Kolkata Home Loan

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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.

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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 Home Finance Limited
HDFC Limited	Aditya Birla Capital
Kotak Mahindra Bank
ICICI Bank
SBI Bank
Axis Bank
IDFC
DBS Home

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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