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Best Home Loan in Cochin: Better Savings with NoBroker

Chosing the best viable option for a home loan could be difficult. But, here is some information about the best home loan interest rates in Cochin to make it easier.

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Comparing Home Loan Rates in Cochin

LenderHome Loan Interest Rates In CochinProcessing Fees & ChargesMaximum Loan AmountMaximum Loan Tenure
Aavas Financier Limited Home Loan8%2%-30 Years
Aditya Birla Capital Home Loan9% - 12.50%1%10 Crores30 Years
Andhra Bank Home Loan8.15% - 9.20%0.50% or ₹15000 + GST (whichever is lower)-30 Years
Axis Bank Home Loan8.75% - 14%1%10 Crores30 Years
Bank of Baroda Home Loan8.50% - 10.60%0.25%- 0.50%10 Crores30 Years
Bank of India Home Loan7.80% - 9.65%-7.50 Crores30 Years
Bank of Maharashtra Home Loan8.40%0.25% or 25,000 (whichever is lower)1 Crore30 Years
Canara Bank Home Loan8.85%- 11.25%₹1,500 - ₹10,0003 Crores30 Years
Central Bank of India Home Loan8.45% - 9.20%0.50% or ₹20,000 + GST (whichever of lower)75 Lakhs30 Years
DBS Home Loan8.25% - 9.75%-5 Crores25 Years
Dena Bank Home Loan8.25% - 8.35%0.50%1.5 Crores30 Years
Dhanalakshmi Bank Home Loan7.2%1% or ₹10,00 + GST (whichever is higher)1 Crore30 Years
DHFL Home Loan8.75%-5 Crore30 Years
Federal Bank Home Loan10.15% - 10.30%-15 Crores30 Years
HDFC Ltd. Home Loan8.50% - 9.60%0.50% or ₹3000 (whichever is higher)10 Crores30 Years
IDBI Bank Home Loan8.75% - 11.45%-10 Crore30 Years
IDFC First Bank Home Loan8% - 14%3%10 Crores30 Years
Indiabulls Home Loan8.75%1%2 Crores30 Years
Indian Overseas Bank Home Loan9.55%--30 Years
India Shelter Finance Corporation Home Loan13% - 20%2% - 3% + GST50 Lakhs20 Years
Jammu and Kashmir Bank Home Loan8%0.25% + GST50 Lakhs30 Years
Karnataka Bank Home Loan9.08% - 10.38%0.50% - 2%5 Crores30 Years
Karur Vysya Bank Home Loan9.23% - 12.13%₹2500 - ₹7500 + GST-25 Years
Kotak Mahindra Bank Home Loan8.85% - 9.40%0.50%10 Crores20 Years
LIC HFL Home Loan8.70%0.30% onwards10 Crores30 Years
PNB Housing Home Loan8.50% - 10.85%-2 Crores30 Years
Reliance Home Finance Limited Home Loan9.35% - 13%0.50% - 1.50%-20 Years
South Indian Bank Home Loan7.95% - 9.60%0.50% + GST15 Crores30 Years
State Bank of India Home Loan9.55%₹2000 - ₹10000 + GST5 Crores30 Years
Sundaram Home Finance Ltd Home Loan6.95% - 8.30%0.50%4 Crores25 Years
Tamilnad Mercantile Bank Home Loan9.10% - 9.60%0.50%5 Crores30 Years
Tata Capital Limited Home Loan8.95%2%5 Crores30 Years
Union Bank Home Loan8.75%0.50% or ₹15000 + GST (whichever is lower)-30 Years
Yes Bank Home Loan9.15% - 11.25%1.5% - ₹10000 (whichever is higher) 10 crores35 Years

Eligibility For Home Loan In Cochin

Interested clients are required to meet the following criteria to be considered eligible for a home loan in Cochin. They are as follows:

  1. Age : The client must be at least 21 years to apply for a home loan and must not exceed 65 years at the time of the home loan maturity.
  2. Income : Clients are expected to have a minimum income of Rs. 2-3 lakh per annum which is subject to change depending on the lender
  3. Employment stability : Prospective clients must be employed for at least 2-3 years, which may differ according to the lender
  4. Property valuation : The property being purchased must be within the respective bank’s legal and valuation criteria
  5. Credit score : Most lenders would prefer a credit score of 750.

Documents Required To Get The Best Cochin Bank Home Loan Interest Rates

The following documents will be necessary to apply for a home loan in Cochin

DOCUMENT TYPEDOCUMENT
KYC DocumentsAadhaar card, PAN card, passport, and voter ID card
Proof of IncomeSalary slips, income tax returns, Form 16, and bank statements
Property-related DocumentsProperty registration papers, property tax receipts, and NOC from the builder or society
Proof of EmploymentOffer letter, appointment letter, and employment contract
OthersPassport-size photographs, loan application form, and declaration of assets and liabilities

It would be worthy to consider the fact that the exact documents necessary are subject to change depending on the lender and the loan amount.

Tax Benefits On Home Loan Rates In Cochin

Home loans tend to offer a number of tax benefits to the borrower. Listed below are some of the key tax benefits of home loans in Cochin:

  • Tax deduction on interest payment :Clients can avail a tax deduction of up to Rs. 2 lakh on interest paid for self occupied property and has no maximum limit for a rented-out property according to the Income Tax Act, 1961.
  • Tax deduction on principal repayment : Under Section 80C of the Income Tax Act, 1961, clients can claim a deduction of up to Rs. 1.5 lakh on the principal repayment of a home loan.
  • Tax benefits on joint home loans : In case of joint home loan, each client can claim tax benefits on the interest paid and the principal repayment, proportionate to their share in the loan.
  • Tax benefits on pre-construction interest : Clients can claim a tax deduction on the interest paid, in five equal instalments during the pre-construction period, beginning from the year in which construction is completed.
  • Tax benefits on stamp duty and registration charges : Clients can claim a deduction on stamp duty and registration charges paid while purchasing a house, subject to a maximum limit of Rs. 1.5 lakh under Section 80C.

NOTE:Please be aware that the tax benefits associated with home loans are susceptible to modifications in tax laws and regulations. For a thorough understanding of these benefits, it is recommended that borrowers consult with a tax expert.

Top 5 Locations To Buy Homes In Cochin

Given below is some information on the top leading and preferred locations in Cochin, viable for home purchase:

  • Kakkanad : This is a developing residential and commercial hub located in the eastern part of the city, with excellent connectivity to other parts of Cochin.

  • Marine Drive : This is a popular waterfront area in Cochin that offers a luxurious lifestyle with easy access to shopping, dining, and entertainment.

  • Vyttila : Located in the heart of Cochin, Vyttila is a well-established residential area with excellent social infrastructure and transportation facilities.

  • Kadavanthra : This is a prime residential locality located in the heart of Cochin, with excellent connectivity and access to a wide range of amenities.

  • Panampilly Nagar : This is a posh residential area in Cochin, known for its upscale homes, green spaces, and proximity to major commercial and entertainment centres.

FAQs
What is the difference between fixed and floating interest rates on home loans in Cochin? −
Home loans in Cochin can have either fixed or floating interest rates. Borrowers who opt for fixed rates can enjoy the stability of unchanging loan repayments throughout the loan tenure. On the other hand, floating rates are subject to market fluctuations and may vary over time, potentially offering lower interest rates when market conditions are favourable.
What is the maximum loan amount I can get for a home loan in Cochin?+
To be eligible for a home loan in Cochin, borrower's income, credit score, and property value are considered by the lender. Banks typically offer up to 80% of the property value, with the maximum loan amount varying by the lender. In Cochin, the upper limit for home loans is usually set between Rs. 10-20 crores.
Can I prepay my home loan in Cochin without penalty?+
While some banks allow prepayment of home loans without penalty, certain conditions may apply, such as a fee for exceeding a prepayment limit or prepaying within a designated period, such as the first year of the loan.
How long does it take to process a home loan application in Cochin?+
Home loan processing periods in Cochin depend on the lender and typically take around 2-3 weeks for document verification, property appraisal, and loan approval. However, expedited processing may be available for specific loan types.
Can I avail of tax benefits on a joint home loan in Cochin?+
If joint applicants apply for a home loan, they can claim tax benefits on both the principal and interest components, subject to specific conditions. Under Section 80C and Section 24 of the Income Tax Act, individuals can receive a maximum deduction of Rs. 1.5 lakhs per year for the principal amount and Rs. 2 lakhs per year for the interest amount
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