® 
Max Tenure
5 yrs
Best Rate
7.35%
Processing Fee
10,000₹*
Features
- * Upto 30 years Loan Tenure
- * No Prepayment or Foreclosure charges
- * Funding up to 90%* of the property cost
- * Customized eligibility programs
- * Accessible network & decades of experience
Pricing
- Interest rate – 7.35%
- Processing Fees – 0.25% of loan amount or Rs. 10,000/- (salaried), 0.5% of loan amount or Rs. 10,000/- (self-employed)
Documents Required
- Age Proof (PAN Card, Passport, Any other Certificate from Statutory Authority)
- Residence Proof (Passport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory Authority)
- Education Qualifications – Latest Degree
- Latest Salary-slips for 3 months or 3 years Income Tax returns for Self Employed
- Bank Account statement for last 6 months (Salary Account) or 12 months for Self Employed
Max Tenure
30 yrs
Best Rate
6.90%
Processing Fee
0%*
Features
- Best ROI in the industry
- For women beneficiaries 0.05% less than normal rate
- Speedy Sanction
- No prepayment charges
- No hidden charges
- Interest calculated on daily reducing balance
- Longer Repayment tenor
Pricing
- Interest Rate: 6.90% to 8.90%
- Processing Fee: 0
Documents Required
- ID proof(PAN card, Pass port/Voter Id/Employer ID/Driving Licence/ Aadhaar Card/MNREGA No) with 2 PP photos
- Residence proof: Latest Tel bill, Bank Statement / Elec bill / Ration Card / letter from employer)
- Certificate from employer confirming confirmation of continuous service - For Salaried Only
- A brief note on nature of business / activity / business licence in case of self-employed
- Form 16 for last 3 years
- Bank Statement / Pass book of salary or Business A/c for last 6 months
- Balance sheet and P&L Account for last 3 years - For Self Employed
- Salary Slip for last six months - for Salaried
- Income Tax returns with taxpaid challans for last 3 years - For Self Employed
Max Tenure
15 yrs
Best Rate
12%
Processing Fee
3-5%
Features
- Loan on Cash income
- Past Bureau issues also considered.
- Funding on gram panchayat , B khata , Properties under municipal limits also funded.
- Loan starts at 5 lacs.
Pricing
- Interest Rate: 12 % to 18%
- Processing Fee: 3 - 5%
Documents Required
- Identity proof such as Pan Card, Voters ID Card, Passport.
- Address proof such as electricity bill, ration card.
- Income proof documents, if available.
- Bank pass book or Bank Statements.
- Property documents, if property identified.
How to Get a Home Loans in Cochin
Find your desired home in Cochin! If you are looking for a home loan in Cochin for your needs, you have come to the best place. Take a look at the latest interest rates and features of the loan in one place. Let’s take a look at the application procedure required and the documentation processes to get your home loan approved quickly.
You can find the presence of every major home loan lender, whether NBFC or Bank in Cochin. The loan is available for the age group between 18 to 75 years to self-employed or salaried persons. The interest rates are ranging from 6.90% to 11.5% and the maximum tenure is up to 30 years. The maximum loan amount differs as per the individual. A credit score greater than 750 can help in bagging lower interest rates.
Here is a short summary of the home loans provided
Interest rates | 6.90%-11.50% |
Repayment tenure | 30 years |
Processing fees | Differs from bank to bank |
Features of loans offered
- Availability of home loan insurance can help in case of any unfortunate event.
- Tax benefits of principal and interest under Section 24(b) and Section 80C of the Income-tax Act,1961
- Prepayment charges are zero and a lot of pre-approved projects to choose from.
- Save up to Rs.2.5 lakhs interest under the PMAY
- Avail balance transfer, overdraft and other top-up facilities with quick and simple processing.
- The documentation is simple and minimal.
- Transfer loans from one lender to another in search of better interest rates.
- Select a constant or variable interest rate according to the market.
Let's take a quick look at the interest rates of some leading Banks and NBFCS
| Bank name | Interest rate | Tenure |
|---|---|---|
SBI | 6.65% | 30 years |
PNB housing finance | 6.99% | 30 years |
Citibank | 6.5% | 25 years |
Bank of Baroda | 6.5% | 30 years |
Axis Bank | 6.65% | 30 years |
HDFC | 6.70% | 30 years |
ICICI Bank | 6.70% | 30 years |
Here Are Some Of The Popular Localities In Cochin And The Property rates there
Marine Drive | Rs. 5,528 - 18,020 per sqft |
Kadavanthra | Rs. 10,479/sq. ft. |
Palarivattom | Rs. 825 - 27,500 per sqft |
Thevara | Rs. 4,000-12,857/sq. ft. |
Panampily nagar | Rs. 5,641-46,154/sq. ft. |
MG Road | Rs. 5,199-7,513/sq. ft. |
Vazakalla | Rs. 2,917-11,485/sq. ft. |
Edappally | Rs. 7,800 /sq. ft. |
Kapoor | Rs. 2,500-12,838/sq. ft. |
Fort Cochin | Rs. 4,899- 10,000/sq. ft |
What Are The Different Types Of Home Loans Offered In Cochin
Home loans can be availed to buy a residential property, or land, or to construct a house
Home loans to purchase a residential property
A home loan can be used to purchase a house or apartment. Banks typically lend 80 to 85% of the property's market value. They come in a variety of tenure lengths as well as fixed and floating interest rates. This can be used to buy new or previously owned homes that have been resold in the real estate market.
Loans for the purchase of residential plots
This loan is available for the purchase of vacant land or land for residential construction or investment. This loan cannot be used to purchase agricultural land. Land loans, as opposed to home loans, which typically offer 80 to 85% of the property's value, offer up to 90% of the cost.
Loans for home construction
Loans are only available for the purpose of constructing a home on previously owned land. The land could be an empty lot or it could be used to demolish an existing house and build a new one. The loan amount is typically between 85 and 90% of the construction cost.
Loans for home improvement
Borrowers can use these loans to help with home improvement or renovation projects. They can be used for any type of construction or renovation project. Paint jobs, new flooring, plumbing, and exterior elevation work are all covered by home improvement loans. Depending on the project, these loans could range from Rs. 20,000 to Rs. 10 lakhs.
You might also be interested to learn the difference between home loans and loan against property
Eligibility Criteria for a home loan
Applicability criteria for salaried person
- The nationality of the person should be - Resident Indian, Non-Resident Indian(NRIs) and Person of Indian Origin (PIOs)
- The minimum age limit is 18 years and the maximum is 75 years
- The person should have at least 2 years of work experience
- The minimum salary is Rs. 10,000.
Applicability criteria for a self-employed person
- The nationality of the person should be - Resident Indian, Non-Resident Indian(NRIs) and Person of Indian Origin (PIOs)
- The minimum age limit is 18 years and the maximum is 75 years
- The minimum income is Rs. 1.8lakhs.
- The work experience required in 3 years.
Documents required for a home loan in Cochin
- Filled and signed home loan application form.
- A copy of proof of address, a copy of proof of identity. (PAN Card, Voter id, passport or driving license)
- Passport size photographs.
- A copy of proof of income
- Bank statements of 6 months
- In the case of self-employed individuals the profit and loss statement and balance sheet of the last 3 years with Income tax returns
- In the case of salaried individuals the salary slips of the last 3 months
- Property related documents (buyer agreement, contribution proof, receipt of payments made to developer)
The application process for the home loan
- Fill out the application form
- Pay the processing fee
- Discussion and valuation of documents
- Sanction or approval process
- Processing the offer letter and property papers
- The technical and on-site check
- The final loan deal and signing the agreement
- Loan disbursal
You can have your own house or contract one in Gurgaon with the help of home loans which are easily available and the best interest rates are offered. The application process is also easy and the documentation is hassle-free. Make your dream come true!
Home Loans In Cochin FAQS
1. Which is the best bank to get a home loan in Cochin?
Most leading banks offer home loans for properties purchased in Cochin. Bank of Baroda offers one of the lowest interest rates compared to other banks. PNB Housing Finance interest rate is also equally competitive. Private sector banks like HDFC and ICICI give you a lot of value adds. Compare the home loans from all these banks before you settle on one lender.
2. How do I find the monthly EMI for my home loan?
You can use the CreditMantri Home Loan EMI calculator to find the approximate EMI you have to shell out on your home loan.
3. Is credit score an important parameter to get a home loan in Cochin?
Yes, credit score plays an important role for home loan processing. A credit score of 750 and more is preferred by home loan lenders.
4. How long does it take to get a home loan approved?
A lot of documents must be reviewed before approving a home loan and this takes time. After submitting all required documents, one can expect their home loan to be approved within 30 days.
5. What are the different repayment tenures available for home loans in Cochin?
Home loans in Cochin come with a maximum repayment tenure of 30 years. However, this will be based on your age and determined by your lender on a case to case basis.