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