Home Loan for B Khata Property in Bangalore
Most of the main bank does not approve a home loan for B khata properties in Bangalore. However, there are several private financial institutes offer B khata loans, but the right approach is mandatory to avail the home loan. You must always take help from an experienced home loan expert for filing your home loan application for B Khata Property.
In today’s market, B Khata loan has the low-interest rates when comparing with the existing home loans. B Khata loans can able availed from a minimum of 5 L to 25 Cr against the B khata property or constructing B khata site.
Home Loan experts offer a wide variety of assistance when it comes to availing of B Khata Home Loans which many refuse to do. The experts are well aware of institutes offering B Khata loans for low-interest rates and guide you with all valid assistance along with essential documents.
Why use us for your Home Loan requirements?
If you’re looking for a Home Loan but don’t know where to start, there is no need to worry. Many people find Home Loans totally confusing and it’s not surprising given that there are thousands of deals to choose from like Home Loan for Flats / Apartment, Home Loan for Plot Purchase, Home Loan for Construction, Home Loan Balance Transfer, Home Loan Top-up. What’s more the ‘fear factor’ is compounded by the fact you are talking about borrowing a lot of money so it’s important to get the decision right.
However, in actual fact, Home Loans aren’t that complicated. Here we look at the basic things to think about when comparing products so you’re more confident about working out which is the best Home Loan for you.
What is a Home Loan?
A Home Loan is just a specific type of loan that is given to buy the property. Given the size of the loan, it is secured against your home to protect the Bank giving it the right to repossess the property if you can’t keep up with your monthly repayments.
Home Loan Processing fees
Most Home Loan provider banks charge home loan processing fee, which can vary from Rs. 5000/- up to 1% of the loan amount. But you don’t worry our loan experts will get you the maximum possible discount on processing fees or even try to make it ZERO.
Also bear in mind that these processing fee costs can sometimes comprise of two fees. An increasing number of lenders charge a non-refundable processing fee which is effectively a loan application fee. You won’t get back this back if you end up not taking the Home Loan and even loan application rejection due to a low Cibil score, Loan to Value ration, or your financial eligibility.
The second type of fee, is a processing fee which you pay on completion of the Home Loan so you won’t have to pay it if, for any reason, you don’t take the Home Loan.
There are banks that charge legal and technical valuation fees in addition to processing fees.
Remember to always include these cost, as even if a lender is offering a seemingly unbeatable rate, higher fees could mean that it actually works out to be more cost-effective to opt for a higher rate of another bank, but with a much lower fee, or no fee at all.
It will all depend on how much you are looking to borrow. A high fee is often worth paying in order to secure a low-interest rate if you are applying for a large Home Loan. But those with smaller Home Loans
How much can I borrow?
Get a quick estimate on how much you may be able to borrow based on your current income and existing financial commitments. You have to fill the above form to get your home loan eligibility calculated. You can also check your estimated home loan eligibility using our home loan eligibility calculator.
The bank disburses your home loan as per the following terms and conditions:-
- 90% of Property Value if Home Loan amount is less than 30 Lakh
- 80% of Property Value if Home Loan amount is less than 30 Lakh but less than75 Lakh
- 75% of Property Value if Home Loan amount is more than 75 Lakh.
could be better off opting for a higher rate and lower fee.
Can I Buy Property on Joint Name
Yes you can buy property in joint name but both owners has to be a first family member and will have to be loan applicant and their credit score will be considered while processing your Loan Application. In addition to credit score, their financial eligibility will also be calculated to offer them the financial sanction against their monthly income.
Cibil Score for Loan Approval
Banks offer Home Loan based on your current property Valuation and your financial eligibility. In addition to this, Banks will also check your cibil score and it has to be more than 650. In case you don’t have any idea about your current cibil score, connect with us Our team is ready to help you.
What else you need to consider when looking for a Home Loan?
Home Loan term: Most people opt for a 25-year term when they take their first Home Loan out. However, you can go for a longer or shorter period of time. If you go for a longer-term, your repayments will be lower but it will take you longer to pay off your home loan & you will be paying more interest on home loan as compared to a shorter period. The shorter the term, the sooner you’ll be Home Loan free. So go for the shortest term if you can pay home loan EMI comfortably.
And when you opt for Home Loan Balance transfer, remember to reduce the term on the new home loan that you apply for. For example, if you transfer your existing home loan to another bank just to avail lowest interest rate offer. You should keep your instalment amount same as current EMI, this will help you reduce your loan term and you will be saving number of EMI and interest outgo.
Home Loan Part-Payment and Foreclosure Fees
As of today, many Home Loan provides does not charge any part-payment and foreclosure fees on home loan running on floating rate of interest.
But, banks are allowed to charges part-payment and foreclosure charges on home loan running on the fixed rate of interest and home loan availed by any company or firm.
For example, if you have a home loan running on floating rate and you decide to pay off the entire outstanding amount of Rs. 34,50,000/-. Given this bank will not charge any pre-payment penalty but you will have to pay interest till realization of your payment. In another case of fixed home loan interest, you will have to pay up to 2% of the outstanding amount i.e. Rs. 69000/-.
How to find the best deal
Finding the right Home Loan to suit your needs can be a challenge, especially with so many different offers available.
This is where Home Loan DSA can help. Our Home Loan comparison service covers the entire market, and, once you’ve answered a few simple questions, it can help search a better product as per your requirement. Our team will do all the leg work for you and get you the best possible deals to meet your home loan requirement.
If you need independent advice, then we have very experienced Home Loan advisors who can talk you through the range of available options, and help you through the application process once you’ve decided on the best Home Loan for you.
You can book a call back here
Calculate Your Loan Eligibility
We suggest you must get your home loan eligibility checked. You may also apply for a pre approved loan before property search. This will put you in a stronger position as a buyer. Bank will also assess valuation of the property you choose, to ensure they feel the price agreed is in line with the market value.
