Home Loan in Kolkata

Kolkata, the third most productive metro of the country, is also a cultural, financial, and commercial hub. Once the capital of British India, Kolkata now houses India’s second largest stock exchange and the oldest operating port of the country. These factors contribute to the bustling economy of the city that has witnessed an influx of people, and in turn a rising demand for housing.

If you are looking to buy your own home in Kolkata, now is the best time to do so as the property rates are at a low, following a 12% decrease in 2018: a first in 7 years. Moreover, lenders like Bajaj Finserv make it extremely convenient for you to fund a home purchase by giving you access to an affordable Home Loan. Here’s more about what the Bajaj Finserv Home Loan in Kolkata has to offer.

• Kolkata Home Loan: Features & Benefits

• 

  PMAY

  To realise your dream of owning a home, Bajaj Finserv offers Home Loans under the PMAY scheme. You can qualify for this scheme as per your annual household income and can claim a subsidy of up to Rs.2.67 lakh on your home loan interest. This way you can make your loan extremely affordable.

• 

  Home Loan Balance Transfer

  If you are already servicing a home loan with a different lender but are paying a higher interest rate, opt for a balance transfer to Bajaj Finserv. This way you can pay a lower interest rate and enjoy other benefits too.

• 

  Top-up Loan

  Bajaj Finserv also offers a Top-Up Loan of up to Rs.50 lakh over and above your Home Loan. With no additional documentation required, a top up loan helps you fund a range of needs whether it’s home renovation or paying for your children’s higher education. Not only is the loan affordable, it also doesn’t require any extra documentation.

• 

  Part-prepayment and Foreclosure Facility

  To help you clear your dues before the tenor ends, Bajaj Finserv allows you to foreclose or make part-prepayments towards your home loan at no extra charge. The only thing to keep in mind is that you can avail this facility after you have paid the first EMI.

• 

  Flexible Tenor

  You can repay your loan over a lengthy tenor of up to 240 months, as per your convenience. This way, you can service your home loan without compromising on other needs and goals.

• 

  Minimal Documentation

  Finally, you can apply for a Bajaj Finserv Home loan in Kolkata by submitting just a few documents. This speeds up loan processing, giving you access to funds faster.

The Bajaj Finserv Home Loan in Kolkata is a favourable option thanks to its cost-effective housing loan interest rate and charges. Bajaj Finserv has no hidden costs and the ones that you’re required to pay are as follows.

Type of interest	Amount due
Promotional rate of interest for salaried applicants	8.80% (for a loan of up to Rs.30 lakh)
Fixed rate interest for salaried applicants	9.05% to 10.30%
Fixed rate interest for self-employed applicants	9.35% to 11.15%
Floating rate interest for salaried and self-employed applicants	20.90%

Type of fee/charge	Amount due
Processing fees	Up to 0.80% (for salaried individuals)   Up to 1.20% (for self-employed individuals)
Loan Statement Charges	Rs.50
Interest and principal statement charges	NIL
EMI bounce charges	Rs.3,000 per bounce
Foreclosure fees for fixed rate home loans	4% + taxes
Part-prepayment fees for fixed rate home loans	2% + taxes
Penal interest	2% per month + taxes

Meeting the home loan eligibility criteria is important as it proves to the lender that you are creditworthy and can repay the loan on time. While this varies from one lender to another, take a look at the simple eligibility terms that Bajaj Finserv has instated.

Home Loan Eligibility Terms	Salaried Borrowers	Self-employed applicants
Residential status	Indian	Indian
Age	23–62 years	25–70 years
Work/business experience	At least 3 years	At least 5 years

Calculate Home Loan EMI

Since you have to divert a portion of your income towards home loan EMIs, choosing the right loan amount and tenor is important. To ascertain EMIs that match your budget, use a home loan calculator. All you have to do is enter the sanction, tenor, and interest rate. Tweak these details until you arrive at an affordable EMI amount that won’t cause you to exceed your budget or compromise on other fronts.

Documents Required for Home Loan

Once you meet the home loan eligibility terms and calculate your EMIs, go ahead and gather the documents required for home loan. Here is the checklist you must follow when applying for a Bajaj Finserv Home Loan in Kolkata.

• KYC documents like PAN and Aadhaar card
• Address proof like driving license and ration card
• Identity proof like PAN and Aadhaar card
• Photograph
• Form 16 or latest salary slips
• Last 6 month’s bank account statements
• Proof of business continuity for applicants who are self-employed or run a business
  
  

How to Apply for Home Loan

You can apply for the Bajaj Finserv Home Loan in Kolkata online, through SMS or by visiting the nearest branch.

To apply online, follow these steps.

• Fill out the online application form available on the website
• Use home loan eligibility and EMI calculators to finalise your loan amount and tenor
• Submit your property’s details
• Pay the online secure fee to book an available offer
• Once a relationship manager contacts you, upload scanned copies of the documents required to complete the application process.
  
  

To apply for a home loan via SMS, send 'HLCI' to 9773633633 and wait for a representative's call with your offer.

Regardless of the channel you use to apply, check your pre-approved offer before you do. This allows you to view a customised deal and expedite approval so that you can become a homeowner in Kolkata at the earliest.