a Bandhan Bank home loan scheme.
• Both salaried and self-employed individuals are eligible for a home loan or plot loan.
• The interest rate for self-employed people remains around 9.15%. On average, the interest rate varies from 8.40%.
• Bandhan Bank allows its customers to repay the entire amount in the middle of tenure without charging any extra amount for the service.
• The loan amount that you can borrow remains around four times your annual salary. For example, if you are and 40,000 per month, you can avail of a home loan of up to 20 lakh.
• The minimum age to apply for a Bandhan Bank home loan is 23 years. The maximum age remains 65 years when it comes to home loans.
• Only Indian residents are eligible to apply for a home loan at Bandhan Bank as per the policies.
• The bank offers home loan balance transfer facilities. Therefore, you are allowed to shift your lender for a lower interest rate in the middle of your selected tenure. You can also transfer your home loan from another bank to Bandhan Bank if you wish.

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It is important to calculate your EMI before applying for the Bandhan Bank home loan. In order to calculate your monthly EMI before applying for a loan, make sure you use the online EMI calculator. In order to calculate your EMI, the steps that you need to follow her mentioned below:

• Visit the official page of Bandhan Bank and find the online home loan EMI calculator.
• Select the loan amount that you intend to borrow from the bank. This amount will directly affect your monthly EMI.
• Select your preferred tenure.
• Select the current interest rate offered by Bandhan Bank for your preferred home loan scheme.

After selecting all this information properly, your result will appear on the screen. You can try different combinations to compare home loan schemes before making the final call.

Additional Info: Also check ICICI Home Loan EMI Calculator

In order to reach out to the customer care services of Bandhan Bank, dial their toll-free number- 18002588181, 03344099090 (paid).

You can also send an email to customercare@bandhanbank.com

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