Bandhan bank acquired GRUH finance on October 17, 2019 to extend its geographical diversification in the field of banking products and services. The prevailing shareholding of NOFHC within the Bank are going to be brought right down to 61% (approx.). Therefore, Post-merger Bandhan bank finance home loan in the name of Bandhan bank GRUH home loans
The purpose of providing housing loan is to:
- Purchase or construction of house/flat
- Repairs/ improvements/ extension of the existing residential property.
- Purchase of Plot and construction of house thereon
Eligibility for availment of loan
- A salaried individual or a professional/non-professional self-employed is eligible to apply for a home loan from Bandhan bank
- Minimum age of an individual should be 23 years whereas maximum age should be 65 years
- Loan has to be fully paid by the age of 65 years or the retirement age whichever is earlier
Basic details for Bandhan Bank Housing loan
- Minimum net monthly salary of an individual should be Rs. 25,000/-
- Processing fee is 1% of loan amount subject to minimum of Rs. 5,000/-
- There are no pre-payment charges
- Maximum tenure for repayment is 20 years depending upon the profile of borrower
- Similarly, maximum tenure for repayment loan against property is 15 years depending upon the profile of borrower
- Quantum of loan finance is 4 times of annual salary
- Margin is in the range of 10% to 25% depending upon the eligibility of the customer
- There is also a scheme of loan against the property. Individual can avail the loan up to 60% of their cost of residential property
- Rate of Interest for Bandhan Bank housing loan is in between 12.41% p.a. to 13.44% p.a.
Types of Bandhan Bank Gruh Home Loans
- Suraksha- Loan is provided to individuals having income proof like salary slips with PF deductions or Income Tax Return of at least last 2 years and likewise to individuals having formal income source only. Margin money is 10%/20%/25% is charged subject to eligibility of customers
- Suvidha- Loan is provided to individuals who is not having formal income proof like salary slips with PF deductions or Income Tax Return and likewise. Loan is provided on the basis of detailed field investigation and assessment
- Loan against Property- Loan is provided where an individual can avail loan up to 60% of the value of residential property or 50% of the value of commercial property for the purpose such as education, medical, marriage, etc.
Rate of Interest for Bandhan Bank Gruh Home Loan
| Types of Home Loan | Rate of Interest |
| Suraksha | 8.75%-12.00% |
| Suvidha | 9.00%-12.75% |
| Sajavat | 9.50%-12.00% |
| Samruddhi | 12.00%-14.50% |
| Mortgage-Housing i.e. Loan against Property | 10.00%-13.50% |
Documents Required for Bandhan Bank Home Loan
Documents for salaried individuals
- Filled up loan application form along with 2 passport size photo
- Income Tax Return of atleat last 2 years
- Identity Proof such as Passport/ Driving Licence/ Voter ID/ PAN
- Residential Address Proof such as Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
- Income Documents such as 6 months’ payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit
- Property Documents such as Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension
Documents for self employed
- Filled up loan application form along with 2 passport size photo
- Identity Proof such as Passport/ Driving License/ Voter ID/ PANResidential
- Address Proof such as Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport
- Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile
- Property Documents such as Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension
That’s all for Bandhan Bank Gruh Home loan basic details such as eligibility, interest rates and document required for availment of loan. Hope you have received a clear-cut idea regarding this. Thanks for visiting us !