Kolkata, formerly known as Calcutta, is the capital city of West Bengal in India. This city is home to a number of people, over 45 lakh as of the 2011 census. This city, being widely considered as the cultural capital of India, has an influx of tourists too during festive seasons. The popularity of the city has attracted many people who have gone on to settle there. This has created a need for an increased pace of housing construction in the city.
Since buying a house is normally quite a huge undertaking in terms of capital outlay, people generally will require monetary assistance for the same. This is taken care of by different banks and NBFCs all of which offer people a way to get loans to finance the purchase of a house.
In order to take out a loan to buy a house, a person can approach either a bank or an NBFC that will provide them with the required financial assistance. Here, some of the top banks and NBFCs that offer this facility in Kolkata are mentioned:
|Karnataka Bank||Sundaram BNP Paribas Home Finance|
|HDFC Limited||Aditya Birla Capital|
|Kotak Mahindra Bank|
For a loan application to be approved, there are certain conditions that need to be fulfilled. In order to get these approvals, the loan applicant needs to satisfy a given set of criteria. Some of these generic criteria are mentioned here:
? In general, the minimum age by which a person can apply for such a loan is 18 years of age and the maximum age limit permitted is usually around 70.
? Depending on the type of employment that a person has undertaken, their net annual income should be over a minimum of Rs.5 lakh. It does not matter whether the loan applicant is working with an organization or is self-employed.
? A good income level alone is not a criterion that will secure the loan, the applicant also needs to have a good credit rating from a credit bureau that is recognized.
? While a person can be a resident of a self-owned house or a rented one, they need to have completed one year of residence in the same place prior to applying for the home loan.
One thing that the loan applicant has to keep in mind is the fact that they can only obtain a loan for about 70% to 80% of the total amount they need to purchase property. They will have to finance the rest themselves.
Since all loans require documentation for KYC processes before disbursement, it is necessary to provide the following:
|Type of documentation||Purpose||Permitted documents|
|Identity proof||This is to serve as a photo ID and for proof of address||
|Income proof||This is to serve as proof of income to indicate that there is a supply to repay the loan||
|Loan application form||To serve as a request for a loan application||
|Other documents||To serve as additional proof for the institution granting the loan||
Home loans can be offered for a variety of purposes, not just for buying a house. Some of these reasons are stated below:
|Home Loan type/purpose||Details|
|Loan for new or pre-owned property||This can be obtained by people who want to buy property. The property can be either brand new or pre-owned.|
|Loan for construction of property||This can be obtained by people who hold land and want to construct a building on it.|
|Loan for property expansion||This can be obtained by people who wish to increase the size of their land holdings.|
|Loan for home improvement/renovation||This can be obtained by people who wish to make structural or cosmetic changes to their property.|
|Loan for NRIs||This can be obtained by people who reside outside of India but are still Indian citizens.|
Instead of a home loan, a person can avail a home conversion loan. It is also possible to get a home loan balance transfer in order to get benefits with respect to interest rates on the loan. This option should be studied carefully before being chosen.
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