Home Loan in Kolkata

If you plan on buying a place in Kolkata, you can avail a home loan for the same at an interest rate starting from just 6.60% per annum. You can also repay it over a time frame as long as 30 years. Additionally, if you need more money than what you have borrowed already, you can even avail a balance top-up facility.

Compare Home Loan Interest Rate Offered by Various Banks & HFCs in Kolkata

Below is a list of the current housing loan interest rates and charges for all leading banks in Kolkata:

Check housing loan interest rates in detail

Features and Benefits of Home Loans in Kolkata

Some of the features and benefits of home loans in Kolkata are:

• Housing loans attract interest rates starting from just 6.60% per annum onwards.

• Repayment tenures can be as high as 30 years.

• You can avail up to 90% of the property value as a home loan in Kolkata.

• You can even avail a balance transfer facility offered by other lenders as well. If you want to pay off your house loan at a lower interest rate.

• As an existing borrower, you can even avail a top up of up to ₹1 crore on your borrowed amount.

• Home loan overdraft facility is available for you too as an existing borrower.

• Provided the interest rate on your housing loan is calculated as per the floating interest rate system, you can partially or fully prepay your home loan at no extra cost.

Top Home Loan Providers in Kolkata

Some of the most well-known house loan providers which have set up operations in Kolkata are:

What is the Eligibility Criteria for a Home Loan in Kolkata?

In order to get a home loan in Kolkata, the eligibility criteria for the same is as follows:

Calculate your house loan eligibility with the house loan eligibility calculator available at Bajaj Markets.

Documents Required for a Home Loan in Kolkata

To get a home loan in Kolkata, you will need to furnish the following documents:

For Salaried Professionals

• KYC documents: You will either need your PAN Card, Passport, Voter ID, Aadhaar card or your driving licence.

• Income Proof: You will need your salary slips going back 3 months and a statement for the past 6 months with salary credits. You will additionally need a copy of your Income Tax Return and your Form-16.

• Property documents such as your sale deed, the completion certificate and occupancy certificate concerning your property will also be needed.

• A cheque for the payment of the processing fee

• Your contract of employment

For Self-Employed Professionals

• Your Income proof such as your Income Tax Returns going back 3 years

• Your balance sheet and P/L account statements of the past 3 years

• Your savings account statements going back 3 years and the current account statement of the business entity.

• The latest copy of the your Form 26AS

• The Memorandum of Association (MoA) and Articles of Association (AoA) in the name of your company.

5 Best Locations to Buy Property in Kolkata

Some of the best locales in Kolkata where you buy a property are as follows:

• New Town: Famously known as the Solar City, New Town is also among those cities that will be seen joining the league of smart cities soon. Some of the most defining features of New Town is its close proximity to EM Bypass Road as well as the VIP road. New Town is also known as a perfect mix of commercial and residential establishments.

• Behala: This particular locale, which is a part of the south-west region of West Bengal, has a mix of commercial as well as residential establishments. Additionally, it is well connected to some of the most prominent Kolkata-based locales such as Howrah, Bidhannagar and Park Street. One of the reasons why it is one of the most preferred places for homebuyers is the Diamond Harbour Road that connects to it and is home to many offices.

• Dum Dum: Known to be merely 10 kilometres away from the city, Dum Dum is gaining popularity due to a wide range of affordable housing options that are available there. One feature that makes Dum Dum stand out of the crowd in this list is its unparalleled connectivity to other parts of town via several roadways. It is also known for being fairly close to Kolkata International airport, making Dum Dum the preferred locale for those professionals who have to travel overseas often.

• Joka: Joka is rapidly gaining prominence due to its rapidly developing infrastructure and proliferation of affording housing projects that are possession-ready. On top of that, Joka is in close proximity to areas such as Esplanade, Howrah and Sealdah. The rapid developments in terms of connectivity and infrastructure essentially makes Joka a smart-city like dwelling, making it an attractive locale for homebuyers.

Things to Consider While Buying a Home in Kolkata

• Know what you want: Do you want a place from which you want to be able to commute hassle-free? Do you want to be close to schools, hospitals and shopping malls? Are you looking for a house that could house your family? Or, are you just looking for a quiet place for yourself? You must ask all of these questions to yourself first before zeroing down on a property. Once you have all or a majority of the answers, go for a property that will suit you best.

• Locality: Ensure that the locality that you plan on buying a house in has everything that you will need and is populated with the kind of people you want to be around.

• Security: The safety and security of your family, and not to mention that of your own, should be your utmost priority. Which is why you should think about buying a property that is laced with security cameras, alarm systems and smoke detectors and guarded by round-the-clock-security personnel.

• Legal clearances: Most importantly, you must ensure that the building that you are buying the house in has all the necessary legal clearances from relevant local authorities, such as your Encumbrance Certificate, your Occupancy Certificate and all other safety-related permits granted by the local authorities. Additionally, you must check for any disputes over the property.

Government-Run Housing Schemes in Kolkata

West Bengal Housing Board: The West Bengal Housing Board was set up in 1972 with the aim of providing an affordable pucca home made of top-notch quality to the residents of the state. Since its inception, the WBHB has gone on to build lakhs of homes for those in need of affordable homes.