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Home Loan in Bangalore

Bangalore, the Silicon Valley of India, is a city of opportunities. Its weather and vibrant culture make it a perfect city to own a place of your own. And Tata Capital can help you get your dream house. Here is how:

 

  1. 1.Attractive Interest Rates

Home loans often come at high-interest rates and hefty monthly instalments. But Tata Capital offers the lowest interest on home loans in Bangalore, so you can easily finance your purchase.

 

  1. 2.Easy Eligibility Criteria

With Tata Capital’s easy-to-meet eligibility criteria, you do not wait any longer than you need to get your loan approved. If you meet the requirements, we process your loan immediately so you can move into your new house without delay.

 

  1. 3.Multi-purpose Loan

Bangalore has housing for every individual. Whether you want to purchase an apartment in a high-rise or a traditional independent house, Tata Capital will help you accomplish your dream.

 

  1. 4.Easy Repayment

Low-interest rates make your EMIs manageable. But to make repayment more convenient, Tata Capital offers flexible tenure of up to 30 years so you can repay the loan at your pace.

 

  1. 5.Prospering Economy

Bangalore is a hub of IT, with industries growing at rates faster than ever. Property in such cities is a great investment, especially with Tata Capital’s affordable home loans in Bangalore.

Know more about our offering

Key Features

Loan Amount

₹2,00,000 - ₹5,00,00,000

Loan Tenure

Up to 30 years

Interest rate starting at

6.70%*

HOME LOAN IN BANGALORE ADVANTAGES

Beautiful climate and a rich culture

 Bangalore's climate is a key reason why many people like to settle here. It's the perfect blend of hot and cold weather where the days are sunny and bright as the nights are much colder with a light breeze accompanying throughout.

But that's not it! The city also accommodates a vibrant culture, fraught with museums, exhibitions, nightclubs, exquisite cuisines, and an amalgamation of the rest of India. With realty investments in the city shooting up, property prices are also on the rise. But fret not! With a housing loan in Bangalore, you can quickly select a property you like and move in.

A booming economy

Bangalore boasts of another moniker, the Silicon Valley of India. And rightly so! The city has a bustling economy, ever-growing industries, a dynamic entrepreneurial scene, and numerous business corporations. Thanks to its flourishing economy, millennials and youngsters are keen to move to the city. Moreover, homebuyers can easily finance their dream home in the city with affordable home loan in Bangalore.

Beautiful climate and a rich culture

 Bangalore's climate is a key reason why many people like to settle here. It's the perfect blend of hot and cold weather where the days are sunny and bright as the nights are much colder with a light breeze accompanying throughout.

But that's not it! The city also accommodates a vibrant culture, fraught with museums, exhibitions, nightclubs, exquisite cuisines, and an amalgamation of the rest of India. With realty investments in the city shooting up, property prices are also on the rise. But fret not! With a housing loan in Bangalore, you can quickly select a property you like and move in.

A booming economy

Bangalore boasts of another moniker, the Silicon Valley of India. And rightly so! The city has a bustling economy, ever-growing industries, a dynamic entrepreneurial scene, and numerous business corporations. Thanks to its flourishing economy, millennials and youngsters are keen to move to the city. Moreover, homebuyers can easily finance their dream home in the city with affordable home loan in Bangalore.

What are Interest Rates for Home Loan in Bangalore?

Bangalore offers a slew of benefits for investing in the city's real estate scenario as a cosmopolitan. It accommodates an excellent public transport system, top-notch civic amenities, well-recognised eminent institutes, and a high standard of living at a relatively cheaper cost. What's more, even acquiring a home loan in Bangalore entails a hassle-free process.

Besides, nowadays, the home loan interest rates in Bangalore are at an all-time low makes it the right time to make a realty investment. Why? That's because lower rates of interest translate into lower interest payable and smaller EMIs. At Tata Capital, you can get the lowest home loan rates in Bangalore, starting at just 6.70%*, to build your dream home.

If you're looking for an effortless borrowing experience, turn to Tata Capital. We extend easy-to-meet eligibility criteria, nominal processing fees, no additional hidden charges, and flexible loan terms. To book a housing loan in Bangalore at affordable rates of interest, connect with us today.

What is the Eligibility Criteria for a Home Loan in Bangalore? 

To avail a Tata Capital Home Loan in Bangalore, you must be:

  • Aged between 24 - 65
  • Salaried or self-employed
  • A salaried professional with a minimum of two years of working experience and a monthly salary of at least Rs. 30,000
  • A self-employed individual with a minimum of 3 years of working experience in the current field
  • Possessing a credit score of 750+

 

Use our Home Loan Eligibility Calculator to verify your home loan eligibility.

What are the Documents Required for Getting a Home Loan in Bangalore?

Following home loan documents are essential for getting a loan:

  • Age Proof (Passport, Driving License, PAN Card, Birth Certificate)
  • Address Proof (Bank Statement/ Voter ID)
  • Identification Proof (Aadhar Card/ PAN Card/ Voter ID/ Driving License/ Passport)
  • Income proof (Bank account statement for the last six months for salaried professionals and self-employed individuals: last three years' Projection Statement / Six months statement from current account)
  • Processing Fee Cheque
  • Property Documents

How to Calculate EMI for Home Loan Online  

 Before applying for a home loan in Bangalore, it's prudent to understand how much you'll repay. Here, your overall home loan repayment amount is tied to your rate of interest, loan term, and principal loan amount. You repay this sum through equated monthly instalments (EMIs).

To calculate your home loan EMI in Bangalore, use our home loan EMI calculator. The calculator is easy-to-use and intuitive. All you need to provide is your loan amount, tenure, and interest rate. The calculator will display your EMI figure. You will also see a breakup of the amount you'll be paying towards your loan's interest and principal components.

Since housing loans usually extend for 15-30 years, the interest can chalk up to become a sizeable amount. That's why by calculating your EMIs for your housing loan in Bangalore, you can understand how much you'll need to save from your monthly budget to comfortably pay off the loan.

HOW TO APPLY FOR A HOME LOAN ONLINE IN BANGALORE

Offline Application Process

  • Customer care –18602676060
  • Email – contactus@tatacapital.com
  • Registered Branch – 45 & 44, Second Floor, 60 Feet Road, G- Block, Sahakar Nagar, Bangalore - 560092.

FAQ

Maximum of 30 years is provided to repay a loan. This is subject to retirement age of the borrower or 65 years in the case of self-employed applicant. 

Our interest rates begin from 7.75%* and are highly competitive. We offer concessional interest rates to women beneficiaries. Additionally, we provide subsidized home loans to low income groups under PMAY subsidy.  

Home loans serve the primary purpose of purchasing a property or facilitating the construction of one for home buyers. Different types of home loans are taken for different purposes such as –

  • Purchase of Land 
  • Readymade Home Purchase 
  • Home Construction 
  • House Expansion or Extension 
  • Home Conversion 
  • Home Renovation 
  • Loans Against Property or Mortgage Loan

A co-applicant in a home loan is an individual who will be equally responsible to repay the home loan just as the main borrower. He or she has to apply for the home loan along with the main borrower. Lenders will take the co-applicant’s income and credit standing into consideration as well. 

Home loan co-applicants can only be immediate family members or blood relatives. Up to six co-applicants are permitted per home loan application. The following can be co-applicants in a joint home loan –

  • Spouse
  • Father 
  • Mother 
  • Brother who is not a minor 
  • Sister who is not a minor 
  • Son who is not a minor 
  • Daughter who is not a minor 

The time taken for the sanctioning of home loans varies depending upon whether you are a salaried individual, self-employed individual or entrepreneur. Typically,

  • For salaried individuals, home loans can be sanctioned within 4 to 5 business days
  • For self-employed individuals, it may take around 7 to 8 business days to get home loan sanctioned 

Tax benefits on home loans may be availed during filing of annual income tax returns. Home loan borrowers are eligible for tax benefits on home loan as per Section 80 C of the Income Tax Act. The following tax benefits can be availed by home loan borrowers -

  • Deduction for Interest Paid on Housing Loan - The interest portion of the EMI paid for home loan in the year can be claimed as a deduction from your total income. This amount must not exceed a maximum of Rs 2 lakhs as per Section 24
  • Deduction on Principal Repayment - The Principal portion of the home loan EMI paid for the year is allowed as deduction under Section 80C. The maximum amount that can be claimed is up to Rs 1.5 lakh. However, to claim this deduction, the house property should not be sold within 5 years of possession.
  • Additional Deduction under Section 80 EEA – 2019’s Budget has introduced additional deduction under Section 80EEA for home buyers for maximum up to Rs 1,50,000, provided the stamp value of the property does not exceed Rs 45 lakhs. The loan must have been sanctioned between 1 April 2019 and 31 March 2020 to avail this benefit.

If your home loan interest rate hikes, you can reduce your housing loan tenure in the following ways –

  • Increasing your EMI
  • Making a part pre-payment of your housing loan, or
  • A combination of both the ways mentioned above

If you wish to reduce your home loan tenure, visit the nearest loan-serving branch. Once the EMI has been changed, submit new Electronic Clearance Service (ECS) mandate/Post-Dated cheques with the updated EMI amount to get your home loan tenure reduced. 

Home loan is taken for a property whereas a mortgage loan is taken against a property - For a home loan, an applicant borrows money from a lending institution at a given interest rate for buying, constructing, or upgrading of a property.  

For a mortgage loan, financial institutions or lenders extend the mortgage by securing a property. So, though the property is considered to be the collateral for the loan amount, it is the lending institution that is the actual owner of the property till full loan repayment.

 

A fixed interest rate is completely market independent whereas a floating interest rate varies throughout the loan tenure based on changes in the market forces.   With Tata Capital, you get the flexibility to opt for Fixed Rate Home Loan or Home Equity Loan for the initial three years of your home loan tenure following which there will be an automatic change to floating interest rates for the rest of the tenure.

Yes, it is possible for you to prepay your home loan, either in part or in full, keeping the following in mind – 

  • You need prior written approval of the lending authority
  • You need to consider pre-payment charges levied by your lending institution 
  • There could also be a minimum pre-payment amount limit set by your lending authority that you need to consider

Yes, you can take a joint home loan to increase your home loan eligibility. In case of a joint home loan, the income and credit standing of the co-applicant will also be taken into consideration. You can take a joint home loan with the following –

 

  • Your spouse 
  • Your parents 
  • Your children 
  • Your siblings 

 

Basically, anybody who makes up your immediate family is eligible for becoming a co-applicant.

Yes, a sanctioned home loan can be cancelled. However, the processing fees charged during the home loan sanction process will not be refunded. If you want to cancel your loan after receiving your home loan sanction letter, write to your lender. Make sure you do this well before the loan’s disbursal.

Yes, you can extend your home loan tenure as long as it is within your lenders’ terms and conditions. At Tata Capital, the home loan maximum tenure is 30 years.

By extending your tenure, you can reduce the burden of EMIs. You can contact your lender or visit their branch to apply for a tenure extension.

Some common home loan rejection reasons are unmet eligibility criteria, low income, low credit score, and incomplete or incorrect details in your loan application.

If your application was rejected, find out why. If needed, wait for your income and credit score to improve and apply again. Make sure you check your application thoroughly before submitting.

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