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CreditMantri Finserve Private Limited
CreditMantri Finserve Private Limited Unit No. B2, No 769, Phase-1, Lower Ground Floor, Spencer Plaza, Anna Salai, Chennai - 600002
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Home loans at banks and NBFCs in Kolkata give you flexi EMIs with higher loan approval chances. Get quick processing and attractive interest rates. Maximum tenure of 30 years is provided. Enjoy customized loans as per your requirement. Apply now on CreditMantri!
Max Tenure
5 yrs
Best Rate
7.35%
Processing Fee
10,000₹*
Features
Pricing
Documents Required
Max Tenure
30 yrs
Best Rate
6.90%
Processing Fee
0%*
Features
Pricing
Documents Required
Max Tenure
15 yrs
Best Rate
12%
Processing Fee
3-5%
Features
Pricing
Documents Required
Kolkata is known as the London of India. It is known for its sprawling gardens and historical colleges. It has produced generations of talented people, such as poets, film producers, novelists, and nobel prize winners. The metropolitan city, which was once the capital of the British Indian empire, is now home to great job opportunities, major infrastructural developments, IT giants, a mushroom of startups, and of course a large number of real estate projects. Kolkata is one of the rapidly growing cities in India in terms of infrastructure development, civic planning, and shift of commerce. So, living in Kolkata is a great option. While leasing out a house will save some expenses in your monthly income, it will also burn a hole in your pockets in terms of the rent. Also, you will have to bear the brunt of shifting frequently from one place to another. So, it will be great to have a permanent roof under which you can live. Also, buying a home or land is always an asset creation, since it could appreciate greatly in value. So, you should start contemplating about looking out for viable purchases of residential property in Kolkata. If you have not saved considerably to buy a home, you can go in for external financing options - home loans. Financial institutions in Kolkata provide home loans at attractive interest rates. Read on to find out more about Home Loans in Kolkata.
These are some of the mandatory parameters required to qualify for home loans in Kolkata.
Criterion | Salaried | Self-employed |
---|---|---|
Nationality | Resident Indians, Non-resident Indians, and people with Indian origin | Resident Indians, Non-resident Indians, and persons of Indian origin |
Age | 18 - 70 | 21 - 70 |
Work Experience/Business Continuity | A minimum of 2 years | A minimum of 2 years |
Net Minimum Income or Salary | Minimum income should be 25,000 | Minimum turnover should be at least 5 Lakhs |
Credit Score | A credit score of 750 and above | A credit score of 750 and above |
Getting the suitable home loan is a great boon and will relieve you of the financial burden of paying down cash completely and shelling out all your savings. But getting the approval for a home loan can be a daunting task sometimes. Lending institutions will test your financial veracity - the discipline with which you have made payments in the past, your capacity to repay the loan, etc. They will thus conduct an in-depth check. Here are some guidelines to increase your chances of getting home loan approval.
Dos | Don’ts |
---|---|
Dos | Don’ts |
You should analyze your loan eligibility before you apply for a home loan | Do not apply for any unrealistic loan amount |
Research about the property, builder’s reputation, clearances for the project, home loan interest rates, processing charges, repayment schedule, etc. | Do not apply for home loans on multiple websites, as it may decrease your odds of loan approval |
Be aware of what documents you need and keep them ready before you start applying | Complete the loan application all at once. Do not do it little by little in intervals |
Check your credit score online and try to improve it. Lenders will give you better interest rates and offer you better terms for the loan. | Do not make excessive spends on your credit cards. Keep your credit utilization ratio low. Generally keeping your credit utilization ratio within 30% of your credit limit is advisable. But experts are increasingly recommending 10%. Do not delay your loan repayments. These two things will negatively impact your credit score. |
Be clear about the type of home loan needed - home extension, home improvement, construction, balance transfer home loan, etc. | Do not take multiple loans before applying for a home loan, since home loans are usually big numbers. |
Know how much amount you have to pay, such as processing charges, registration fees, down cash, etc. Make provisions for these. | Take an affordable home loan, since you should not struggle to pay your EMIs later on. |
Interest Rates in percentage per annum | |||
Lending Institution | Up till 30 Lakhs - | From 30 Lakhs upto 75 Lakhs | Above 75 Lakhs |
State Bank of India | 6.70 to 7.65 | 6.70 to 7.75 | 6.70 to 7.85 |
Axis Bank | 6.75-11.50 | 6.75-11.50 | 6.75-11.50 |
Kotak Mahindra Bank | From 6.55 onwards | From 6.55 onwards | From 6.55 onwards |
ICICI Bank | 6.70 to 7.55 | 6.70 to 7.55 | 6.70 to 7.55 |
HDFC Bank | 6.70-8.45 | 6.70-8.60 | 6.70-8.70 |
Indian Bank | 6.50 to 7.70 | 6.50 to 7.50 | 6.50 to 7.50 |
LIC Housing Finance | 6.66 to 7.85 | 6.66 to 8.05 | 6.66 to 8.05 |
IDFC First Bank | From 6.90 onwards | From 6.90 onwards | From 6.90 onwards |
L&T Housing Finance | 6.75 to 7.75 | 6.75 to 7.75 | 6.75 to 7.75 |
Union Bank of India | 6.40-7.60 | 6.40-7.65 | 6.40-7.65 |
Punjab National Bank | 6.55-7.95 | 6.50-7.65 | 6.50-7.60 |
Bank of Baroda | 6.50-8 | 6.50-8 | 6.50-8.25 |
Bajaj Finserv | 6.70 to 14 | 6.70 to 14 | 6.70 to 14 |
PNB Housing Finance | 6.99 to 12 | 6.99 to 12 | 6.99 to 12 |
Godrej Housing Finance | From 6.49 onwards | From 6.49 onwards | From 6.49 onwards |
Tata Capital | From 6.70 onwards | From 6.70 onwards | From 6.70 onwards |
There are many lenders who provide home loans in Kolkata. Research, enquire, analyze, and choose the lender judiciously.
1. How long does it take to get a home loan in Kolkata?
It usually takes around 15 to 30 days. But if the documents are not in place and the property is not finalized, then it may take even longer.
2. Floating or fixed rate of interest? Which is the best choice for a home loan?
If you are sure that interest rates will not increase in the future and are comfortable with the existing rates, then you can choose a fixed interest rate. Else, if you feel that the interest rates are unpredictable, go in for a floating interest rate. Floating interest rates are a bit lower than fixed interest rates.
3. Is it possible to get a home loan without a salary slip?
If you are a freelancer, have your own business, are a contractor, or are self-employed in any way, then you can get a home loan without a salary slip. But you will need other documents, such as Form 16, income tax returns, and bank passbook statements.
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