Kolkata is the city of Joy. It is one of the Metropolitan city of India. The need for home loan in Kolkata is ever growing due to urbanisation taking over all over the country. It is a major business centre of east India and connects the rest of the country with north India. Unlike other cities Kolkata is the city where local people buy houses for their own residence and not for investments so they prefer to get their house constructed themselves on plot of land.
Home Loan Providers in Kolkata
With increased demand of housing in Kolkata many housing finance Companies have set up their offices to provide home loan in Kolkata. Major housing finance companies such as Dewan Housing Finance Company Limited, LIC housing Finance Company Bajaj Finserv, IIFl home loans, HDFC Limited and GIC housing Finance Limited are active in providing home loan in Kolkata.
As far as banks providing home loans in Kolkata is concerned, State Bank of India is leading the pack. Other banks like UCO bank, Syndicate banks, Bank of Baroda are equally active in providing home loan in Kolkata.
Home Loan Rate of Interest in Kolkata
The rate of interest for home loan in Kolkata depends on from who you are taking the home loan. The housing Finance Companies provide the home loans in Kolkata on Prime Lending Rate (PLR) . PLR is generally higher than the rate at which the banks provide the home loans in Kolkata. However the due diligence process followed by the housing finance companies is not so stringent so people with lower credit score than 760 can also avail home loans in Kolkata.
All the banks which are active in home loan in Kolkata provide new home loans on the basis of Marginal cost of Fund based lending rate (MCLR), however people who had borrowed under the base rate regime and who have not shifted themselves to MCLR regime are still under the base rate. The home loan in Kolkata are available between 8.40% to 9.00% from banks where as the home loan rates of Housing finance Companies are higher by 2 to-3%.
Home loan Eligibility in Kolkata
The home loan in Kolkata are available for buying a second hand house as well as for booking an under construction property from a developer. Since most of the people here prefer getting their house constructed by themselves, they can avail a composite home loan. The composite home loan covers both the cost of the plot as well as the cost of construction of the house. While giving you home loan in Kolkata the for constructing a house on a plot of land owned by you, the lender will take into account the value of the plot of land for your margin requirement.
For a home loan upto 30 lakhs, you can even get home loan in Kolkata upto 90% of the total value of the house. For home loan in Kolkata between 30 lakhs and 75 lakhs you need to provide margin of 20% and the balance can be financed by the lender.