The capital city of West Bengal, Kolkata is very famous for its sweets, football lovers, book fair, Victoria Memorial, Eden Garden stadium, Howrah Bridge, heritage monuments, and Durga Puja. It is a city of skyscrapers and the primary centre of businesses and commercial establishments. The city has a great significance in British history as it was formerly the capital of India during the times of East India Company. The city also attracts the young generation as being one of the most popular education centres.
Being a cosmopolitan city, Kolkata attracts a lot of skilled workforce and professionals. Famous for its food, culture, history, seaport and an international airport, Kolkata comprises all the colours of India. As a developed city with the country’s first metro rail, the residents wish to own their dream home in Kolkata. Nowadays, it’s not that hard to fulfil your wishes as renowned builders are offering residential flats at affordable prices at a great location in the city. You can arrange the funds required by applying for a home loan in Kolkata from several banks and financial institutions.
How to get an easy Home loan in Kolkata?
To avail a housing loan in Kolkata, the most important aspect is the loan eligibility.
- Age- 21 to 65 years
- Regular income from salary or business
- A credit score of 300-900.
- Minimum income of 5 lakhs p.a.
Apart from the above eligibility, the loan applicant can apply for a home loan with a co-applicant such as parents, siblings, and spouse, if any. A home loan is a purchase/construction loan to own a house in your name. With a home loan, you get an opportunity to create an asset. Such loans are offered by different commercial banks and NBFCs at varied interest rates. To process the loan, the financial institutions charge processing fees as a mandatory charge to be paid by the applicant.
Home loan offers innumerable benefits such as quick funds, home loan insurance, tax benefits, low-interest rates, pre-closure benefits, etc.
Interest Rates and Tenure of Housing Loan in Kolkata
Various banks and NBFCs offering house loan in Kolkata are-
- LIC Housing Finance– It offers floating interest rates ranging from 40%-8.65%with a tenure of 5-30 years and processing fees of 0.25% of the loan amount up top 1 cr.
- ICICI Bank– The private bank offers a floating interest rate of 65%-10.35% on the amount ranging from 5L-10 cr. It charges onetime processing fees of 0.50% of the loan amount.
- Karnataka Bank–The public sector bank offers home loans with a low-interest rate of 80%-9.20% with a one –time fee of Rs. 12,000 with taxes as processing fee.
- HDFC Bank Ltd. –charges an interest rate of 40%-8.85%with the processing fee of 0.50% of loan amount. The maximum processing fee charges are Rs. 11,800.
- Axis Bank– offers its customers interest rates for a home loan ranging from 40%-11.75%with a one-time processing fee of 0.50% of home loan (minimum Rs. 10,000).
You should not view a home loan as just a liability of repaying debt. The creation of assets becomes possible with loan funds that can be easily repaid with equated monthly instalments (EMI).
Check out the easy to use Home loan EMI calculator available on Apnapaisa to find out the precise monthly instalment that you have to pay based on the loan amount, interest rate and tenure.