Applying for a Home Loan in Bangalore? Know these details

Bangalore is the city of well-organized infrastructure, where people are working for the best organizations. Bangalore is well organized and well-maintained city. Well planned infrastructure has made Bangalore a very popular city to live. Bangalore is a table market and has steady prices in housing and property sector. Bangalore has faced major migration in the last several decades making the city a hub for IT Industries and Multi-National Companies.  For many people, it’s a perfect place to invest in your house.

The affordable housing plans in Bangalore have given a lot of opportunities to purchase houses in Bangalore. The builders have issued a pre-approved loan on their building that makes the procedure even faster.

Financial institutes and lenders offer Home Loan in Bangalore for various purposes which include:

  • Constructing a house
  • Buying a housing property
  • Buying a residential plot
  • Finance for repair/renovation of a home

A loan taken against a property you already own is known as a mortgage loan and these types of loans are usually known as a loan against property. In Bangalore, a bank usually finances 85% of the market value of the property in the city.

It is also possible to apply for a Home Loan online and get a quote from the bank or other financial institutions. Every bank has their own documentation process specified on their website, with loan approval depending on various financial criteria.

Here is the checklist for documents required to apply for a Home Loan:

Employment Details

Employment record, salary slips, work experience details, and TDS certificate are some of the things for bank looks into in order to assess if a person is eligible for the loan. Proof of business address may be required for non-salaried individuals.

The minimum salary required to apply for a Home Loan in Bangalore is around INR 30,000 with the minimum value of the property as INR 30 Lakhs (This amount varies for different banks).

Bank Account Statements

Some banks may require the loan Applicant’s bank account statement for the last 6 months or more

Identity/ Address Proof

Documents required would include one or more of the following Voter’s ID card / Driving license / Aadhaar card / PAN card.

Other documents required include applicant’s photograph, the complete loan application, property tax receipt and identification of signature from any current banker if applying to another bank, IT returns, and the Personal Assets and Liabilities statement.

While taking a loan compare all the offers from different banks and evaluate the best suitable deal that makes you achieve you and your family a house you always wanted. Home Loan is a commitment for at least 10 to 20 years, should do a lot of homework and research before you finalized your loan deal.