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    Bandhan Bank Home Loan Reviews

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    Bandhan Bank Home Loan


    Overview of Bandhan Home Loan:

    Home loans are a not-so-disguised blessing for hundreds of prospective home purchasers with considerable credit problems. Hefty loans are given by banks and financiers with quite a lenient check on your regular income. Such is the current trend according to a senior financial watchdog. Finding a suitable scheme can be frazzling especially when the process is seasoned by other challenges such as streamlining your expenses, and getting the required paperwork in order. One step forward from your rented house to Bandhan Bank’s Home Loan Scheme, your lifelong dream is within hands reach. Whether your objective is to book an under-construction property, purchase or refurbish a pre-owned dwelling or build your own on your own plot, please be the guest of Bandhan Bank.

    Features & Benefits of Bandhan Home Loan:

    1. Purpose:
      • To buy a new or resale housing property.
      • To build a house on your own plot.
      • To repair or renovate the house you are living in.
      • To apply for a top-up loan.
      • To transfer the due amount left to settle the loan.
      • To get funds to extend your house.
    2. Rate of Interest: It is associated with the base rate, which at present is 12 percent.
    3. Processing Charges: You have to pay one percent of the sanctioned loan amount with applicable taxes as processing fee. The minimum fee is INR 5000 with taxes.
    4. Expert Assistance at your Doorstep: A professional Relationship Manager sent from your nearest Bandhan Bank branch will be available at a moment’s notice to help you through the procedure as well as explain the nitty-gritties of the scheme.
    5. Quick and stress-free documentation procedure: A Bandhan bank staff will help you compile all the required documents to avail a home loan.
    6. Insurance Options: You have access to all non-life and life insurance schemes as the bank is affiliated with many reputed insurance carriers.
    7. Flexible & Easy Loan Settlement Means: You can take your time and settle the loan in EMIs over the years. Bank offers Electronic Clearing System or Standing Instructions Method for this purpose.

    Bandhan Bank Home Loan Interest Rate:

    Bandhan Bank offers affordable interest rates on its home loans, which help customers acquire new homes or residential property according to their financial budgets. Currently Bandhan Bank offers an interest rate of 12% on its home loans, which can be availed on loan tenures of up to 15 years.

    Bandhan Bank Home Loan MCLR Rates:

    Bandhan Bank set its Marginal Cost of Funds Based Lending Rate (MCLR) for home loans at 13.26% for a tenor of 1 year. The new MCLR Rates came into effect on April 1st 2016 and will apply to all rupee loans that the bank sanctions.

    The MCLR Rates set by Bandhan Bank are as follows:

    Loan Tenor MCLR Rate
    Overnight 13.02%
    1 Month 13.03%
    3 Months 13.04%
    6 Months 13.05%
    1 Year 13.26%

    Eligibility Criteria:

    • The applicant should be of at least age 23 and above. And he/ she shouldn’t be more than age 65 or retirement age (whichever comes first) in the year of loan maturity.
    • The Bandhan Home Loan Scheme can be availed by any salaried, entrepreneurial or independent professional with a steady income.

    Mandatory Documents:

    • Duplicate copy of a valid national identity card (Driving Licence, Voters ID, Aadhar Card or Passport) as residential address and age proof.
    • Bank statements for the last 6 months (preferably of the salaried account or the operative account).
    • Repayment Track record of existing loans
    • Details of property proposed to be purchased or constructed

    Frequently Asked Questions:

    1. What are the main factors Bandhan bank will consider to decide my eligibility? 

      Your eligibility to get a home loan sanctioned depends on a number of aspects of which the main factor is your disposable or excess income per month i.e. money left after all your expenditures. Others include your credit history and age.

    2. What is the age criteria for home loan application? 

      While most banks have kept the minimum age 21 as the legal age to apply for home loans, Bandhan Bank has made it 23. It is highly unlikely that an individual have sufficient savings at the age 21, hence this variation. And you shouldn’t be older than 65 at the time of loan maturity.

    3. Does Bandhan bank has its own EMI criteria? 

      Bandhan bank does offer you that flexibility to choose your own housing loan tenure so that you can settle the loan comfortably. The monthly EMI you pay goes towards the principal as well as the loan interest.

    4. Could you tell me the maximum home loan term offered? 

      Bandhan home loan’s maximum permitted term is 15 years, based on your age at the time of loan approval and your credit approval.

    5. Does the bank insist that my property to be indemnified? 

      Definitely. The bank also has to secure the money it lends you. Buy the basic riders like Fire and related hazards, burglary etc. for the whole duration of the loan.

    News About Bandhan Bank Home Loan

    • Bandhan Bank may increase lending rates (retail), applicable from the next fiscal

      Bandhan Bank, based out of Kolkata, is on its way to launch new products with an aim to make a mark in the retail lending arena. These changes are being anticipated to be introduced on the next fiscal. Mr. Chandra Shekhar Ghosh, Founder, MD and CEO of Bandhan Bank, stated that the home loan offerings will be aiming at the micro, small and medium enterprises (MSMEs). The loan offering also extends to the housing reconstruction or smaller value home loans. Apart from this vehicle loans and loan against property are also being looked at.

      He went on to say that at present these retail loan offerings are being experimented with across states, but only on a tinier scale. Getting an ideal home loan from a bank is crucial for one to construct, acquire or renovate a house. To get the best deal refer to a neutral third party website.

      8th February 2016

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