The eligibility criteria as well as the documentation requirements to avail a Home Loan in Kolkata
both are subject to the chosen lending institution. This could be a bank, Non-Banking Financial Company (NBFC) or a Housing Finance Company (HFC). Before getting into the details and listing the basic requirements of the same, it is worth noting that NBFCs and HFCs have simpler eligibility and paperwork related formalities as compared to public and private banks. Also, for a select lending institution, both these requirements are more or less the same all over India, except for a few conditions (such as income related conditions).
Given below are the basic eligibility criteria to avail a Housing Loan in Kolkata:
- Applicant should be a resident of India
- He/she should be within the permissible age group of 25 to 58 years
- He/she is required to be salaried, with a minimum work experience of 3 years.
- Depending on the city from which the loan is being applied from, the minimum income requirement lies between INR 30,000 to INR 50,000. For Kolkata, this condition is INR 30,000.
- Self-employed applicants should be within the age limit of 25 to 70 years
- He/she should have at least 5 years of business continuity in the current enterprise.
The documentation requirements to avail a housing loan in Kolkata are as follows:
- Know Your Customer Documents
- Valid Identity Proof
- Valid proof of address
- Salaried individuals are required to submit Form 16 or latest salary slips.
- Self employed individuals are required to submit Income Tax Returns and Profit and Loss statements of past 2 years
- Bank account statements of past 6 months
- Self employed individuals are required to submit a valid document as proof of business for at least 5 years.