Best Home Loan In Kolkata
Given below is an overview of some competitive interest rates in home loans currently available in Kolkata which will help potential clients to be more informed before making a decision.
Eligibility For Home Loan In Kolkata
Prospective clients seeking a home loan in Kolkata must follow the following criteria in order to be considered eligible.
- Age : Applicants must be at least 21 years old and no older than 65 years at the time when the loan is fully repaid
- Income : To qualify for a home loan, it is generally necessary to have an annual income of at least Rs. 2-3 lakh.
- Employment stability : Lenders typically give preference to applicants who have been employed for at least 2-3 years.
- Credit score : A credit score of 750 or higher is often required by most lenders when evaluating home loan applications.
- Property valuation : Banks will conduct a thorough assessment of the legal and valuation aspects of the property being purchased to ensure it meets their criteria before granting approval for a home loan.
Documents Required To Get The Best Kolkata Bank Home Loan Interest Rates
In order to start the process of applying for a home loan in Kolkata, it is necessary to prepare the following documents:
| DOCUMENT TYPE | DOCUMENT |
|---|---|
| KYC Documents | Aadhaar card, PAN card, passport, and voter ID card |
| Proof of Income | Salary slips, income tax returns, Form 16, and bank statements |
| Property-related Documents | Property registration papers, property tax receipts, and NOC from the builder or society |
| Proof of Employment | Offer letter, appointment letter, and employment contract |
| Others | Passport-size photographs, loan application form, and declaration of assets and liabilities |
It is worth noting that the lender and the loan amount can influence the specific documentation required when applying for a home loan.
Comparing Home Loan Rates in Kolkata
| Lender | Home Loan Interest Rates In Kolkata | Processing Fees & Charges | Maximum Loan Amount | Maximum Loan Tenure |
|---|---|---|---|---|
| Aavas Financier Limited Home Loan | 8% | 2% | – | 30 Years |
| Aditya Birla Capital Home Loan | 9% – 12.50% | 1% | 10 Crores | 30 Years |
| Andhra Bank Home Loan | 8.15% – 9.20% | 0.50% or ₹15000 + GST (whichever is lower) | – | 30 Years |
| Axis Bank Home Loan | 8.75% – 14% | 1% | 10 Crores | 30 Years |
| Bank of Baroda Home Loan | 8.50% – 10.60% | 0.25%- 0.50% | 10 Crores | 30 Years |
| Bank of India Home Loan | 7.80% – 9.65% | – | 7.50 Crores | 30 Years |
| Bank of Maharashtra Home Loan | 8.40% | 0.25% or 25,000 (whichever is lower) | 1 Crore | 30 Years |
| Canara Bank Home Loan | 8.85%- 11.25% | ₹1,500 – ₹10,000 | 3 Crores | 30 Years |
| Central Bank of India Home Loan | 8.45% – 9.20% | 0.50% or ₹20,000 + GST (whichever of lower) | 75 Lakhs | 30 Years |
| DBS Home Loan | 8.25% – 9.75% | – | 5 Crores | 25 Years |
| Dena Bank Home Loan | 8.25% – 8.35% | 0.50% | 1.5 Crores | 30 Years |
| Dhanalakshmi Bank Home Loan | 7.2% | 1% or ₹10,00 + GST (whichever is higher) | 1 Crore | 30 Years |
| DHFL Home Loan | 8.75% | – | 5 Crore | 30 Years |
| Federal Bank Home Loan | 10.15% – 10.30% | – | 15 Crores | 30 Years |
| HDFC Ltd. Home Loan | 8.50% – 9.60% | 0.50% or ₹3000 (whichever is higher) | 10 Crores | 30 Years |
| IDBI Bank Home Loan | 8.75% – 11.45% | – | 10 Crore | 30 Years |
| IDFC First Bank Home Loan | 8% – 14% | 3% | 10 Crores | 30 Years |
| Indiabulls Home Loan | 8.75% | 1% | 2 Crores | 30 Years |
| Indian Overseas Bank Home Loan | 9.55% | – | – | 30 Years |
| India Shelter Finance Corporation Home Loan | 13% – 20% | 2% – 3% + GST | 50 Lakhs | 20 Years |
| Jammu and Kashmir Bank Home Loan | 8% | 0.25% + GST | 50 Lakhs | 30 Years |
| Karnataka Bank Home Loan | 9.08% – 10.38% | 0.50% – 2% | 5 Crores | 30 Years |
| Karur Vysya Bank Home Loan | 9.23% – 12.13% | ₹2500 – ₹7500 + GST | – | 25 Years |
| Kotak Mahindra Bank Home Loan | 8.85% – 9.40% | 0.50% | 10 Crores | 20 Years |
| LIC HFL Home Loan | 8.70% | 0.30% onwards | 10 Crores | 30 Years |
| PNB Housing Home Loan | 8.50% – 10.85% | – | 2 Crores | 30 Years |
| Reliance Home Finance Limited Home Loan | 9.35% – 13% | 0.50% – 1.50% | – | 20 Years |
| South Indian Bank Home Loan | 7.95% – 9.60% | 0.50% + GST | 15 Crores | 30 Years |
| State Bank of India Home Loan | 9.55% | ₹2000 – ₹10000 + GST | 5 Crores | 30 Years |
| Sundaram Home Finance Ltd Home Loan | 6.95% – 8.30% | 0.50% | 4 Crores | 25 Years |
| Tamilnad Mercantile Bank Home Loan | 9.10% – 9.60% | 0.50% | 5 Crores | 30 Years |
| Tata Capital Limited Home Loan | 8.95% | 2% | 5 Crores | 30 Years |
| Union Bank Home Loan | 8.75% | 0.50% or ₹15000 + GST (whichever is lower) | – | 30 Years |
| Yes Bank Home Loan | 9.15% – 11.25% | 1.5% – ₹10000 (whichever is higher) | 10 crores | 35 Years |
Top 5 Locations To Buy Homes In Kolkata
Here are the top leading and popular locations in Kolkata, viable for home purchase along with some information to support the buyers’ interests:
- Salt Lake City : Salt Lake City is one of the most popular residential areas in Kolkata known for its well-planned layout, excellent connection to the rest of the city, and proximity to the IT hub of the city. It has good schools, hospitals, shopping centres and other social infrastructures, making it an ideal location for families.
- Rajarhat : Rajarhat is a rapidly developing suburb in the eastern part of Kolkata that has seen a surge in real estate development in recent years. It is well connected to the city and provides good schools, and a range of housing options, making it a popular choice for homebuyers.
- EM Bypass : The Eastern Metropolitan Bypass is a rapidly developing area in Kolkata that has emerged as a preferred destination for homebuyers. It connects well to other parts of the city and offers a mix of affordable and premium housing options.
- Garia : Garia is a well-connected suburb located in the southern part of Kolkata that has seen a rise in real estate development in recent years. It has good schools, hospitals, and shopping centres, making it a popular choice for families.
- Tollygunge : Tollygunge is a well-established residential area in Kolkata known for its greenery, excellent connectivity, and a range of housing options. It has good schools, hospitals, and entertainment centres, making it an ideal location for families
Tax Benefits On Home Loan Rates In Kolkata
The borrower of a home loan can avail various tax benefits. Here are the main tax benefits of home loans available in Kolkata:
- Tax deduction on interest payment : As per Section 24 of the Income Tax Act, 1961, the borrower can claim a deduction of up to Rs. 2 lakh on the interest paid for self- occupied property. There is no maximum limit for a rented-out property.
- Tax deduction on principal repayment : Under Section 80C of the Income Tax Act, 1961, the borrower 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 : If the home loan is taken jointly, each borrower can claim tax benefits on the interest paid and the principal repayment, in proportion to their share in the loan.
- Tax benefits on pre-construction interest : Borrowers can claim a tax deduction on the interest paid during the pre-construction period in five equal instalments, starting from the year in which the construction is completed.
- Tax benefits on stamp duty and registration charges : Borrowers can claim a deduction on the stamp duty and registration charges paid while purchasing a house, subject to a maximum limit of Rs. 1.5 lakh under Section 80C.
NOTE:Tax benefits are susceptible to altercations in tax laws and regulations. Potential buyers are advised to seek a tax expert for all the required information regarding tax benefits of home loans.
FAQs
What is the difference between fixed and floating interest rates on home loans in Kolkata?
Home loans come with either fixed or floating interest rates. Fixed rates stay the same for the loan's duration, while floating rates can change based on market conditions. Fixed rates provide predictability, while floating rates may be lower during favourable market situations.
What is the maximum loan amount I can get for a home loan in Kolkata?
To be eligible for a home loan in Kolkata, individuals must meet requirements based on their income, credit score, and property value. Most banks offer up to 80% of the property value, although the maximum loan amount can differ depending on the lender. In Kolkata, the usual limit for home loans ranges from Rs. 10-20 crores
Can I prepay my home loan in Kolkata without penalty?
Prepaying home loans is generally free of penalty in most banks, but some may impose a fee if the amount exceeds a limit or if it's within a specific period, such as the first year.
How long does it take to process a home loan application in Kolkata?
The processing time for home loans in Kolkata differs among banks and typically takes around 2-3 weeks for document verification, property appraisal, and loan approval. However, some loan types may have expedited processing options available.
