Bangalore also known as Bengaluru, is the capital of the Indian state of Karnataka. It is India's third-largest city.In recent years, Bangalore propelled to be the forefront of the high-tech industry boom in India, and it currently ranks as India's most developed city and one of the world's fastest growing urban areas.
Home loans, also known as mortgages, use the borrower's home for collateral. This home can be a single-family house up to a four-unit property, as well as a cooperative unit. Lenders fund home loans, but both the lenders themselves and brokers who act on behalf of the lenders originate, or process, them.
You’re probably eligible for a Home Loan in Bangalore if you are:
Home loan lenders take various factors into consideration before approving your home loan. The banks and NBFCs make sure that the Equated Monthly Instalments is limited to about 50% of the monthly income. Usually, the loan approved to you is capped at 75% - 85% of the property value. While computing your home loan amount eligibility, the EMIs of other ongoing loans if any are also taken into account.
One of the ways you can increase your eligible home loan amount is by making your spouse a co-applicant while applying for a home loan. This will increase the home loan amount you are eligible for as your spouse’s income will also be added to your eligibility. Another way you can increase your eligible home loan amount is by opting to choose longer loan repayment tenures.
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For salaried applicants:
Banks and NBFCs offer a wide array of home loan products to choose from. Depending on the customers’ requirements and purpose, home loans in Bangalore can be classified into the following types.
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