Home Loan in Mangalore
Looking for the best home loan in Mangalore? Compare offers from top banks with low-interest rates, easy eligibility, and flexible EMI options. Secure affordable home financing and make your dream home a reality. Apply now for fast approval and smooth processing with minimal paperwork in Mangalore!
Mangalore, a thriving coastal city in Karnataka, is renowned for its rich cultural heritage, serene beaches, and burgeoning real estate market. As more people aspire to own property in this vibrant city. A home loan in Mangalore is a great chance to own the property you want without using up your savings. Many trusted lenders provide competitive rates, and you can pick financing options that work best for you.
Most lenders will fund up to 80% of your property’s value. The interest rates begin from 7.35% p.a. Major banks and housing finance companies let you repay over 30 years, which helps keep your EMIs budget-friendly.
Getting a home loan comes with several benefits:
- Affordable Interest Rates: Leading banks and financial institutions offer competitive interest rates tailored to your needs.
- Flexible Repayment Options: Choose from a variety of tenure options, ranging from 5 to 30 years.
- High Loan Amounts: Finance up to 90% of your property’s value, depending on your eligibility.
- Tax Benefits: Enjoy tax deductions on principal repayment and interest under Sections 80C and 24(b) of the Income Tax Act.
Home Loan Interest Rate in Mangalore
Knowledge of interest rates plays a vital role for anyone seeking a home loan in Mangalore. Banks/NBFCs are offering competitive rates that range from 7.35% p.a. to 12% p.a., and this makes it the right time to finance your dream home.
The current interest rates from major home loan providers in Mangalore look like this:
| Lender | Home Loan Interest Rates In Mangalore | Processing Fees & Charges | Maximum Loan Amount | Maximum Loan Tenure |
| Aavas Financier Limited Home Loan | 8% | 2% | – | 30 Years |
| Aditya Birla Capital Home Loan | 9% – 12.50% | 1% | 10 Crores | 30 Years |
| Andhra Bank Home Loan | 8.15% – 9.20% | 0.50% or ₹15000 + GST (whichever is lower) | – | 30 Years |
| Axis Bank Home Loan | 8.75% – 14% | 1% | 10 Crores | 30 Years |
| Bank of Baroda Home Loan | 8.50% – 10.60% | 0.25%- 0.50% | 10 Crores | 30 Years |
| Bank of India Home Loan | 7.80% – 9.65% | – | 7.50 Crores | 30 Years |
| Bank of Maharashtra Home Loan | 8.40% | 0.25% or 25,000 (whichever is lower) | 1 Crore | 30 Years |
| Canara Bank Home Loan | 8.85%- 11.25% | ₹1,500 – ₹10,000 | 3 Crores | 30 Years |
| Central Bank of India Home Loan | 8.45% – 9.20% | 0.50% or ₹20,000 + GST (whichever of lower) | 75 Lakhs | 30 Years |
| DBS Home Loan | 8.25% – 9.75% | – | 5 Crores | 25 Years |
| Dena Bank Home Loan | 8.25% – 8.35% | 0.50% | 1.5 Crores | 30 Years |
| Dhanalakshmi Bank Home Loan | 7.2% | 1% or ₹10,00 + GST (whichever is higher) | 1 Crore | 30 Years |
| DHFL Home Loan | 8.75% | – | 5 Crore | 30 Years |
| Federal Bank Home Loan | 10.15% – 10.30% | – | 15 Crores | 30 Years |
| HDFC Ltd. Home Loan | 8.50% – 9.60% | 0.50% or ₹3000 (whichever is higher) | 10 Crores | 30 Years |
| IDBI Bank Home Loan | 8.75% – 11.45% | – | 10 Crore | 30 Years |
| IDFC First Bank Home Loan | 8% – 14% | 3% | 10 Crores | 30 Years |
| Indiabulls Home Loan | 8.75% | 1% | 2 Crores | 30 Years |
| Indian Overseas Bank Home Loan | 9.55% | – | – | 30 Years |
| India Shelter Finance Corporation Home Loan | 13% – 20% | 2% – 3% + GST | 50 Lakhs | 20 Years |
| Jammu and Kashmir Bank Home Loan | 8% | 0.25% + GST | 50 Lakhs | 30 Years |
| Karnataka Bank Home Loan | 9.08% – 10.38% | 0.50% – 2% | 5 Crores | 30 Years |
| Karur Vysya Bank Home Loan | 9.23% – 12.13% | ₹2500 – ₹7500 + GST | – | 25 Years |
| Kotak Mahindra Bank Home Loan | 8.85% – 9.40% | 0.50% | 10 Crores | 20 Years |
| LIC HFL Home Loan | 8.70% | 0.30% onwards | 10 Crores | 30 Years |
| PNB Housing Home Loan | 8.50% – 10.85% | – | 2 Crores | 30 Years |
| Reliance Home Finance Limited Home Loan | 9.35% – 13% | 0.50% – 1.50% | – | 20 Years |
| South Indian Bank Home Loan | 7.95% – 9.60% | 0.50% + GST | 15 Crores | 30 Years |
| State Bank of India Home Loan | 9.55% | ₹2000 – ₹10000 + GST | 5 Crores | 30 Years |
| Sundaram Home Finance Ltd Home Loan | 6.95% – 8.30% | 0.50% | 4 Crores | 25 Years |
| Tamilnad Mercantile Bank Home Loan | 9.10% – 9.60% | 0.50% | 5 Crores | 30 Years |
| Tata Capital Limited Home Loan | 8.95% | 2% | 5 Crores | 30 Years |
| Union Bank Home Loan | 8.75% | 0.50% or ₹15000 + GST (whichever is lower) | – | 30 Years |
| Yes Bank Home Loan | 9.15% – 11.25% | 1.5% – ₹10000 (whichever is higher) | 10 crores | 35 Years |
The interest rates come in two varieties:
- Fixed Interest Rate: Your EMIs stay the same throughout the loan tenure, which helps in planning your finances better
- Floating Interest Rate: Market conditions determine the rates, which usually start 100-200 basis points lower than fixed rates
Your home loan interest rate depends on several key factors:
- Credit Score: Better rates are available with scores above 750
- Down Payment: A larger down payment can get you lower interest rates
- Loan-to-Value (LTV) Ratio: Better rates become possible with a lower LTV
- Employment Status: A stable career history helps you negotiate better terms
The best rates are within reach if you make a larger down payment. This reduces your loan amount and shows lenders you’re a lower risk. Adding a financially strong co-applicant to your application can boost your chances too.
Note that small differences in interest rates can affect your total loan cost by a lot over the standard 30-year maximum tenure. Spend time comparing different lenders’ offers and use your financial strengths to negotiate better terms.
Eligibility Criteria for Home Loans in Mangalore
Planning to get a home loan in Mangalore? The first thing you need to know is if you qualify. Let’s look at what banks and housing finance companies check when they review your application.
Here’s a complete breakdown of eligibility criteria based on your employment status:
| Category | Age Requirement | Experience Required |
| Salaried | 21-75 years | Minimum 3 years |
| Self-employed | 23-70 years | Business vintage of 3 years |
These simple eligibility requirements apply to you:
- Indian citizenship (including NRI status if you have a salary)
- Minimum monthly income of ₹20,000
- CIBIL score of 750 or above to get the best rates
- Stable employment or business record
You’ll need these documents to get approved:
- Identity proof (passport, Aadhaar card, or driving license)
- Address proof (utility bills, passport)
- Income documents:
- Salaried: Last 3 months’ salary slips, Form 16
- Self-employed: IT returns, bank statements for 6 months
Your home loan provider in mangalore will check your property documents, including the sale agreement and title deed. Banks typically offer 75-80% of the property value based on your income.
Want better chances of approval? Keep your credit score above 750 – this helps you get approved faster and secure better interest rates. Adding a co-applicant can boost your loan eligibility too.
Note that different lenders might have slightly different requirements. Having all your documents ready and maintaining good financial health will make your loan application process smoother.
How to Apply for a Home Loan in Mangalore
Getting a home loan in Mangalore has become easier with online and offline options available. Banks and housing finance companies have simplified their processes to help you get financing quickly.
This guide explains how to apply for a home loan in Mangalore:
- Research and Compare: Compare interest rates, processing fees, and other charges.
- Document Preparation: Gather all required paperwork before starting your application
- Application Submission: Apply through the lender’s website or visit their branch
- Original Assessment: The bank reviews your application and checks your eligibility
- Property Evaluation: Technical and legal verification of your chosen property
- Final Approval: Receive and review your loan offer letter
- Loan Agreement: Sign the necessary documents and complete the registration process
Your home loan provider in Mangalore needs these documents:
| Document Type | Salaried | Self-Employed |
| Identity Proof | Aadhaar, PAN, Passport | Aadhaar, PAN, Passport |
| Income Proof | 3 months’ salary slips | 3 years’ ITR |
| Bank Statements | Last 6 months | Last 6 months [174] |
| Property Papers | Sale agreement, title deeds | Sale agreement, title deeds |
Most lenders provide digital platforms to make applications convenient. SBI’s network of 25,000+ branches gives you both online and offline options. You can expect processing to take 1-2 weeks after submitting all documents.
Clear communication with your lender and keeping extra documents ready will make the process smoother. Banks usually assign a dedicated representative to guide you and answer your questions.
Take time to read the loan agreement before signing it. Your home loan provider in Mangalore will help you complete the property registration and loan documentation efficiently.
Tax Benefits On Home Loan Rates In Mangalore
A home loan in Mangalore offers valuable tax advantages that help reduce your overall financial burden. You can save money each year through smart tax planning while building your dream home.
Here’s a detailed overview of tax benefits available on your home loan:
| Tax Section | Component | Maximum Deduction |
| Section 24(b) | Interest Payment | ₹2 lakh |
| Section 80C | Principal Repayment | ₹1.5 lakh |
| Section 80EE | Additional Interest | ₹50,000 |
| Section 80EEA | Affordable Housing | ₹1.5 lakh |
You can maximize your tax benefits by:
- Maintaining property ownership for at least 5 years
- Completing construction within 5 years of loan disbursement
- Keeping all loan-related documents ready for tax filing
Joint home loans allow both co-applicants to claim deductions separately, which doubles the tax benefits. First-time homebuyers can get extra benefits under Section 80EE if their loan amount stays below ₹35 lakh and property value under ₹50 lakh.
The pre-construction interest benefits can be spread across five equal installments starting from the completion year. Your home loan provider in mangalore will give you an annual interest certificate to claim these deductions accurately.
Note that selling your property within five years of possession means the tax benefits claimed on principal repayment will add to your taxable income. Let-out properties have no maximum limit on interest deduction, which creates more tax-saving opportunities.
