• Phone
    Customer care hotline 1800 10 888
Explore all Credit Cards
Premium Metal
0% Forex & Travel
Lifetime Free
10X Rewards
UPI Cards
Fuel & Utility
Showstopper
Credit Builder
More
Customer Support
Explore NRI Banking
NRI Savings Account
NRI Fixed Deposit
FOREX Solutions
Transfer to NRE
Markets & Beyond
Customer Support
Explore Startup Solutions
Explore Corporate Banking
Corporate Account
Cash Management Services
Supply Chain Finance
Corporate Lending
Treasury
NBFC Financing
Customer Support
BRAVO (Auto Sweep)
Explore Business Banking
MSME Accounts
Trade Services
MSME Loan
MSME Solutions
Debit Card
Offers
Customer Support
Explore Gift City
About Us
Investors
Careers
ESG

FOLLOW US ON :

Download Now

  • App Store
  • Google Play

Notifications

  • As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on 1800 10 888 or visit the nearest IDFC FIRST Bank branch for further queries.

  • Activate your Credit Card within minutes and enjoy unlimited benefits

    Know More

  • One FASTag, three payments:Toll, fuel and parking

    The only FASTag with triple benefits

    Apply Now
Apply Now
Apply Now

Home Loans in Bangalore

Mumbai might be the costliest city in India, but Bangalore is fast catching up. The IT hub of the country attracts many people. Many of them choose to settle in Bangalore permanently because of the standard of living and job opportunities on offer.

However, with the increasing population, the cost of living in Bangalore has significantly increased in the last few years. Rent is the biggest expense, although you can avoid it by buying a house through a home loan in Bangalore. Home loans have become common in the city, as they are easily available and help add an asset to your portfolio.

You can avail of an affordable home loan from IDFC FIRST Bank. Apply today!

Loans for self-employed and salaried individuals

Loan amounts varying from ₹1 lakh to ₹5 crores with affordable interest rate

Hassle-free online process, leading to a shorter turnaround time

Flexible payback period

Minimal processing fees and other charges to help you save more

Wide range of product variants to suit your specific requirement

Specialised insurance products to go along with your home loan

An integrated branch network across India that helps service your home loan applications

BT surrogate programs from certain banks help in waiving off legal charges

A comprehensive evaluation of home loan eligibility by considering reimbursements, rentals, bonuses, and much more

Benefits of applying for a home loan in Bangalore

You can avail yourself of countless benefits by applying for a home loan in Bangalore. Here are a few of them:

No prepayment penalties on floating rate individual home loans

No prepayment penalties on floating rate individual home loans

Under the Pradhan Mantri Awas Yojana (PMAY), you can get an interest subsidy of up to ₹2.67 lakh on your house loan

Under the Pradhan Mantri Awas Yojana (PMAY), you can get an interest subsidy of up to ₹2.67 lakh on your house loan

Many pre-approved real estate projects are on offer

Many pre-approved real estate projects are on offer

Reduced interest rates and minimal paperwork

Reduced interest rates and minimal paperwork

There are options for transferring funds and topping up your account

There are options for transferring funds and topping up your account

Sections 24(b) and 80C of the Income Tax Act of 1961 provide tax benefits on home loan principal and interest amounts

Sections 24(b) and 80C of the Income Tax Act of 1961 provide tax benefits on home loan principal and interest amounts

ELIGIBILITY

Who can apply?

The home loan eligibility criteria for those residing in Bangalore and applying to IDFC FIRST Bank are:

For Self-Employed Individuals:

  • Must be Indian
  • Must be between 23-70 years of age
  • Minimum four years of business continuity
  • Minimum annual income of ₹1.5 lakh

For Salaried Individuals:

  • Must be Indian
  • Must be between 21-60 years of age
  • Minimum experience of three years
  • Minimum annual salary of ₹1 lakh

Documentation:

Documents required for a home loan in Bangalore:

  • Valid identity proof
  • Valid address proof
  • Valid income proof
  • Property proof
  • Business proof (for self-employed individuals)

eligibility img alt



How to calculate your home loan EMI


A home loan can be calculated by employing the following formula:

Home loan EMI calculator = [P x R x (1+R) ^ N]/[(1+R) ^ N-1]

Where: E is the EMI charged, P is the principal or mortgage amount, R stands for monthly interest rate (annual interest rate divided by 12 to get monthly interest rate), and N represents monthly instalment or mortgage term in months.

The formula for calculating a home loan can be complex. Hence, most banks offer a home loan EMI calculator. Using the principal amount, the interest rate, and the tenure, you can get the accurate EMI amount using the online calculator. Simply enter the variables, and you will get the EMI amount instantly.

Minimum salary to apply for a home loan in Bangalore


To apply for a home loan in Bangalore, an individual needs to have a minimum annual salary of ₹1 lakh. This parameter ensures the person can repay the loan amount with interest, while also maintaining a decent standard of living. A salaried individual needs to be working at the same place for at least two years to get a home loan. It is to prove that he/she has job security and will maintain a steady flow of income. 

Interest rate and charges in Bangalore for a home loan


Home loan interest rates in Bangalore can range from 8.85% to 10.50%. Most banks, however, offer interest on the higher end of the spectrum. Only a few banks offer a home loan in Bangalore for under 9.50%. One of the premier banks offering a low home loan rate of interest in Bangalore, along with a slew of other benefits, is IDFC FIRST Bank. With IDFC FIRST Bank, you can get a home loan with an interest rate of only 8.85% and a tenure stretching up to 360 months.

If you apply for a home loan from IDFC FIRST Bank, you must pay processing fees of up to 3% of the loan amount. Other charges include EMI bounce charges, copies of documents charges, and loan rescheduling charges.

How to apply for a home loan in Bangalore?

If you wish to apply for a home loan in Bangalore from IDFC FIRST Bank, you can complete the process from the comfort of your home.

Step 1

Go to home loan section

Step 2

Click ‘Apply Now’

Step 3

Enter your mobile number and agree to the Terms and Conditions

Step 4

Once you click ‘Verify,’ an OTP will be sent to your registered number

Step 5

Enter the mobile and hit ‘Next’

Step 6

Provide your other details, such as your first name, last name, email address, city, and so on

Step 7

Click ‘Continue’ when you are done

FREQUENTLY ASKED QUESTIONS

What is the lowest interest rate on a home loan in Bangalore?

The lowest interest rate available for a home loan in Bangalore is 8.85%. Few banks offer an interest rate under 9.50%. One of them is IDFC FIRST Bank, which offers an interest rate of 8.85% onwards.

What is the maximum housing loan in Bangalore that I can get?

The home loan amount at IDFC FIRST Bank varies from ₹1 lakh to ₹5 crores. Factors such as your income and credit score determine the amount.

How to apply online for a home loan in Bangalore?

You can complete the home loan application process online if you wish to apply for a home loan in Bangalore at IDFC FIRST Bank. Head to the home loan section. You will see a button at the top of the page that says ‘Apply Now.’ Click on the button, and you will be asked for your mobile number. Verify it using an OTP.

Once through it, you must enter your first name, last name, city, and other details. You can, similarly, apply for a home loan on the IDFC FIRST Bank mobile app as well. Download the application, sign in using your details, and begin applying for a home loan.

What is the minimum salary for a home loan in Bangalore?

The minimum annual salary needed to get a home loan in Bangalore is ₹1 lakh.

Get in touch with us

Compliment

Add a note of appreciation
Customer Support

Customer Support
Locate Our Branch

Locate our branch