Bandhan Bank ‘Suraksha’ home loan: Eligibility, documents and application process

Bandhan bank’s ‘Suraksha’ home loan provides borrowers with a streamlined financing option for selecting, purchasing, constructing or even extending their homes.

With loan amounts covering up to 90% of the entire property’s cost along with flexible and easier repayment options, this particular loan product caters to a broad spectrum of borrowers.

Here is a step by step guide for aspirational home loan borrowers to secure the ‘Suraksha’ home loan provided by the Bandhan bank along with the applicable interest rates, documents required and other essential details:

Step-by-step guide to applying for a 'Suraksha' home loan

1. Eligibility criteria: The first essential step in applying for the ‘Suraksha’ home loan is to check your eligibility. Applicants must be between 21 and 75 years at loan maturity. Further, a stable source of income and a formal income source is mandatory to apply for this loan.
2. Document preparation: Gather all necessary documents such as complete home loan application form with a recent passport size photograph, valid identity document and address proof as per the KYC norms. Then you should also have age proof, income proof (salary slips, most recent ITR etc.) and last six months bank statements. Along with the above, clear details of any existing debts or loans.
3. Calculate the loan requirements: Carefully determine the total loan amount needed. This must be done keeping in mind that Bandhan Bank finances up to 90% of the property’s cost, including both land and construction. For more clarity on this refer to the official website of Bandhan Bank and discuss your concerns with a dedicated customer support executive.
4. Submission of the complete application: Once you are done with the collection of basic documents and are clear about the required eligibility criteria for the loan. Then you should visit the nearest Bandhan Bank branch or apply online through the official website. Submit the properly completed application form along with the required documents.
5. Await for approval and disbursement: Once your properly filled application form is submitted you will be given an acknowledgement by the bank. Post the same you must wait for a few days according to the policies of the bank. The bank will in stipulated time communicate the loan application status. Once cleared the loan amount will be disbursed as per the agreed terms and conditions.

Key features of the 'Suraksha' home loan

• Loan coverage: Up to 90% of the total cost of the property is covered under this loan. For individual case to case basis refer to the designated customer service team.
• Interest rates: Floating rates ranging from 8.66% to 12.83%, determined by the applicant's credit score, past payment history and earlier defaults etc.
• Tenure: The bank provides for a flexible repayment period from 1 to 30 years. This tenure and the corresponding interest rates applicable on a case to case basis will be evaluated by the bank as per the submissions made in the home loan application.
• Purpose: This particular home loan product is developed for purchasing, constructing or extension of residential properties.

Note: The floating rates discussed above are illustrative only. For updated terms and conditions refer to the official website of the bank.

Furthermore, for any more details, clarifications about the application process along with the applicable interest rates visit the official website of Bandhan Bank.

You can also discuss your problems and doubts on an individual basis with a customer service executive of the bank by visiting in person before submitting your home loan application to make the experience seamless.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Loan terms, interest rates, and eligibility criteria are subject to change at the sole discretion of Bandhan Bank. Readers are advised to verify the latest details by visiting the official Bandhan Bank website.