Bargain Loan provides you home loans accompanied by highly customized facilities and services for a seamless and pleasurable home-buying experience.
In a market where the basic product is largely similar, the differentiator is our ability to understand the customer’s need completely and structure the eligibility and loan amount appropriately.
- Doorstep service
- Attractive interest rates
- Convenient loan disbursement process
- Simplified documentation
- Insurance options to cover your home loans at attractive premium
- Quicker turnaround time
For loans: Conditions apply: Credit at the sole discretion of the Bank and subject to guidelines issued by RBI from time to time. Bank may engage the services of marketing agents for the purpose of sourcing loan assets.
The financial eligibility depends on an individual’s repayment capacity and is based on the following factors:
- Monthly or annual income
- Source of income
- Savings and credit history
- Work experience
- Number of dependents
- Probability of the individual continuing in the same occupation
Loans can be applied by individuals, either solely or jointly. Owners of the current property, in respect of which the loan is being sought, will have to be co-applicants. However, the co-applicants need not be co-owners of the Property.
Apart from the application form, you will be required to submit the following documents.
- Income proof and banking details
- Age proof and address proof
- Identity proof and Signature Proof
- Proof of educational qualifications
What is the maximum amount I can borrow?
You can borrow up to 90% (upto 80% for loans between Rs. 20-75 Lacs, & 75% for Loans above Rs. 75 Lacs) of the cost of the property in case of Home Loans. However in case of Commercial Loans against Property or Loans against an existing property you can borrow up to 60% of the cost of the property.
How will my loan eligibility be determined?
Your repayment capacity as determined by Bank will help decide how much you can borrow. Repayment capacity takes into consideration factors such as income, age, qualifications, number of dependent’s, spouse’s income, assets, liabilities, savings history and stability and continuity of occupation.
In how many years can I repay the loan amount?
You can opt for a loan period of up to 20 years, which can vary depending on your profile.
Who can be my co-applicant?
If you are an individual – your spouse, your parents, or even your major children can be your co-applicants. The co-owner of a property has to be a co-applicant, but a co-applicant need not be the co-owner of the property.
In how many installments can the loan be disbursed?
The loan will be disbursed in full or in suitable installments taking into account requirement of funds and progress of construction, as assessed by Bargain Loans.
Can I get the benefit of reduced interest rates in the intervening period or during the balance tenure of my loan?
In Floating rate loans, change in Base rate will have direct impact on the interest rate of Home Loan.
When will the loan be disbursed?
You can take the disbursement after credit, technical and legal appraisals of the property have been done, besides execution of relevant documents & deposit of original property documents is required to be completed prior to disbursement. Further, you should have invested your own contribution amount towards the property. ‘Own contribution’ is the difference between the cost of the property and the loan amount.
Does the agreement for sale have to be registered?
Yes, very much so. In many states in India, the agreement for sale between the builder / seller and the purchaser is required by law to be registered. You are advised, in your own interest to lodge the agreement for sale at the office of the Sub-registrar appointed by the State Government under the Indian Registration Act, 1908.
Does the property have to be insured?
Your home is your pride and joy. Don’t let unplanned events take it away. Property insurance will take care of home in case an unforeseen event strikes. Also, we offer Insurance options to cover your Loan Liability. That way, you will be at peace that you and your loved ones will not lose your home.
What kind of security is required?
In most cases, the property itself, bought or intended to be bought, becomes the security till the entire loan is repaid. In some cases additional security such as life insurance policies or Term Deposit receipts of Bargain Loans (if available) can be provided.
Home Loan EMI Calculator
Owning your dream home has never been easier, thanks to the home loans from Bargain Loans. The institution understands the different needs of customers and structures solutions that address these requirements.
Features of Home Loans
- Convenient and simplified documentation procedure for quick approvals
- Attractive interest rates with affordable premiums for insurance options
The basic question for every borrower is how much will the loan cost? The answer is now easily available with an online home loan EMI calculator. With this calculator, you can get an idea on the optimum loan amount you can afford, without facing financial difficulties