How to Apply For a Home Loan in Kolkata at Low Interest Rate? - Loan Trivia


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Friday 7 October 2022

How to Apply For a Home Loan in Kolkata at Low Interest Rate?

home loan in Kolkata

Kolkata, the city of joy, encompasses diverse ethnicities and cultures. The city is the breeding ground of essential sectors like heavy engineering, mining, jute, and textile. Increasing employment opportunities coupled with a rich heritage make the city ideal for settling down. In this context, opting for a housing loan in Kolkata will help individuals fulfill their wishes to secure a dream house in Kolkata without digging into a lifetime of savings.

 How to Apply for a Home Loan in Kolkata?

Before applying for a home loan in Kolkata, a borrower should compare different loan options offered by multiple lending institutions and settle for one providing an affordable interest rate. On choosing a lender, borrowers need to follow the mandatory steps mentioned in the guide below to apply for a home loan. 


Step 1: Go to your chosen lender’s official website and choose a home loan in Kolkata from the product page.

Step 2: Now hit ‘Apply now’ and fill up the online application form with relevant personal, property, and employment details. Attach the necessary documents.

Step 3: Now, borrowers need to make payment of the processing fee. After that, a representative will get in touch with the applicant and carry forward the application process.

Step 4: Lenders will verify the borrower’s profile and scrutinize important documents.

Step 5: After the lender approves the site and ensures that the aspiring home loan borrower has satisfied the eligibility criteria, borrowers will receive an e-sanction letter.

Top Tips for a Home Loan in Kolkata at Low Interest Rate

#1 Apply for Home Loan Balance Transfer

Is your home loan lender unwilling to revise the existing home loan interest rate? Then it pays to consider a home loan balance transfer to lower your home loan interest rate. 

#2 Online Interest Rate Comparison

Before choosing a certain lender or product, you must do thorough research on to compare rates. Many third-party websites will provide you with a more detailed view of the rates and fees charged by different lenders. So, it is advisable to examine home loan interest rates from banks before choosing a financial institution or home loan deal.

#3 Make a Larger Down Payment

Most lending institutions finance about 75% to 90% of the entire current value of the property. As a result, you are expected to contribute about 10% to 25% of the remaining cost of the property. However, instead of paying the least amount, contribute extra as a down payment from your pocket. This can directly minimize the home loan interest you are expected to pay.

Home Loan Eligibility Criteria

Age limit of salaried home loan borrowers

23 to 62 years (may vary)

Age limit of self-employed home loan borrowers

25 to 70 years (may vary)

Required credit score

At least 750

Work exp of salaried home loan borrowers

At least three years

Business continuity

At least five years

Minimum salary

Rs. 25,000


Indians staying in the country

Before knowing how to check CIBIL score online, let’s understand the CIBIL score meaning. Your CIBIL score is a numeric summary of your credit history. It is typically represented in three digits.

How to Check CIBIL Score Online

The steps to check the credit score of a prospective borrower are here:

Step 1: Visit the website of a preferred lending institution 

Step 2: Navigate the CIBIL score page.

Step 3: Enter all necessary details. 

Step 4: Verify identity with the OTP you get on the registered Email ID or phone number to receive the CIBIL score. 

Concluding Thoughts

You now have specialist advice on how to lower your home loan interest rate. Of course, there are other intricacies to obtaining a lower home loan interest rate. Each lending institution has a different option to lower interest rate and reduce loan liability. However, reputed lenders like Bajaj Housing Finance Limited will assign a loan representative who will guide you with the home loan process every step of the way.

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