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Convert the idle funds in your current account into a fixed deposit with the BRAVO feature.
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Zero Processing Fees if loan repayment is
done from IDFC FIRST Bank account.
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Tailor-made loans with minimal documentation
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Top-up up to 100% at the same rate as Balance Transfer
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Digitised process for loans up to 5cr & tenure up to 30 years
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Higher eligibility for salaries & self-employed customers
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Tailor-made loans with minimal documentation
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Top-up up to 100% at the same rate as Balance Transfer
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Digitised process for loans up to 5cr & tenure up to 30 years
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Higher eligibility for salaries & self-employed customers
Home Loans in Bangalore
Mumbai might be the costliest city in India, but Bangalore is fast catching up. The IT hub of the country attracts many people. Many of them choose to settle in Bangalore permanently because of the standard of living and job opportunities on offer.
However, with the increasing population, the cost of living in Bangalore has significantly increased in the last few years. Rent is the biggest expense, although you can avoid it by buying a house through a home loan in Bangalore. Home loans have become common in the city, as they are easily available and help add an asset to your portfolio.
You can avail of an affordable home loan from IDFC FIRST Bank. Apply today!
Loans for self-employed and salaried individuals
Loan amounts varying from ₹1 lakh to ₹5 crores with affordable interest rate
Hassle-free online process, leading to a shorter turnaround time
Flexible payback period
Minimal processing fees and other charges to help you save more
Wide range of product variants to suit your specific requirement
Specialised insurance products to go along with your home loan
An integrated branch network across India that helps service your home loan applications
BT surrogate programs from certain banks help in waiving off legal charges
A comprehensive evaluation of home loan eligibility by considering reimbursements, rentals, bonuses, and much more
Benefits of applying for a home loan in Bangalore
You can avail yourself of countless benefits by applying for a home loan in Bangalore. Here are a few of them:
No prepayment penalties on floating rate individual home loans
Under the Pradhan Mantri Awas Yojana (PMAY), you can get an interest subsidy of up to ₹2.67 lakh on your house loan
Many pre-approved real estate projects are on offer
Reduced interest rates and minimal paperwork
There are options for transferring funds and topping up your account
Sections 24(b) and 80C of the Income Tax Act of 1961 provide tax benefits on home loan principal and interest amounts
ELIGIBILITY
Who can apply?
The home loan eligibility criteria for those residing in Bangalore and applying to IDFC FIRST Bank are:
For Self-Employed Individuals:
- Must be Indian
- Must be between 23-70 years of age
- Minimum four years of business continuity
- Minimum annual income of ₹1.5 lakh
For Salaried Individuals:
- Must be Indian
- Must be between 21-60 years of age
- Minimum experience of three years
- Minimum annual salary of ₹1 lakh
Documentation:
How to calculate your home loan EMI
A home loan can be calculated by employing the following formula:
Home loan EMI calculator = [P x R x (1+R) ^ N]/[(1+R) ^ N-1]
Where: E is the EMI charged, P is the principal or mortgage amount, R stands for monthly interest rate (annual interest rate divided by 12 to get monthly interest rate), and N represents monthly instalment or mortgage term in months.
The formula for calculating a home loan can be complex. Hence, most banks offer a home loan EMI calculator. Using the principal amount, the interest rate, and the tenure, you can get the accurate EMI amount using the online calculator. Simply enter the variables, and you will get the EMI amount instantly.
Minimum salary to apply for a home loan in Bangalore
To apply for a home loan in Bangalore, an individual needs to have a minimum annual salary of ₹1 lakh. This parameter ensures the person can repay the loan amount with interest, while also maintaining a decent standard of living. A salaried individual needs to be working at the same place for at least two years to get a home loan. It is to prove that he/she has job security and will maintain a steady flow of income.
Interest rate and charges in Bangalore for a home loan
Home loan interest rates in Bangalore can range from 8.85% to 10.50%. Most banks, however, offer interest on the higher end of the spectrum. Only a few banks offer a home loan in Bangalore for under 9.50%. One of the premier banks offering a low home loan rate of interest in Bangalore, along with a slew of other benefits, is IDFC FIRST Bank. With IDFC FIRST Bank, you can get a home loan with an interest rate of only 8.85% and a tenure stretching up to 360 months.
If you apply for a home loan from IDFC FIRST Bank, you must pay processing fees of up to 3% of the loan amount. Other charges include EMI bounce charges, copies of documents charges, and loan rescheduling charges.
How to apply for a home loan in Bangalore?
If you wish to apply for a home loan in Bangalore from IDFC FIRST Bank, you can complete the process from the comfort of your home.
Step 1
Go to home loan section
Step 2
Click ‘Apply Now’
Step 3
Enter your mobile number and agree to the Terms and ConditionsStep 4
Once you click ‘Verify,’ an OTP will be sent to your registered numberStep 5
Enter the mobile and hit ‘Next’
Step 6
Provide your other details, such as your first name, last name, email address, city, and so onStep 7
Click ‘Continue’ when you are doneFREQUENTLY ASKED QUESTIONS
What is the lowest interest rate on a home loan in Bangalore?
The lowest interest rate available for a home loan in Bangalore is 8.85%. Few banks offer an interest rate under 9.50%. One of them is IDFC FIRST Bank, which offers an interest rate of 8.85% onwards.
What is the maximum housing loan in Bangalore that I can get?
The home loan amount at IDFC FIRST Bank varies from ₹1 lakh to ₹5 crores. Factors such as your income and credit score determine the amount.
How to apply online for a home loan in Bangalore?
You can complete the home loan application process online if you wish to apply for a home loan in Bangalore at IDFC FIRST Bank. Head to the home loan section. You will see a button at the top of the page that says ‘Apply Now.’ Click on the button, and you will be asked for your mobile number. Verify it using an OTP.
Once through it, you must enter your first name, last name, city, and other details. You can, similarly, apply for a home loan on the IDFC FIRST Bank mobile app as well. Download the application, sign in using your details, and begin applying for a home loan.
What is the minimum salary for a home loan in Bangalore?
The minimum annual salary needed to get a home loan in Bangalore is ₹1 lakh.
