Bandhan Bank Home Loan is one of the leading finance companies with a myriad of options when it comes to loans. Amongst its rich product offerings of loans, Home Financing solutions really stands out. These home loans are available to varied customer categories, promising competitive interest rates along with a wide range of features including - 0 foreclosure cost and provision of making partial prepayments.
|Bandhan Bank Home Loan at a glance|
|Annual Interest Rate||12.41% - 13.44%|
|Loan Term||Up to 25 Years|
|Loan Amount||Rs. 30 Lacs to upto Rs.15 Crores|
|Pre-Closure Charges||Up to 4% of Principal Outstanding|
Bandhan Bank is one of the diversified non-banking financial companies in India. The company offers an extensive array of loans for the customers, home financing solutions being the highlight. With the help of service delivery model, Home Loans are delivered not only quickly but without facing any hassle. It also offers doorstep delivery services for the loan application.
A general home loan scheme offered by Bandhan Bank assists its customers to purchase an under construction / ready / resale house, construct a house on a self-owned land, purchase a plot and then construct a house thereafter. This home loan can also be used for home extension and home improvement.
The minimum loan amount you can borrow is Rs. 3 Lacs and the maximum is Rs. 1 Crore. The loan amount will depend on your joint income i.e. the income of the co-applicant will be considered as well.
You can repay you home loan over up to 30 Years tenure, where minimum loan tenure is 3 Year.
Bandhan Bank allows you to repay your home loan over up to 30 years tenure, where the minimum loan tenure is 3 Years.
When you apply for Bandhan Bank Home Loan, you will have to pay a certain amount known as ‘Margin Money’ to the bank. This will speak for your competency to repay the loan all by yourself. Higher the margin money you can pay, higher the loan you can apply for.
|Loan Amount||Value of the Property||Margin Money|
|Up to Rs. 30 Lacs||90%||10%|
|Above Rs. 30 Lacs to Upto Rs. 75 Lacs||80%||20%|
|Above Rs. 75 Lacs||75%||25%|
As a loan borrower, you have the choice of choosing either a Floating Rate of Interest or Fixed Rate of Interest as per your convenience. The bank will charge a floating rate of interest from a borrower where interest rate will be change by the time depending on the Marginal Cost Lending Rate (MCLR) of Bandhan Bank. In this case, the interest rate will not fall below the MCLR rate.
For all those customers who have availed disbursement or received a sanction prior to March 31, 2016 they can carry on operating on base rate. Existing customers can get in touch with the bank’s customer care department, if they are interested in moving to MCLR.
The interest rate slab for Salaried is as follow –
The interest rate charged from the salaried borrower will be 50 basis points lower than the self-employed borrower.
The borrower will have to pay processing fee of up to 1% of the Loan amount subject to minimum of Rs. 10,000.
For floating rate loans, there are no prepayment charges. Prepayment charge of 2% of outstanding principal/amount prepaid, applicable on Fixed rate loans.
@24 % per annum or 2% per month
You get to transfer your Home Loan to the bandhan bank on the basis of your income. The eligibility for the balance transfer will be decided on the basis of the seasoning and your past track record of existing loan. You can avail 100% top up at home loan rates.
Get additional finance of upto Rs. 50,00,000, where loan tenure same as the outstanding home loan tenure.
You can avail a Top-up Loan for the following requirements:
You cannot avail a Top-up Loan for the following requirements:
An undertaking cum affidavit to be collected from the borrower specifying the end use of the loan and that the loan shall not be used for any speculation, illegal activities, litigation or any other notorious activities
NRI/Resident Indian can avail of Top-Up Loans based on the following conditions:
The interest rate slab is as follows –
Interest calculations on the account will be made on End of Day (EoD) drawing power set for your account minus any additional funds parked in the account. This will lead to savings on the home loan equivalent to the funds parked.
For e.g. You have availed of a loan of Rs. 100 Lacs and you have parked Rs. 2 lacs on an average in the bandhan bank loan account.
The utilized drawing limit in this case will be Rs. 100 lacs minus Rs. 2 lacs i.e. Rs. 98 Lacs. Interest payable at the end of the repayment cycle will be calculated on Rs. 98 Lacs resulting in savings on interest payable on the loan.
Customers who have availed disbursement or received a sanction prior to March 31, 2016 will continue to operate on base rate. Existing customers can get in touch with our customer care, if they wish to switch to MCLR.