Home Loans in Kolkata
The joyful city of West Bengal, Kolkata, is one of the safest cities in India, so why won't anyone prefer buying a home here? Aspiring home buyers can easily apply for a home loan in Kolkata and make their dreams come true with the help of several established financial institutions. Home loan Kolkata rate of interest starts at 8.50% per annum. To repay the loan amount, an applicant can get a maximum of 30 years from the top lending banks and housing finance Kolkata companies. Applicants may need to pay a processing fee for a home loan ranging between 0.25% - 0.50% on the loan amount for each such application.
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Home Loan Interest Rates in Kolkata
The best home loan rates Kolkata start at 8.50% per annum. However, remember that home loan rates in Kolkata may vary for different banks and NBFCs and might fluctuate as per the RBI's current repo rate. Some banks also offer concessional interest rates on housing loan schemes for women borrowers.
| BASIC Bank/NBFC Partner | Name | Max Tenure (in years) | Rate of Interest | Processing Fees (INR) | Contact |
|---|---|---|---|---|---|
|
LIC HFC | 30 | 8.50% | Up to 0.25% (Rs. 25,000 max) | Enquire |
|
Tata Capital Ltd. | 30 | 8.95% - 12.00% | Up to 0.25% (Rs. 3,540 max) | Enquire |
|
HDFC Bank | 30 | 8.65% - 9.85% | Up to 0.25% (Rs. 3,540 min) | Enquire |
|
ICICI Bank | 30 | 8.75% onwards | 0.50% - 2.00% of the loan amount | Enquire |
|
PNB Housing | 30 | 8.75% - 11.45% | Up to 0.50% (Rs. 10,000 max) | Enquire |
|
Karur Vysya Bank | 30 | 9.23% onwards | Rs. 2,500 - Rs. 7,500 | Enquire |
|
Indian Overseas Bank | 30 | 9.35% | Up to 0.50% of the loan amount | Enquire |
|
Cholamandalam Housing Finance | 30 | 9.00% - 20% | Rs. 5,000 + GST | Enquire |
|
Aavas Financiers Ltd | 25 | 13.00% - 17.00% | Min 1.00% | Enquire |
Eligibility Criteria for Home Loans in Kolkata
When applying for a housing loan scheme in Kolkata, all lenders have a predetermined set of eligibility criteria. These are not hard-to-follow eligibility conditions but simple requirements like age limit, nationality, minimum income, and a decent credit score.
The table below will give you a clear idea about the standard criteria for home loan eligibility in Kolkata:
| Eligibility Parameters | Salaried Individuals | Self-Employed Individuals |
|---|---|---|
| Citizenship | Indian | Indian |
| Professional Experience | 2-3 years | 2-3 years |
| Age |
Min: 21 years |
Min: 21 years |
| Monthly Income | Minimum Rs. 15,000 per month |
Minimum Rs. 15,000 per month |
| CIBIL Score | 750+ | 750+ |
Note: Applicants are encouraged to declare any additional sources of income besides those mentioned in the table above to boost their chances of getting a home loan approval.
- Home loans in Kolkata are available to applicants who are Indian residents, Non-Resident Indians (NRIs), or Person of Indian Origin (PIOs)
- The eligible age limit to apply for home loans in Kolkata is 21 to 65 years
- The minimum work experience required for salaried or self-employed applicants to apply for a home loan in Kolkata is 2 to 3 years in the current job or business
- Top banks and NBFCs in Kolkata expect a credit score of 750 or more from applicants seeking housing loans
Note:These criteria are subject to variation from one bank to another. It is recommended that you check with the specific bank you are applying to for a home loan for its eligibility requirements.
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Documents Requirement for Home Loans in Kolkata
Be ready with the required set of documents for home loan in Kolkata, and your application may get rejected. For your convenience, we are now putting together a list of essential KYC documents required from salaried and self-employed individuals who apply for housing loans in Kolkata:
1. For Salaried Loan Applicants
- Common identity proofs like Voter ID Card, Aadhaar Card, PAN card, Driving License and Passport
- 3 months Salary slips
- Latest Form 16
- Last year's IT return
- 3 months bank statements
- Appointment letter
- A processing fee cheque for the loan application
- Property documents such as sale deed, NOC from the builder or housing society, advance payment receipt to the builder, and approved construction plan
2. For Self-Employed Loan Applicants
- Common identity proofs like Aadhaar Card, PAN card, Voter ID Card, Driving License and Passport
- Business profile and license of the company
- Latest Form 26AS
- Savings account statement of previous 6 months
- 3 years ITR
- 3 years Profit & Loss account statements and Balance Sheets attested by a CA
| Type of Document Required | Examples of Documents that can be Submitted |
|---|---|
| Proof Of Residency | Aadhaar Card, Valid Passport |
| Proof Of Income | Bank Passbook, Bank statement, Last 3 years IT Return |
| Proof Of Age | PAN Card, Voter ID, Birth Certificate, Registration Certificate Of Establishment |
| Proof Of Employment | Certified Letter from Employee/Company Memorandum |
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Home Loan Options Available in Kolkata
A good home loan company in Kolkata will offer you a wide range of home loan schemes. Ranging from a home loan for construction, renovation, extension to a home or plot purchase, all kinds of home loan schemes are listed in their offerings for eligible borrowers. Spare some time to understand the common types of housing loan schemes offered by the best banks and NBFCs in Kolkata:
| Type of Document Required | The Object of the Loan |
|---|---|
| Plot Purchase Loan | Suitable for buying a land or plot to build a home |
| Home Purchase Loan | Suitable for buying a residential property |
| Home Improvement Loan | Suitable for improving an existing house by services like carpentry, painting, wiring, and other similar activities |
| Home Construction Loan | Suitable for constructing a home on an already bought plot |
| Home Extension Loan | Suitable for adding an extra floor, room, or balcony in an already existing home |
| Top-Up Loan | Suitable for borrower who want funds to handle their sudden personal and professional financial requirement |
| Balance Transfer Home Loan | Suitable for transferring the outstanding loan amount to a new lender at a lower rate of interest |
Note:The options tabulated above are the most popular loan options availed of by most customers. Please check with your specific bank for other home loan options that they offer.
FAQs
To get a home loan in Kolkata, you must first shortlist a lender and then apply by filling out the home loan application. Submit the form with a processing fee cheque and the required list of documents. Alternatively, you may contact the BASIChomeloan team to get help in applying for a home loan in Kolkata without any hassles.
As the name suggests, fixed interest rates are the ones with no fluctuation in the home loan interest rates. On the other hand, floating interest rates are prone to fluctuation per the current market scenario.
Down payment on a housing loan means a fixed percentage of the home's total cost price and the house's remaining cost price is usually financed via a home loan or mortgage. The down payment for a housing loan in Kolkata is 20% of the property value.
Yes, home loan borrowers in Kolkata can avail tax benefits under Section 80C of the Income Tax Act, wherein a borrower gets a deduction of up to Rs. 1.5 lakh on the principal amount.
The standard time taken for processing a home loan application in Kolkata is 10 days, provided the applicant submits all the required documents asked by the lender.