Hi,
The property rates in Bangalore are comparatively higher and it is quite difficult to find a perfect home. However, when it comes to the resale type of flats, the rates are relatively lower. Of course, the factors like age of the property, builder/developer’s reputation, facilities and other factors matter. Nevertheless, you can get a 1 BHK flat in Bangalore for resale at any time. As you are looking for properties below 25 lakhs, I would suggest areas like Yelahanka, Sarjapur Road, Hulimavu, Whitefield and so on. The rates in Yelahanka are lower than the other mentioned areas as the area is still developing.
Now speaking about the home loan, you should know that most of the banks will give an 85% amount loan at the maximum. So you should have saved at least 20% before you consider taking a home loan. As your budget is 25 L, you should have at least 5 L savings to buy a flat in Bangalore. Coming to the home loan interest part, there are three options where you can get a loan from:
1. Public Sector Banks like SBI, Bank of India
2. Private Banks like Axis Bank, ICICI Bank
3. NBFCs like Bajaj Finserv
Private banks have an approximate rate of interest between 7.0% to 8.5%. On the other hand, public sector banks have a lower rate of interest between 6.5% to 7.5%. NBFCs have a higher rate of interest 8.0% to 9.0%. People generally prefer 7.0% to 8.0% rate of interest.
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Authors Of The Question
I've some saving, I am looking for basic 1BHK that i can get in resale in Bangalore upto 25 lakhs? Can you give me assistance on home loan and interest rates.
Shashi
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1 Answers
4 Year
2020-09-04T12:17:49+00:00 2020-12-15T11:58:48+00:00Comment
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