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Do you wish to purchase a house of your dreams in Bangalore? You must be looking for the best home loans in that case. Bangalore is one of the hottest real estate markets in the country and there are several big ticket projects coming up in various parts of the city. While North Bangalore has always been a hub for skyrocketing development, South Bangalore is steadily catching up as well.
Areas which are IT hubs or near IT hubs are also witnessing steady development. There is strong activity in the resale property market as well while there is also strong demand for plots or plotted developments and independent houses in addition to apartments. If you wish to purchase property in Bangalore, you should seek out the cheapest home loan offering as per your budget. You can easily find the best home loan rates in Bangalore with a little research and guidance.
More about low interest home loans
There are several home loan providers in Bangalore including government or public sector banks and cooperative organizations like the State Bank of India, Punjab National Bank, Karnataka State Cooperative Bank, Bank of India and many more. You will also find home loans in Bangalore at very competitive rates which are offered by private banking institutions like the HDFC Bank, Axis Bank, ICICI Bank and so on. There are several financial institutions like Indiabulls Housing Finance and L&T Finance which also provide home loans in the city.
With a cut in lending rates, it is easier to find the best home loan rates in the Garden City at present. The lowest home loan rates are usually offered by cooperatives and government banks though private organizations and financial institutions usually have faster processing and better services including doorstep servicing and processing features. Bangalore has several options when it comes to finding the right home loan for your needs.
Home loans in Bangalore decoded
When it comes to getting low interest home loans in Bangalore, there are certain criteria that must be fulfilled. The eligibility for getting a home loan is calculated after the consideration of multiple factors including fixed monthly obligations, retirement age, monthly income, present age, any existing EMIs and so on. It is easier to get a home loan in case the prospective EMI for the same does not exceed a maximum of 40% of your overall monthly income as a thumb rule.
Additionally, home loan interest rates in Bangalore vary from time to time though there are fixed and floating rate type loans that you can choose from. In case of loan tenures, this ranges between 15-30 years since the maximum upper limit varies from organization to organization. The minimum loan amount is usually INR 2-3 lakhs in most cases while the maximum amount can go up to INR 10-20 crore and more depending on the property selected, income, eligibility and several other factors. The bank/financial institution will usually sanction between 70-85% of the loan amount depending on the budgetary slab that the property falls in. You will also be able to access several benefits and features including no prepayment penalties, flexible EMI payments and so on if you choose smartly. Finding the best home loans in Bangalore is a seamless task provided you do your research and invest a little time and effort into the process.