Home Loans in Kolkata

Top Home Loan Lenders in Kolkata

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.

Eligibility Criteria for Home Loans in Kolkata

These are some of the mandatory parameters required to qualify for home loans in Kolkata.

Tips to Improve Home Loan Eligibility

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.

• Credit Score: Lending institutions will check your credit score, so make sure that you have your credit report in good condition.
• Credit History: Lending institutions will  check if you have made payments on time. This will display your financial discipline. You can use an excellent credit score to your advantage and walk away with a loan approval.
• Clear existing loans: If you have too many loans on your head, it will be a financial burden to you. Your repayment capacity will reduce. So, it is a good idea to clear existing loans.
• Include a co-applicant with a good credit history, credit score, and good income:Lenders will consider the creditworthiness and income levels of the co-applicant. Thus, you will be improving your odds of approval if these parameters of the co-applicant are good.

Things to Do and Not to Do While Applying for a Home Loan

Process of Applying for a Home Loan

• Fill up the application form.
• Pay the processing fee.
• Submit the necessary documents to the lending institution.
• Verification of documents by the lending institution.
• The lending institution sends you the sanction letter and you sign a copy of it to show that you have accepted their offer.
• Property evaluation - legal and technical assessment
• Loan Disbursal

Some of the Top Home Loan Providers in Kolkata

Conclusion

There are many lenders who provide home loans in Kolkata. Research, enquire, analyze, and choose the lender judiciously.

FAQs