About Bandhan Bank Home Loan
Bandhan Bank headquartered in the city of joy- Kolkata is one of the newest banks in the banking sector. The bank which was inaugurated on August 23, 2015 is one of the first banks which was established in eastern India after independence. Within a span of two years, the bank has set up over 800 branches and 280 ATMs in the country. Though it is one of the youngest kid on the block, but still the bank has a big basket full of products that are well suited to meet the financial requirements of its customers.
Bandhan Bank offers a home loan to interested applicants so that they can buy their own house and live in it. You can now say goodbye to the rented apartment and instead shift to your own house by availing a Bandhan Bank Home Loan. The home loan product can be used to book any property that is under construction, construct a house on a land that is owned by you or buy or renovate/repair a pre-owned house. Affordable and easier finance is now available to the home loan seekers because of Bandhan Bank.
Bandhan Bank Home Loan Features & Benefits
- Simplified documentation
- Flexible repayment mode
- Insurance facility
- Door-step assistance from a relationship manager
- Option of Balance Transfer
Bandhan Bank Home Loan Interest Rates November 2023
| Particulars | Details |
|---|---|
| Interest Rate | 8.65% - 13.00% |
| Loan Amount | Based on your income and repayment capacity |
| Loan Tenure | Upto 15 Years |
| Processing Fee | 1% of the loan amount plus applicable service tax |
| Prepayment Charges | NIL for floating rate loan 2%-4% of principal outstanding in the case of fixed rate loan |
Eligibility
A home loan seeker is required to meet the eligibility criteria set by Bandhan Bank so as to successfully avail a home loan. The norms of eligibility have been given below
- A salaried employee or a self-employed non-professional or a self-employed professional is eligible to apply for a home loan from Bandhan Bank.
- The applicant must be at least 23 years of age while applying for a loan. This clearly means he/she must have attained the age of 23 years when the loan is applied for.
- The age of loan maturity is 65 years. This means the loan has to be fully repaid by the age of 65 years or the retirement age, whichever age is earlier.
Documents Required
The list of important documents required to avail a home loan from Bandhan Bank has been given below.
- Completely filled application form
- Identity Proof- PAN Card/ Passport/ Driving License/ Voter ID Card/ Aadhaar Card
- Address Proof-Utility Bill/ Rent and Lease agreement/ Passport/ Voter ID Card/ Aadhaar Card
- Income Proof-(For Salaried)- Salary slips of the last three months, Form 16 for the last two financial years.(For Self-employed)-Audited Balance Sheet and Profit & Loss Account Statement for the past three years and Income tax returns for the past three years
- Signature Verification Proof-PAN Card/Passport/Driving License
- Property Documents Like Cost Estimation, Property Allotment Copy, Property Map, Complete Property Chain, etc
- Processing Fee Cheque
- Business Establishment Proof-Utility Bills of Shops & Establishments
Bandhan Bank Home Loan EMI Calculator
Before availing a home loan, one must take into the account the EMI he/she will be paying to the bank every month. It is very important to consider the EMI aspect because it can make or break your loan journey. Calculating the monthly EMI amount is all easy thanks to this magical tool. You have to do nothing but enter the loan amount, rate of interest and tenure period. Within few seconds you will receive information relating to your EMI amount and total interest payable. Let’s make things crystal clear for you with the help of an example.
Suppose Srishti Singh, a school teacher in Lucknow wants to buy a home of her dreams. She approaches Bandhan Bank for a home loan of Rs. 20 Lakhs. The bank carefully examines whether she is eligible for the loan or not. After checking her repayment capacity, the bank offers her the same loan amount at an interest rate of 10.50% for a tenure of ten years. Srishti can make maximum use of this calculator to know about the EMI amount and thus have a stress free home loan journey.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
| Loan Amount | Interest Rate | Tenure | Monthly Instalment | Total Interest Amount | Total Amount |
|---|---|---|---|---|---|
| ₹ 20,00,000 | 10.50% | 1 | ₹ 1,76,297 | ₹ 1,15,566 | ₹ 21,15,566 |
| ₹ 20,00,000 | 10.50% | 2 | ₹ 92,752 | ₹ 2,26,050 | ₹ 22,26,050 |
| ₹ 20,00,000 | 10.50% | 3 | ₹ 65,005 | ₹ 3,40,176 | ₹ 23,40,176 |
| ₹ 20,00,000 | 10.50% | 4 | ₹ 51,207 | ₹ 4,57,924 | ₹ 24,57,924 |
| ₹ 20,00,000 | 10.50% | 5 | ₹ 42,988 | ₹ 5,79,268 | ₹ 25,79,268 |
| ₹ 20,00,000 | 10.50% | 6 | ₹ 37,558 | ₹ 7,04,172 | ₹ 27,04,172 |
| ₹ 20,00,000 | 10.50% | 7 | ₹ 33,721 | ₹ 8,32,593 | ₹ 28,32,593 |
| ₹ 20,00,000 | 10.50% | 8 | ₹ 30,880 | ₹ 9,64,483 | ₹ 29,64,483 |
| ₹ 20,00,000 | 10.50% | 9 | ₹ 28,702 | ₹ 10,99,786 | ₹ 30,99,786 |
| ₹ 20,00,000 | 10.50% | 10 | ₹ 26,987 | ₹ 12,38,440 | ₹ 32,38,440 |
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 1,19,485 | ₹ 2,04,358 | ₹ 18,80,514 |
| 2 | ₹ 1,32,653 | ₹ 1,91,191 | ₹ 17,47,860 |
| 3 | ₹ 1,47,272 | ₹ 1,76,572 | ₹ 16,00,588 |
| 4 | ₹ 1,63,502 | ₹ 1,60,342 | ₹ 14,37,086 |
| 5 | ₹ 1,81,520 | ₹ 1,42,323 | ₹ 12,55,565 |
| 6 | ₹ 2,01,524 | ₹ 1,22,319 | ₹ 10,54,040 |
| 7 | ₹ 2,23,733 | ₹ 1,00,110 | ₹ 8,30,306 |
| 8 | ₹ 2,48,389 | ₹ 75,454 | ₹ 5,81,916 |
| 9 | ₹ 2,75,763 | ₹ 48,081 | ₹ 3,06,153 |
| 10 | ₹ 3,06,387 | ₹ 17,691 | ₹ 0 |