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Getting a home loan in Kolkata<\/a> might seem like an uphill task at first. However, a little guidance is all you need to confidently apply for a loan. Don\u2019t know where how to get started? Here\u2019s a list of things you should know before applying for a housing loan in Kolkata to set you right on track.<\/p>\n\n\n\n One of the first things you should consider before getting a housing loan is the current interest rates in the market. Once you have a clear idea, choose a lender offering the most competitive home loan interest rate<\/a>. This reduces the total amount spent on interest over the loan tenure and reduces the EMIs payable every month.<\/p>\n\n\n\n Additional Read:<\/strong> 8 Points to in Mind Before Taking a Home Loan<\/a><\/p>\n\n\n\n When you narrow down a lender, check the criteria you must meet to be eligible for the loan. Most lenders require you to have a regular income, a good credit score, and a regular minimum monthly income to meet their home loan eligibility<\/a> <\/strong>criteria. However, the exact specifications vary slightly between lenders.<\/p>\n\n\n\n Lenders will check your eligibility and identity before approving your loan. So, make sure you have the required documentation in place. This includes salary slips, income proof, an employment certificate, address proof, and more.<\/p>\n\n\n\n Many lenders today offer flexible loan repayment tenures to make loan repayments easier. So, you can choose one at your convenience. Remember, a shorter loan tenure means larger loan EMIs for a short span. But with this, you get to save the total money you spend on interest. However, a longer tenure means your EMIs will be smaller, stretched over the entire duration. Here, you will shell out more money as interest payments.<\/p>\n\n\n\n If you are still having trouble deciding on a suitable loan tenure, Use a home loan EMI calculator<\/a>.<\/strong> It will help you choose an affordable EMI value and loan tenure that ensures easy repayments.<\/p>\n\n\n\n Along with monthly EMIs, lenders may require you to pay additional processing fees to get your application approved. So, check the fee amount and when to pay it with your lender in advance to avoid any surprises.<\/p>\n\n\n\n Although you can save on the total interest by repaying your loan before the tenure ends, lenders charge a foreclosure penalty for it. So, check the specified foreclosure charges and plan your repayments accordingly.<\/p>\n\n\n\n Lenders usually ask you to pay 10-15% of the total loan amount as a downpayment to avail of the loan. The remaining loan amount is converted to EMIs. Generally, the larger the downpayment, the more you save on the total amount spent on interest.<\/p>\n\n\n\n Additional Read:<\/strong> Research You Need To Do Before Availing A Home Loan<\/a><\/p>\n\n\n\n With the above tips in hand, getting a home loan<\/a> <\/strong>is as simple as it gets. Looking for a lending partner to finance your loan? Turn to Tata Capital. We offer loans at affordable interest rates and flexi-repayment plans for all your home financing needs.<\/p>\n\n\n\n1. Interest rate<\/strong><\/h2>\n\n\n\n
2. Eligibility<\/strong><\/h2>\n\n\n\n
3. Documents required<\/strong><\/h2>\n\n\n\n
4. Home loan tenure<\/strong><\/h2>\n\n\n\n
5. Fees<\/strong><\/h2>\n\n\n\n
6. Foreclosure norms<\/strong><\/h2>\n\n\n\n
7. Downpayment<\/strong><\/h2>\n\n\n\n
Final word<\/strong><\/h3>\n\n\n\n