Kolkata has emerged as an attractive destination to buy a home, which provides the nostalgia of old-world charm and the growing modern infrastructure. To make the dream of owning a home in Kolkata the first step is to secure a home loan. When applying for a home loan in Kolkata, the borrower needs to understand the eligibility criteria and documents required. Whether you are a salaried and/or self-employed professional, lenders have to assess a few factors to make sure borrowers have the financial capacity to pay back their loans. Additionally, providing the right set of documents ensures a quick and seamless loan approval process. The first step in getting a loan is understanding what most NBFCs are expecting from the borrower, improving the chances of getting approved.
Eligibility Criteria for Home Loans in Kolkata
Lenders assess home loan applications considering residency, age, and work profile, among other factors, including the credit score.
- The applicant must be an Indian Resident, NRI, or Person of Indian Origin
- Minimum age-21 years old.
- Maximum age at loan maturity: 70 years
- Accepted job profile may include any of the following:
- Salaried (could be government or corporate)
- Self-employed professionals (such as doctors, architects, attorneys, CAs, engineers, consultants)
- Self-employed non-professionals (contractors, traders, commissioned agents)
- Minimum work experience with the above job profiles must be 3 years for either salaried or self-employed.
- Preferred CIBIL score is 730 and above for better outcomes, higher online home loan approval chances, and lower interest rates.
Documents Required for Home Loans in Kolkata
After meeting the eligibility criteria, the next step is to collect the required documents. By providing the right and complete documentation, the loan process will be quick and hassle-free.
For Salaried Applicant
Lenders usually expect the following documentation from salaried home loan applicants:
- KYC documentation: PAN card, Aadhaar card, passport, voter ID or driving license documentation.
- Proof of income includes recent salary slips of the last 3 months, bank statement of the last 6 months showing salary credit
- Latest income tax returns or Form 16 from employer
- Employment Contract ensuring stability
- Bank statement showing good repayment history (if applicable)
- Land documentation like title deeds and agreement to sell
- Proof of own contribution confirming the source of the down payment
- Processing fee cheque (if required by lender)
These documents assist in verifying income, identity, and whether the applicant can repay the loan.
For Self-Employed Applicants
Self-employed individuals usually need to provide a more extensive set of financial documentation based on variable income patterns.
- Proof of income:
- The latest three years’ ITR, including income computation
- Latest three-year balance sheet and profit and loss statement
- Business documents:
- Latest Memorandum and Articles of Association
- Latest Form 26AS
- Detailed business profile
- Bank statements:
- Savings account (last 6 months)/current
- Current account statement of business entity
Knowing the eligibility criteria and preparing the documents beforehand can ease the home loan application process in Kolkata. Whether an applicant is a resident, NRI, salaried professional, or business owner, preparation and organisation can help increase the likelihood of getting a loan on ideal terms and put the applicant on their way to owning their dream home in the City of Joy.
