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You can apply for a home loan in Bangalore in two ways:
Home Loan in Bangalore can be availed for the purpose of buying a house or flat, renovating your existing house, repairing work, buying of land and other property. The policy of home loan differs from one bank to the other. For more details, please contact home loan bangalore.
The eligibility of getting a home loan is determined by income, qualification, age, repayment capability, assets, savings history, liabilities, no. of dependents, spouse's income and other related factors.
There is a wide range of home loans such as – Home Purchase Loan, Home Construction Loan, Home Improvement Loan, Home Extension Loan, Home Conversion Loan, Balance Transfer Loan, Stanp Duty Loan, etc.
The maximum loan amount depends on the purpose of the loan. Usually, Home Loans are provided in a range of 75% - 85% of the total cost of the property.
It takes 2-3 weeks for processing the application, if all the documents are provided on time. Upon receiving the loan application, the bank starts verifying and disburse the amount as soon as verified.
Borrowers need to produce all the documents related to the house or property they are going to purchase, identity and residence proof, Form 16, last 6 months bank statements, latest payslip and other related documents along with the duly filled application form.
Most of the banks ask collateral securities that could be in the form of guarantee from known persons, deposit of shares, insurance policies or any other form of security. These securities are taken if the loan is not repaid on time.
Yes. Home Loan is available for buying a property in another city. The banks approve loan after verifying the property legally.
The Home Loan interest rate differs from one bank to the other and ranges between 12% to 16%. It also depends on the repayment tenure and amount.
Fixed rate interest refers to the rate of interest that remains same throughout the tenure.
The floating rate of interest is the interest rate that varies with the market and may go high or low based on the market value.
EMI means Equated Monthly Instalment and refers to the amount of money, which the borrower is supposed to pay every month. The EMI is calculated by considering the principal amount, as well as the interest.
The maximum tenure differs from one bank to the other. It is usually between 5 to 20 years, and depends on the loan amount, age of the borrower, qualification of borrower, financial status etc.