Home Loans in Cochin

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

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

Here Are Some Of The Popular Localities In Cochin And The Property rates there

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