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.
Top Banks and NBFCs for Home Loan options in Kolkata
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:
Banks
NBFCs
PNBHFL
Indiabulls
Karnataka Bank
Sundaram BNP Paribas Home Finance
HDFC Limited
Aditya Birla Capital
Kotak Mahindra Bank
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ICICI Bank
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SBI Bank
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Axis Bank
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IDFC
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DBS Home
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Home Loan Eligibility
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.
Home Loan Documentation
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
A current passport
Valid driving licence
Aadhaar Card
Voter ID
Income proof
This is to serve as proof of income to indicate that there is a supply to repay the loan
Three months’ worth of salary slips and Income Tax Return or Form 16 for applicants working with a business or organisation
In case of self-employment of the applicant, Income Tax Returns for the previous 3 years and the income computation for those three years along with a balance sheet mentioning profit and loss, audited by a chartered accountant
Loan application form
To serve as a request for a loan application
The form should be duly filled and should contain a photograph and a signature
Other documents
To serve as additional proof for the institution granting the loan
A cheque for the processing fee amount
If there are loans being repaid presently, details of those should be provided using a bank statement
The loan applicant and co-applicant should provide photographs
Types of Home Loans in Kolkata
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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I have taken a home loan in STATE BANK OF INDIA few months before, the loan amount was sufficient which was provided from bank for the duration of 30 years. It got sanctioned within 48 hours. The rate of interest is nominal as per the market rate and for the processing fee is waived off.
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ABHISHEK DASGUPTA
, kolkata
Reviewed on Jun 18, 2019
I have been taken my housing loan with HDFC LIMITED a while ago, the loan amount which they have given to me was sufficient, the rate of interest they have charged me was sufficient, the processing fee they have charged me which was minimal, still this loan is running, so far i did not face any issue.
The home loan using from last 2 years. The documentation process was done without any issues and it was fast got the loan amount 15days. I got the loan amount in one shot. The loan amount was good and the rate of interest was 5% it is lesser than others. The duration is for repaying is for 20 years. There is option of pre closer.
Long bank i have taken Housing loan with Central bank as i have trust on this bank, i am the existing customer of this bank from past 20 years, so i took the loan with this bank, the loan amount which they have given to me was sufficient, the rate of interest they have charged me was fixed up to 8.5% which was competitive with other banks, i have taken this loan for 15 years tenure period, but i gave loan amount advance so by 10 years i will complete it, just more 8-9 months to complete this loan.
IDBI housing loan process is very easy, I submitted KYC, address proof, form 16, property documents. The bank taken only 15 days of time to sanction the amount after collecting the papers. I took Rs. 16.5 lakhs for the duration of 20 years, the interest rate is very lesser around 8.5% its better in the market.
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PRASENJIT NASKAR
, kolkata
Reviewed on Jun 12, 2019
I have selected through DHL home loan customer service is not good and response .I went to home branch no responsiveness they sanction loan amount 25 lakhs and tenure period 15 years ago and rate interest 9.98 floating rate is very high . Documents submitted through executive. Foreclosure charge applicable and one time process fee 2875 and hidden charge applicable . Partial amount only received .
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DURGESH KUMAR VERMA
, kolkata
Reviewed on Jun 09, 2019
I have taken a home loan in SBI bank for the past 5 years ago, at the time loan amount was sufficient which was provided from bank for the duration of 20 years.The rate of interest is nominal and the customer service is excellent whenever contact them.
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TAPAN KUMAR SATAPATHY
, kolkata
Reviewed on Jun 09, 2019
Got my home loan from Bank of India. They have given me a quick turn around time they have issued the loan. The branch is nearby my home and the interest rate which they provided is very less compared to others hence i have chosen this bank. They have provided the loan within 10 days and they have not taken any processing fee but they have charged me only stamp duty charges.
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INDRANIL BANDOPADHYAY
, kolkata
Reviewed on Jun 09, 2019
I have taken Home Loan through LIC Housing Finance which i have directly applied ,The rate of interest and processing fee was floating it was nominal ,I have prathan mantri subsidy got through this loan .I have applied for 10lakhs for the tenure of 15 years.This loan is still on process and the loan amount got on time and not faced any issues so far .
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SWAROOP KUMAR BISWAS
, kolkata
Reviewed on Jun 02, 2019
My housing loan was taken with INDIA BULLS , the services was good and process was smooth , i receive the loan on time . The tenure period is sufficent and they charge fine rate of interest which is nominal in the market . They gave option of preclosere and processing fee is nominal
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SOUGATA MAJUMDER
, kolkata
Reviewed on May 20, 2019
The documentation process was simple and easy to get the home loan with the UNITED BANK OF INDIA. The loan amount was good and the rate of interest was 10% which was fixed and now changed into flexible rate of interest was applicable which is higher.
I have applied for the home loan with the DHFL and the rate of interest was higher with this loan also it is a floating where the rate of interest was increase higher within 6 months. The documentation process was not good and it took to get the loan.
I have applied for the home loan with the HOME LOAN with the AXIS BANK where th banking process was good get the loan the documentation process was simple and easy to get the loan. The rate of interest was nominal also the loan amount given was good.
The overall experience with my Home loan from LIC Housing Finance has been pretty good where the process happened on the right time where there hasn't been any delay in any of the stages. The loan amount has been sufficient and the interest rate which they had been making is quite nominal. The customer support executive who assisted me also had been prompt.
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PRADEEP KUMAR GUPTA
, kolkata
Reviewed on May 12, 2019
I took a home loan with State Bank of India because of lesser interest rate and they have increased the rate almost 0.60, it was 8.55 and becomes 9.15%. The customer service is okay and its not very outstanding. There was a processing fee which was according to the RBI rules. The loan process was good.
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DEBDAUTTA BANERJEE BISWAS
, kolkata
Reviewed on May 12, 2019
I had selected to go with HDFC LIMITED since my salary account was with them. The process in getting the loan has been lengthy and it took more than a month, the loan amount was fine and the interest rate was around 8.7%. The processing charges where nominal and there was no other charges made by them.
I had taken a Home loan from STATE BANK OF INDIA on December 2017 and the process in getting the loan was quite simple and easy where it was disbursed within 10-15 days. But the interest rate was enhanced after six months of the payment which was around 8.9%. There has not been any other issues.
There were no hassles at Bankbazaar.com as they contacted me on time and informed me the details. The customer services and response is good and there are no issues. The website is also fine and it is easy to use and understand and place a request.
I have taken my home loan with PNB housing finance. The customer support is good and they are responsive. The processing charges was high and it was nearly 10K. The rate of interest is around 9%. The loan amount was disbursed on time and as needed.
I am using Bank Bazaar services for last 2 years. I have visited the website for home loan, the process was very smooth and simple. It was known through online. I used the mobile application, there was no difficulties. Also its helped me to get the credit score.
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