Many believe homeownership in the garden city of Bangalore is beyond the realm of possibility, because of the huge cost involved. Buying a home is not cheap but can be achieved without having a large chunk of ready cash, thanks to the home loan facility.
What is a Home Loan?
It is secured loan procured from a bank or a large financial establishment to purchase a home or commercial property. The financing can also be availed to extend or renovate an existing property. In a home loan, the borrower pledges the property to the lender on the condition that it will be transferred back to him once the loan has been repaid in accordance with the agreed terms.
Amount of Home Loan:
The loaned amount generally ranges between 75%-80% of the property value. The lending rate for the home loan in Bangalore can be fixed or floating. While the former remains unchanged for entire lending tenure, the latter fluctuates in tandem with the market base rate. Repayment of home loans is via monthly EMIs for a period in the range of 5 to 20 years.
Basic Eligibility Criteria:
There are some basic parameters which determine a borrower’s eligibility for a home loan. These include:
- Age (21–65 years)
- Indian resident
- Repayment Capacity
- Educational qualifications
- Employment Status
- Personal Income
- Source of Income
- Number of Dependents
In addition, savings and credit history, other loans, and details of the proposed purchase are also factored.
Procurement of a home loan is fairly simple. It involves filling in a formal application form with some basic personal details for the lender to evaluate the borrower’s eligibility. In addition, some documents need to be furnished. Among them are the following:
- Age Proof
- Identity Proof
- Address Proof
- Employment Details
- Form 16
- Latest Bank Statements
- Pan Card
- Proof of Educational & Professional Qualifications
Once all the formalities are duly completed to the lender’s satisfaction, the registration process begins followed by the signing of the loan contract. The next stage is disbursal of the loan amount as per the agreement (lump-sum or in different phases).
If you are mulling over a home loan in Bangalore, look no further than Antworks Money.A reputed peer-to-peer lending platform, we act as a mediator between banks/NBFCs and you and try to get you the best interest rate from their many offerings.
With us in charge, you don’t have to contact multiple lenders to find the best option. And yes, our personnel are available around the clock and keep in touch with you constantly till your requirement is satisfied. Register with us today and start exploring your options for a home loan in Bangalore right now!