Wish to Own Your Dream Home? Check Your Eligibility to Get a Home Loan in Bangalore


Bangalore is ranked as the 3rd best city in the world to open a start-up owing to its IT-boom. Every year numerous young individuals migrate to Bangalore for jobs and entrepreneurial ventures.

This factor has led to an increase in property prices in Bangalore. The average price/sq. ft. is approximately Rs. 7,000, which makes it one of the costliest cities to live in as well. However, due to the inflated job market and value, individuals in their 20s and 30s can easily avail home loans in Bangalore to purchase a property.


Home loans are secured loans and have lower interest rates compared to unsecured advances. Additionally, government incentives and interest subsidies such as the PMAY make home loans more lucrative for first-time buyers. Several financial institutions in Bangalore offer home loans with competitive rates of interest and high principal upon meeting minimal home loan eligibility criteria.

Eligibility criteria for a home loan in Bangalore

Salaried as well self-employed individuals are eligible to apply for a home loan in Bangalore by fulfilling these following criteria –

For salaried individuals

       The age should be within 23-62 years of age.
       Should have a minimum work experience of 3 years.

For self-employed individuals

       Their age should be in the range of 25-70.
       They should be self-employed for more than 5 years.

Other than these, the common eligibility criteria are

       Their income should be more than Rs. 25,000.
       Should be an Indian citizen.
       His/her credit score should be more than or equal to 750.

The CIBIL score is another eligibility criteria that lenders consider before offering home loans. Applicants with higher credit scores may enjoy lower home loan interest rates. Thereby, a credit score heavily determines your home loan EMIs.

Documentations required for a home loan

  1. Fill the application form, either in person by going to your nearest bank branch of the lender, or you can home loan apply online by filling out the form in your lender’s website.
  1. An applicant will require to submit the following documents –

Identity proof

       PAN Card
       Aadhaar Card
       Driving License
       Voter ID Card
       Passport
       NREGA Job Card for salaried individuals

Address proof

       PAN Card
       Aadhaar Card
       Driving License
       Voter ID Card
       Passport

Income proof

       A salaried applicant will need to submit his/her latest salary slips or Form 16 as proof of income
       A self-employed individual will need to produce his/her profit and loss statements for the last 2 years and bank statements for the 6 months.

They also have to produce business vintage documents, which show that he/she is self-employed for the past 5 years.

  1. Apart from these, every applicant must submit their photograph.
Factors to consider before applying for a home loan in Bangalore

       EMI Amount: You should take into account your cost of living in Bangalore before applying for a home loan. It is wise to calculate your EMI using an online EMI calculator to know precisely how much you will be paying. It can also help you compare between different variables of loan.

       Repayment Tenure: Other than checking the obvious interest rates and high loan amount, you should also look for lenders who provide flexible repayment tenures. It can save you the financial stress and make the repayment more comfortable. However, reputed financial institutions avail tenures on the basis of age. The less your age, the more time you get to repay. Therefore, your 20s are the ideal time for you to avail a home loan.

Upon meeting all these criteria and after considering all the necessary factors, you can easily avail a home loan in Bangalore and build/buy your dream home. Take advantage of part pre-payment and balance transfer to lower your interest burden.

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