Kolkata had the reputation of being a laid back city but not anymore. In recent times, there have been huge developments in the real estate sector ad new high rises apartments have come up in many of the key locations of the city. Old houses in Kolkata are often handed over to the developers to be demolished and they make way for apartment buildings, something which has been a common practice in a city which was once the capital under British rule in India and thus home to a large number of old houses.
In addition, adjoining areas of the city like New Town and Garia have also seen a sudden hike in real estate development as the demand for housing went up. Top developers in the city include Siddha, Merlin, SP, Eden Group, Ideal Group and various other standalone developers and promoters. They city thus offers a wide range of options when it comes to buying a flat and one could opt for a Home Loan in Kolkata to increase their buying capacity.
There are many banks and NBFCs which are offering good Home Loan interest rates and anyone with a steady income is eligible to apply for a loan. Of course, it would be a good idea to ascertain before making the application whether one would be able to make the monthly repayment on the amount they would be apply for. This can be calculated with the help of a housing loan EMI calculator. This is an online tool that will immediately calculate for you the monthly repayment you would have to make each month, based on some information that you provide like the principal amount of the loan applied for, the interest rate the bank or NBFC is charging, the tenure of the loan, the monthly income of the applicant and whether there are any other sources of income. The calculator would provide a part by part breakup of the total amount you would be paying towards principal repayment and interest over the entire tenure and if you think you are capable of affording it, then by all means go ahead and apply for the loan.
Once the Home Loan has been applied for and the initial application in made, a final verification is conducted by the bank before the disbursal and some documents required for Home Loan have to be submitted. They mostly include a Photo ID like Aadhar card, age and address proof, salary slip of the last six months, bank statement of the last three months, and IT returns of the last three consecutive years. Apart for these, those who are self employed and have their own business will also have to submit their TAN and sales tax documents to ascertain the stability of the business. The real estate sector in Kolkata has really picked up and if all goes well, you could realize your dream of having your home in the cultural capital of the nation.