Bandhan Bank Home Loan Interest Rates

The current rate of interest for Bandhan Bank Home Loan begins from 9.16% - 13.33% p.a., depending on diversified customer profiles. The final interest rate applicable on Bandhan Bank Home Loans can differ from the aforementioned range as the bank factors in a lot of metrics to devise the right rate of interest on Home Loans for different customers. 

Bandhan Bank provides four types of Home Loans including Bandhan Bank Suraksha Home Loan, Bandhan Bank Sajavat Home Loan, Bandhan Bank Su-awas Home Loan, Bandhan Bank Suvidha Home Loan. 

1. Bandhan Bank Su-awas Micro Home Loan interest rate ranges between 13% and 15% as it is designed to cater to the needs of micro banking borrowers to construct ‘pakka’ or ‘semi-pakka’ houses. 
2. Bandhan Bank Sajavat Home Loan is focused to serve the requirement of borrowers who are looking to renovate and repair their existing homes that includes re-laying of roof/s, painting and plumbing among other renovation services. 
3. Bandhan Bank Suvidha Home Loan is formulated to serve borrowers who don’t possess formal proof of income. For customers who can’t showcase a formal income proof, Bandhan Bank assesses their income on the basis of cash flows over certain intervals to conclude at a reasonable Home Loan amount. Bandhan Bank Suvidha Home Loan can be taken for purchase of a new house, extension of the existing home and construction-related activities. 
4. Bandhan Bank Suraksha Home Loan is the traditional Home Loan offered by Bandhan Bank that requires a proof of income and the Home Loan amount can be utilised either for construction/extension or purchase of a ready-to-move-in house. 

1. The Home Loan interest rate in Bandhan Bank can fluctuate with varied customer profiles.
2. Credit score plays a crucial part in ascertaining the applicable rate of interest on Home Loans.
3. Alongside the credit score, lenders also look for past repayment activities, credit utilisation ratio, ongoing debt obligations, net earnings, the status of employment, age of the applicant and type of property.

1. Bandhan Bank charges an upfront processing fee between 0.25% and 1% of the loan amount excluding GST on Home Loan disbursals. 
2. Valuation report charges are fixed at Rs 2,500, a non-refundable login fee of Rs 3,500 is also applicable, along with an administrative fee of 0.25% to 2% excluding GST. 
3. Bandhan Bank levies a fee equivalent to 4% of outstanding principal and 2% of outstanding principal for prepayment of Home Loans sanctioned at a fixed rate of interest before 12 months and after 12 months, respectively. 
4. There are no prepayment charges for Home Loans under floating rate of interest for all the individual borrowers, whereas a 2% prepayment charge is applicable for all non-individual borrowers. 
5. A penalty fee at a rate of 2% per month or 24% per annum is levied on late payment of EMIs by Bandhan Bank, whereas a technical inspection charge of Rs 1,000 + GST and Rs 1,500 + GST is applicable on local and outstation inspection for all subsequent visits. On top of this, Bandhan Bank home loan demands Rs 2,000 per property for a search report. 

1. Home Loans are highly considered by borrowers as such long-term and big-ticket credit facilities help customers to purchase their houses which fulfils the dual purpose of owning a home and getting a hold of an appreciating real estate asset, in most cases. 
2. Some borrowers with exceptional credit score manage to secure Home Loans at preferential rates of interest, effectively lowering their interest liability and thus the cost of capital that goes into securing a home loan. 
3. Some factors can surely help a borrower to get a home loan at discounted rates as compared to the average rate of interest prevailing on home loans. These special factors include women borrowers, lower age of primary applicant, joint application for a home loan, credit score in the prime range, low credit utilisation ratio, higher income, supreme record of repayments and no history of defaults. 
4. Other elements that can help reduce Home Loan interest rate are higher down payment, applying for Home Loan with floating rate of interest and identifying the best possible repayment timeline for Home Loan. 

Borrowers should always try to get the best deal on Home Loans as they will be obligated to repay higher amounts in interest payments which nearly equates to the principal amount borrowed. The net interest outgo in some cases is even 1.5 times the principal amount if the tenure exceeds 20 years and the rate of interest is more than 8.50%. 

In order to get the best Home Loan offers, customers should always analyse various bank offers to assess which is better for them. MyMoneyMantra provides a holistic experience when it comes to Home Loans as consumers can easily compare Home Loan Products offered by different banks, housing finance companies and NBFCs.