Bandhan Bank Home Loan
Bandhan Bank offers a bouquet of affordable financial services to customers with the motto that says “Apka Bhala, Sabki Bhalai”. One such popular offer made by the bank is the Bandhan Bank home loan starting at an interest rate of 9.16% per annum. Borrowers can repay the loan within 30 years of taking the loan at a processing fee of up to 1% of the loan amount.
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Bandhan Bank Home Loan Highlights
Get the lowest interest rates with Bandhan Bank Home Loan
| Loan Amount | Up to 90% of the property value |
|---|---|
| Rate of Interest | 9.16% - 15.00% per annum |
| RPLR | |
| Processing Fee |
Up to 1% of the loan amount |
| Maximum Tenure for Repayment | |
| Penal Rate of Interest | |
| Rate Packages | Fixed/ Floater |
| Charges for Prepayment/Foreclosure | Fixed: 4% of the outstanding loan amount + GST for loans < 12 months/ 2% of the outstanding loan amount + GST for loans> 12 months | Floater: Nil |
Bandhan Bank Home Loan Interest Rates in 2024
Bandhan Bank offers competitive home loan interest rates designed to make homeownership more accessible for borrowers. With options for both fixed and floating rates, you can select a plan that best suits your financial needs. The Bandhan Bank home loan interest rate starts from 9.16% per annum ensuring manageable EMIs for home loan borrowers. Home loan borrowers can expect a housing loan amount of up to 90% of the property value from Bandhan Bank if the bank finds them eligible for the same.
Learn more about Bandhan Bank home loan interest rate 2024 through the table below:
| Loan Slab | Interest Rate for Home Loan |
|---|---|
| Suraksha Home Loan | 9.16% - 15.00% per annum |
| Sajavat Home Loan | 9.16% - 15.00% per annum |
| Su-awas Home Loan | 9.16% - 15.00% per annum |
| Suvidha Home Loan | 9.16% - 15.00% per annum |
Interest rates were last updated on 17th September 2024
Bandhan Bank Home Loan Eligibility Criteria
Bandhan Bank's home loan eligibility criteria focus on factors like your age, income, credit score, and employment stability. These criteria help the bank assess your ability to repay the loan, ensuring a smooth application process. Understanding these requirements in advance can increase your chances of approval.
The table below will give you a clear idea about the Bandhan Bank home loan eligibility criteria:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 21 - 75 | 21 - 75 |
| Nationality | Indian Residents/ NRIs | Indian Residents/ NRIs |
| Minimum Income Earned | Rs. 18,000 per month | Rs. 18,000 per month |
Bandhan Bank Home Loan Processing Fee and Charges
Bandhan Bank's home loan comes with transparent fees and charges, including processing fees, administrative costs, and legal expenses. These charges are clearly outlined to help you understand the total cost of your loan. Knowing these fees upfront allows you to budget effectively and make informed decisions.
Have a look at the table below to understand the updated Bandhan Bank home loan processing fees and charges for 2024:
| Processing Fee | Up to 1% of the loan amount |
|---|---|
| Login Fee | Rs. 3,500 + GST |
| Administration Charges | 0.25% - 2% depending on scheme + GST |
| Cheque Bounce Charges | Rs. 500 + GST |
| Interest Rate Conversion Charges | 0.50% to 1.25% of the outstanding balance |
| Income Tax Certificate | Free of cost once annually, and Rs. 30 + GST/ copy for subsequent requests |
| Valuation Report Charges | Rs. 2,500 per property being offered as security to the Bank |
| CERSAI Charges | Rs. 100 per account + GST |
| CIC Charges | Rs. 150 per individual + GST |
| Penal Interest | 24% per annum |
| Foreclosure Charges |
|
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Bandhan Bank Home Loan Schemes And Top Plans
Bandhan Bank understands that no two borrowers might have the same home loan requirements, so it offers a variety of housing loan schemes to meet varied purposes. Read on to understand the popular home loan schemes offered by the Bandhan Bank:
Suraksha Home Loan
- Ideal loan for purchase, construction, or home extension
- Maximum loan repayment of up to 30 years
- Monthly disposable or surplus income is considered
Sajavat Home Loan
- Perfect housing loan scheme for home repair or renovation
- Maximum repayment of up to 15 years
- Maximum loan up to 80% of the repair cost
Su-awas Home Loan
- Best home loan for pakka or semi-pakka home even if you do not have a regular income
- Maximum loan repayment of up to 10 years for construction and 5 years for renovation purposes
- Available to micro banking borrowers with a minimum 1 complete cycle of the loan
Suvidha Home Loan
- Easy home loan without a formal income proof
- Maximum loan repayment of up to 30 years
- Maximum loan amount up to 90% of the property cost
Note: All of the above home loan plans are made available to applicants solely at the discretion of Bandhan Bank Home Loan, taking into consideration the earning and repayment capacity of the applicant.
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Documents Required For Bandhan Bank Home Loan
To apply for a Bandhan Bank home loan, you'll need to provide essential documents that verify your identity, income, and property details. These documents ensure a smooth and efficient processing of your application. Preparing the required paperwork in advance can help expedite your loan approval and get you closer to your new home. The Bandhan Bank home loan documents required list is shared below for salaried and self-employed applicants before applying for a home loan:
Documents Required for Salaried Applicants
- Latest Income Tax Return/ Form 16
- Recent Salary Slips for the last 3 months
- Bank Statements for the last 6 months
- Duly filled application form
- Latest passport-size photographs
- Address and identity proofs
- Processing fee cheque in favour of Bandhan Bank
Documents Required for Self-Employed Applicants
- Income Tax Returns for the last 3 years
- P&L and Balance Sheets for the last 3 years
- Bank Statements for the last 6 months
- Duly filled application form
- Latest passport-size photographs
- Processing fee cheque in favour of Bandhan Bank
- Address and identity proofs
Common Documents Required from Both Salaried and Self-Employed Applicants
| Type of Document | Documents Required |
|---|---|
| Identity & Address Proof | AADHAAR Card, Voter ID, PAN Card |
| Documents Related to Property |
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Find Bandhan Bank Home Loan Offices Near You
While locating a nearby Bandhan Bank branch can provide personalized assistance, you can simplify the process by applying online through the BASIC Home Loan team. The online application offers a convenient and efficient way to manage your loan from home, bypassing the need for multiple in-person visits. Just fill out the Free Consultation Form with the BASIC Home Loan team and get the desired assistance to apply for a Bandhan Bank home loan.
We recommend you visit the official website of Bandhan Bank to update yourself with the latest information on Bandhan Bank home loans, eligibility criteria, interest rates, and the list of documents required.
FAQs
The minimum salary required to get a Bandhan Bank home loan is Rs. 18,000 per month.
The factors that may determine the Bandhan Bank home loan eligibility of the applicant are monthly income, age, surplus income, and working status.
As such there is no specific credit score requirement set by the Bandhan Bank to offer home loans to customers. However, a credit score of 700 - 750 is considered good.
Yes, micro-banking borrowers can avail of home loans from Bandhan Bank under its Su-awas Home Loan Scheme.
Yes, Bandhan Bank offers home loans on a joint basis. However, there are some terms and conditions for the same.