Bandhan Bank Home Loan is a home loan scheme provided by Bandhan Bank to its customers. It offers various benefits to the borrowers like low-interest rates, easy repayment options, etc.
Bandhan Bank Home Loan Highlights
|Interest Rate||Starting at 7.80% pa.|
|LTV Ratio (Loan Amount)||Up to 90% of property cost|
|Tenure||Up to 30 years|
|Processing Fees||Up to 1.00% + GST|
Bandhan Bank Home Loan
Bandhan Bank Home Loan offers customers a loan amount of up to 90% of the cost of the property (including land and construction) with a tenure of up to 30 years. The interest rate on the loan is starting at 7.80% per annum. The bank also offers special discounts for women borrowers. The processing fee for the loan is 0.25% – 1.00% + GST.
Bandhan bank offers various benefits to the borrowers such as low-interest rates, easy eligibility criteria, and flexible repayment options. The loan can be used for various purposes such as buying a new home, renovating an existing home, or paying for home appliances. It is a good option for those who are looking for a home loan with favourable terms and conditions.
Bandhan Bank Home Loan Interest Rates 2022
Bandhan Bank offers home loans at very competitive interest rates. The current interest rate for a Bandhan Bank home loan is 7.80% to 13.50% per annum. This is a fixed-rate loan, which means that the interest rate will not change during the tenure of the loan.
|Home Loans||Interest Rate (p.a.)|
|Suraksha Home Loan||7.80% to 12.90%|
|Sajavat Home Loan||10.65% to13.15%|
|Su-awas Home Loan||11.50% to 13.50%|
|Suvidha Home Loan||10.15% to 13.15%|
Read Also – Indian Overseas Bank Gold Loan
What Factors Affect the Interest Rate on the Home Loan?
There are several factors that can affect the interest rate on a home loan. The type of loan, the borrower’s credit history, and the size of the down payment are all important factors. The interest rate may also be affected by the current market conditions.
Types of Bandhan Bank Home Loan
Bandhan Bank offers a variety of home loan products to suit the needs of different customers. The different types of Bandhan Bank home loans are:
1. Suraksha Home Loan
Looking to purchase or extend a home? Bandhan Bank offers a Suraksha home loan with competitive interest rates and a range of repayment options to suit your needs.
- Suraksha home loans can be used for:
- Purchase of an existing property
- Construction of a new home
- Extension or renovation of an existing home
- LTV Ratio: Up to 90% of the cost of property
- Tenure: 5 to 30 years
2. Su-awas Home Loan
Su-awas Home Loan is a great option for those looking to finance the construction of their pakka or semi-pakka home. The loan is exclusively for micro banking borrowers and offers competitive interest rates and terms. Whether you are a salaried or non-salaried individual, Bandhan Bank Home Loan can help you achieve your dream of owning your own home.
- Tenure: 3 to10 years
- Loan Amount: Up to Rs 10 lakh
3. Sajavat Home Loan
Are you planning to renovate your home? Sajavat home loan scheme is the perfect solution for you. With this loan, you can easily finance the repair and renovation of your existing house, such as plumbing, painting, re-laying the roof, etc.
- LTV Ratio: Up to 80% of the cost of repair work
- Tenure: 5 to15 years
4. Suvidha Home Loan
The Suvidha Home Loan is a special home loan product offered by Bandhan bank to its customers. This home loan can be used for the purchase/extension/construction of the house.
- No formal income proof required
- LTV Ratio: Up to 90% of property cost
- Tenure: 5 to 30 years
Bandhan Bank Home Loan Features
Bandhan Bank home loans offer some great features that can help you save money and make the most of your investment. Here are some of the highlights:
- Competitive interest rates: Bandhan Bank offers some of the most competitive interest rates on home loans in the market. This can help you save a significant amount of money on your loan repayment.
- Flexible repayment options: You can choose from a variety of repayment options that best suit your needs and budget. This flexibility can help you keep your EMIs affordable and manageable.
- Top-up facility: If you need additional funds for any reason, you can avail of the top-up facility on your Bandhan Bank home loan. This can come in handy in case of an emergency or unexpected expense.
- Doorstep service: Bandhan Bank provides doorstep service for its home loan customers, so you don’t have to go through any hassle to apply for or avail of the loan.
- Quick disbursal: Once your loan application is approved, the loan amount will be disbursed quickly, so you can start using it right away.
Read Also – Bank of Baroda Personal Loan
Bandhan Bank Home Loan Eligibility Criteria
To be eligible for a Bandhan Bank Home Loan, you must:
- Be at least 21 years of age.
- Be a resident Indian citizen.
- Have a regular source of income.
- Have a good credit history.
- Micro-banking borrowers with a minimum 1 complete cycle of the loan (For Su-awas Home Loan)
Bandhan Bank Home Loan Documents Required
When you are ready to apply for a Bandhan Bank home loan, you will need to have the following documents:
- Application form duly completed and signed by the applicant.
- KYC (Know Your Customer) documents: this will include proof of identity, proof of address and proof of income.
- Last 6 months’ bank statements.
- Latest salary slip or Form 16.
- Property-related documents: this could include the sale agreement, title deeds, approved plans, latest property tax receipt, etc.
- Loan sanction letter from the developer (if applicable)
- NOC (No Objection Certificate) from the builder (if applicable)
- Processing fee cheque or DD.
- Post-dated cheques for EMIs.
- Any other documentation that may be required by the bank.
Bandhan Bank Home Loan EMI Calculator
If you are planning to apply for a home loan from Bandhan Bank, it is important to know how much your monthly EMIs will be. This will help you budget your expenses and make sure that you can afford the loan. The best way to calculate your EMI is by using a home loan EMI calculator.
Bandhan Bank offers a home loan EMI calculator on its website that can be used for free. All you need to do is enter the details of your loan such as the amount, interest rate, and tenure. The calculator will then give you the monthly EMI amount. You can also use this tool to compare different home loan offers from Bandhan Bank and other lenders.
Make sure to use a home loan EMI calculator before applying for a home loan from Bandhan Bank or any other lender. This will help you understand how much you need to pay every month and make an informed decision about the loan.
How to Apply for Bandhan Bank Home Loan?
here is a step-by-step guide on how to apply for a Bandhan bank home loan:
- The first step is to go to the Bandhan Bank website and navigate to the home loan section.
- Fill in the online application form with the required personal and financial details.
- Once you have submitted the form, a representative from the bank will get in touch with you to discuss your loan options.
- Based on your requirements, the representative will help you choose the right home loan product.
- Once you have decided on the loan product, you will be required to submit certain documents for verification purposes.
- After all the formalities are completed, the loan amount will be disbursed to your account and you can start using it for your housing needs.
Read Also – Bandhan Bank Car Loan
Q. What is the interest rate on Bandhan Bank Home Loan?
Ans. The interest rate on Bandhan Bank Home Loan starts at 7.80% p.a., and can go up to 13.50% p.a., depending on your profile and other factors
Q. What is the minimum salary required for Bandhan Bank Home Loan?
Ans. Minimum salary for Bandhan Bank Home Loan required is Rs.25000
Q. Who is eligible for a Bandhan Bank Home Loan?
Ans. Individuals who are Indian citizens, aged 21 years and above, and who have a regular source of income are eligible to apply for a Bandhan Bank Home Loan.
Q. What is the repayment tenure for Bandhan Bank Home Loans?
Ans. The repayment tenure for Bandhan Bank Home Loans ranges from 5 years to 30 years. You can choose a repayment tenure that best.
Q. How much can I borrow through Bandhan Bank Home Loan?
Ans. The maximum loan amount that you can avail of through Bandhan Bank Home Loan is Up to 90% of property cost. However, the actual loan amount that you will be eligible for will depend on factors such as your income, repayment capacity, and credit history.
Q. How Long Does it Take to Get Approved for a Bandhan Bank Home Loan?
Ans. It usually takes around 2-3 weeks to get approved for a Bandhan Bank home loan. The bank will first assess your eligibility and then process your application. Once your application is approved, you will be required to submit certain documents. After the bank has received all the necessary documents, they will disburse the loan amount to your account.
Bandhan Bank Home Loan is a great option for those looking for a home loan with competitive interest rates and flexible repayment options. With this loan, you can enjoy the peace of mind knowing that you have the support of a reliable bank behind you. So if you’re in the market for a home loan, be sure to consider Bandhan Bank Home Loan.