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Who Can Apply For Bandhan Bank Home Loan And Get Lowest Interest Rate?

Even though not many people prefer a private lender for their home loan, Bandhan Bank is no doubt a good option. With so much fund lending capacity, the bank is capable of lending high funds to a housing loan borrower.

If you are ok with trying a new lender, Bandhan Bank has good things to offer. The eligibility for the loan is also easy which makes it accessible to many people.

Talking about the interest rate, just like any other lender, Bandhan bank home loan interest rates are also calculated by keeping into account many factors such as the income, age, CIBIL score, documents and employer category of the applicant. There is an option to choose a co-applicant as well who can maybe share the burden of EMI with the main borrower. To know more about Bandhan Bank home loan, you may read this article.

Bandhan Bank Home Loan Interest Rate

The bank has recently increased its MCLR and since home loans are linked with it, the rates have also increased. The present interest rate for Bandhan Bank home loan is 10.38% which is equal to 1 year MCLR of the bank.

Purposes for which you can take Bandhan Bank Home Loan

The housing loan offered by Bandhan Bank is a multi-purpose loan which means you can not only buy a new house with it, but can also do the following things with the approved loan amount:

  • Purchase of new/resale residential property
  • Self-construction on own land
  • Repair and renovation loan
  • Top up loan
  • Balance transfer loan
  • Extension of property loan

Features of Bandhan Bank Home Loan

The simple yet effective features of Bandhan Bank home loan are mentioned below:

  • Easy documentation
  • Flexible repayment mode
  • Insurance facility
  • Doorstep assistance from a relationship manager
  • An option of Balance Transfer

Processing fee on Bandhan Bank Home Loan

At present, the bank is charging a processing fee of 1% of the loan amount plus GST which is 18% of the total processing fee. A home loan borrower would have to pay this money from the disbursal amount. The final amount you will get to use will be the remaining amount after the deduction of the processing fee and other charges such as stamp duty. These are one-time charges which are to be paid at the beginning itself. Other charges related to a home loan offered by Bandhan Bank are as follows:

Other charges related to Bandhan Bank Home Loan

Other than the processing fee which has to be paid from the disbursed loan amount, if you take a home loan from any lender be it a Bandhan Bank, you pay the following charges:

  • Administrative fee: You have to pay this fee when you accept the offer letter of the loan provider.
  • Legal charges: Legal expenses incurred for getting your property documents scrutinized by lawyers of the bank.
  • Technical charges: A charge to meet expenses on technical site visits to your property.
  • Personal guarantee form charges: You might have to provide a personal guarantee.
  • Cheque bounce charges: If the cheque you wrote out to pay your home loan installment gets bounced, you will have to pay a penalty.
  • Delayed payment charges: If you delay making a payment beyond the due date, some finance firms will penalize you for that.

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