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Bandhan Bank Home Loan Interest Rate
There are many reasons why you should consider buying your own home. Pride of ownership is something that cannot be argued. With the wide variety of home loan options available for people who have a good credit rating, it is easier than ever to own a home. The price of real estate continues to increase every year (on a general basis), therefore purchasing real estate is one of the safest long-term investments.
However, almost everyone needs that much needed help while buying their home – that’s where home loans come in. Lenders have a variety of home loan products for varied budgets. Interest rate for home loans in India starts from 8–9 % onwards and is influenced by a variety of factors. Hence, it becomes doubly important to compare and contrast different features of a housing loan before zeroing in on offer.
Bandhan Bank, one of the fastest growing banks in the country, has been offering home loans for purchase of new house, construction, repair and extension. The interest rates on Bandhan Bank home loans are competitive and low when compared to other lenders. However, you must remember that rates may vary depending on the credit profile and eligibility of the borrower.
Bandhan Bank Home Loan Overview
Whether you are looking for a property, or wish to construct your own house, you could perhaps consider Bandhan Bank home loans. Home loan interest rates in Bandhan Bank are competitive. Some of the features and benefits include:
- Flexible repayment tenure up to 15 years.
- Balance transfer facility
- Doorstep facility
- Simplified documentation and speedy approvals
- Attractive interest rates
- Loans available for the salaried and self-employed aged 23 to 65 years.
Purpose of Loan:
- Purchase of new / resale residential property
- Self -Construction on own land
- Repair and renovation Loan
- Top up loan
- House Extension loan
Bandhan Bank Home Loan Eligibility
- You must be at least 23 years of age at the time of application and maximum age at loan maturity should be 65 years or retirement age, whichever is earlier
- You must be salaried, self-employed professional, or self-employed non-professional with a regular source of income
- Individuals either singly or jointly with family members can apply.
Bandhan Bank Home Loan Interest Rate
Bandhan Bank home loan interest rate is influenced by a variety of factors, including loan amount, your net income, your repayment history, internal Bandhan Bank loan assessment parameters. The home loan is offered based on MCLR rates. The interest may vary for each individual based on their credit profile, income, age, down payment and credit score.
Currently, Marginal Cost of Funds Based Lending Rates of Bandhan Bank are:
| Tenure | MCLR |
|---|---|
| Overnight | 9.84% |
| 1 month | 9.86% |
| 3 months | 9.91% |
| 6 months | 9.93% |
| 1 year | 10.11% |
| 2 years | 10.62% |
| 3 years | 10.77% |
For Bandhan Bank’s current home loan interest rate and other charges, it is advisable to contact the bank directly.
Factors That Influence the Interest Rate on Bandhan Bank
Relationship with the bank: If you already have a savings account or have taken a loan before and your terms with the bank has been good, you are likely to get a low interest rate home loan. Bandhan Bank assumes a worthy borrower and grants you the loan without much hassle.
Credit Score: Credit score is an important criterion that banks check before approving any type of loan. If you have a stellar credit score, you are very likely to get a low interest rate home loan.
Down Payment: Making more down payment has dual advantages. It can cut down your loan burden and help you get low interest home loans. As you make a decent down payment, the lender has less risk which makes you a worthy borrower.
Income: The lender identifies you as less risky borrower if you have a good monthly income. This is a clear proof that you can repay the loan without much hassle. Taking this assurance, the lender provides you a home loan at low interest rate.
Any reduction in the home loan interest rate can help you save a good amount of money overall. Hence make sure you take all the necessary steps to increase your home loan eligibility.
How to calculate Interest/EMI on Bandhan Bank Home Loan
There is no need to manually calculate the cost of different loan products offered by various lenders. It is quick, simple, accurate, and you need to know only three things when using the home loan calculator: the loan amount, the interest rate and the tenure. The home loan calculator will do the hard number crunching and present you with a breakup of the EMI amount. The whole process of calculating your EMI only takes a few minutes.
You can use CreditMantri’s home loan EMI calculator to calculate the exact amount that you will need to pay on a monthly basis provided that you enter all the amounts correctly. The tool will show you a detailed break up that includes the amount borrowed, the amount of interest payable and the processing fee. Using an EMI calculator will help you gauge an understanding of the actual amounts involved in an EMI.
Bandhan Bank Home Loan FAQs
1. Who is eligible to avail a home loan from Bandhan Bank?
Salaried individuals, self-employed professionals and self-employed non-professionals are eligible to apply for a home loan from Bandhan Bank.
2. What is the security required to avail a Home Loan?
Depending on your credit history, no collateral security other than mortgage of the house property is insisted upon.
3. What would be the loan tenure?
You can avail of flexible loan tenures, up to 15 years, depending on current age, and credit profile
4. What are the documents required to get Bandhan Bank home loan?
- KYC documents
- Income documents
- Bank statement of last 6 months
- Details of existing loans if any
- Property documents
Bandhan Bank Home Loan Interest Rate - Customer Reviews
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