How to Get an Online Home Loan in Kolkata
Kolkata is the 3rd most productive metro city in India. It is one of the important financial and commercial hubs housing several major IT tech parks, the oldest operating port, premier educational institutions and more. All such factors make Kolkata an ideal place to reside in. Consequently, the demand for housing is rapidly increasing in the city.
Also, the affordable property prices make buying a home a great option. With a competitive interest rate on a home loan in Kolkata, you can avail a residential property without much financial hassle.
The following section discusses in brief how to apply for a home loan online and its benefits.
Step to get a home loan online
Borrowers can apply for a home loan in Kolkata online by following the steps given below-
Step 1: First, visit the official website of your chosen lending institution.
Step 2: Next, go to the home loan page and fill the application form with all the required details.
Step 3: Following this, use the home loan EMI calculator to check the loan amount and tenor best suited for you.
Step 4: Submit all essential details of your property.
Step 5: Next, pay the online secure fee to opt for a home loan offer.
Step 6: Finally, upload all scanned documents to complete the application process when the respective relationship manager contacts you.
You can also get a home loan by sending an SMS to the number enlisted by your chosen financial institution and wait for the representative to get in touch with you.
Documents required for a home loan
The requisite documents for a home loan in Kolkata may vary between different financial institutions. However, here are some essential and general documents that all lenders ask for-
- KYC documents like your Pan card, Aadhaar card etc.
- Valid address proof like driving license or ration card.
- Utility bills like electricity bills, telephone bills, water tax etc.
- Form 16 and latest salary slips.
- Bank account statements for the last 3 months.
- Proof of business existence like trade license, SEBI registration certificate, GST registration certificate for self-employed individuals.
- Passport-sized photograph.
Check home loan EMI online
A home loan is a major financial responsibility. Borrowers must, therefore, opt for a low-interest rate home loan and calculate the EMI before deciding the loan amount and tenor. To ensure that your home loan EMI is within your budget, use the online EMI calculator available on the lender’s website.
Follow the steps given below to check the EMI online for your home loan in Kolkata:
- Visit the home loan EMI calculator page.
- Enter your desired loan amount.
- Next, choose the tenor.
- And finally, enter the rate of interest.
The home loan EMI calculator will give you a detailed result of your total interest payables, total payables (Principle amount + interest rates) and your EMIs. You can readjust the loan amount and tenor until you get an EMI that suits your budget.
Check home loan eligibility online
In order to secure the best home loan deals, it is crucial to meet the eligibility criteria. Since these criteria differ with lenders, individuals can use the online home loan eligibility calculator to check the type of home loan they can secure from a chosen lending institution. Borrowers will just have to share their net monthly income, repayment tenor, other monthly income, if any, and current EMI obligations to ascertain the amount of home loan they are available for.
Apart from this, one has to meet some general eligibility criteria to get a home loan, as mentioned below. These are common for almost all lenders-
- Age limit between 23 to 62 years for salaried and 25 to 70 years for self-employed
- CIBIL score of 750 and above.
- Minimum 3 years of work experience for salaried individuals.
- Proven 5 years of business continuity for self-employed borrowers.
- Nationality should be Indian.
Benefits and features of availing a home loan in Kolkata
- Borrowers can avail of the benefits of Pradhan Mantri Awas Yojana for home loans scheme
- Individuals can also opt for a home loan balance transfer if required
- Flexible repayment tenor
- Part-prepayment and foreclosure facility available
- Lucrative home loan tax benefits
- Get home loans with minimal documentation
For further convenience, individuals looking for housing loans in Kolkata can also check the pre-approved offers extended by various financial institutions. Such offers are available on a number of financial products like home loans, loans against property etc. The pre-approved offers reduce the documentation process and ensure quick loan disbursement. Home loan borrowers can check their pre-approved offers by sharing their names and contact details.
Therefore, if you are looking for an affordable home loan in Kolkata, remember to conduct a thorough market survey and choose the best lender. Furthermore, with an easy online home loan facility, buying a property in the city is more convenient and financially beneficial.