| Banks / NBFCs | Interest Rates | Tenure | Processing Fees |
| HDFC Bank | Starting 9.40% & Above | Maximum 15 years | 0.50% |
| ICICI Bank | Starting 9.40% & Above | Maximum 15 years | 0.75% |
| Kotak Mahindra Bank | Starting 9.40% & Above | Maximum 15 years | 0.50% |
| Axis Bank | Starting 9.40% & Above | Maximum 15 years | 0.50% |
| IDFC Bank | Starting 9.40% & Above | Maximum 20 years | 1% |
| Standard Chartered Bank | Starting 9.40% & Above | Maximum 15 years | 0.50% |
| Deutsche Bank | Starting 9.40% & Above | Maximum 15 years | 0.75% |
| Bajaj Finance | Starting 9.75% & Above | Maximum 15 years | 1% |
| L&T Finance | Starting 9.75% & Above | Maximum 15 years | 1% |
| India Bulls | Starting 10.5% & Above | Maximum 15 years | 1% |
| RBL Bank | Starting 9.50% & Above | Maximum 15 years | 1% |
| Hero Fincorp | Starting 11% & Above | Maximum 15 years | 1% |
| HDB Finance | Starting 9.75% & Above | Maximum 15 years | 1% |
| HSBC | Starting 9.5% & Above | Maximum 15 years | 0.50% |
| Shinhan Bank | Starting 9.10% & Above | Maximum 15 years | 0.50% |
| AU Small Finance Bank | Starting 10% & Above | Maximum 15 years | 1% |
Kolkata, just saying the name brings to mind a whole bunch of things like sweets, mishti dahi, hand-pulled rickshaws, the Hooghly River, yellow taxis, books, dance, literature, and a ton more.
This metropolis, once known as Calcutta, sits right by the banks of the Hooghly River. It’s famous for its vibrant music scene, rich literary heritage, iconic films, diverse culture, and mouth watering cuisine.
The economy of Kolkata
Kolkata stands as a prominent hub for business, commerce, and finance in eastern India. It is also a major center of the telecommunications port for the North East Indian state. Famous as India’s third wealthiest city following Mumbai and Delhi, Kolkata commands a substantial GDP (PPP) of $150.1 billion (as of 2017).
Housing India’s oldest stock exchange, the Calcutta Stock Exchange, Kolkata is home to various industries with notable sectors spanning steel, heavy industry, mining, pharmaceuticals, and more.
One of the peculiar aspects of the city is that it offers a distinctive process for acquiring trade licenses, overseen by the Kolkata Municipal Corporation (KMC). Noteworthy accolades include Kolkata’s inclusion in the World Bank’s roster of Indian cities in 2019, alongside Bengaluru, highlighting its importance on the global economic stage.
While previous studies on the ease of conducting business in India have primarily focused on New Delhi and Mumbai, recent assessments suggest Kolkata’s improved standing in this regard.
Features & Benefits of Loan Against Property
1. Mortgage loan amount:
You could get anywhere from INR 30 lakh to INR 100 crore, depending on how much your property is worth and other things that make you eligible.
2. Low-Interest Rate:
Get the best deal on interest rates with OneNDF Loans, so you can easily afford and efficiently finance your property.
3. Loan-to-Value Ratio:
You can get a Loan-to-Value (LTV) Ratio of up to 75% of your property’s value, giving you enough money to meet your goals and allowing you to borrow more based on your property’s worth.
4. Hassle-free Documentation:
Make the loan application process easier with OneNDF Loans, as we guarantee hassle-free paperwork for your convenience.
5. Tenure:
The LAP repayment period can be as long as 15 years, making it easier for borrowers to comfortably pay off their EMIs.
6. Easy Repayment & Longer Tenure:
Get flexible repayment options and a longer loan duration with OneNDF Loans, making it easier for you to manage your finances.
Also Read: Benefits of loan against property
Loan Against Property EMI Calculator
Eligibility Criteria for Loan Against Property
To avail of a Loan Against Property in Kolkata, the borrower must fulfil the following eligibility criteria:
| Particulars | Requirement |
| Citizenship | The applicant must hold an Indian citizenship. |
| Age | The borrower must be at least 25 years old, and the maximum age must not be more than 75 years old at the time of loan maturity. |
| Nature of work for salaried applicants | Salaried Employee of an MNC, public sector or private sector with stable income |
| Business Vintage for self- applicant | The business must be at least 3 years old if applicable. |
| Credit Score | Both the promoter and the business must have a good credit score of more than 700. The credit score of co-applicants is also checked wherever applicable. The credit score has a crucial role to play in determining the creditworthiness of the borrower. It determines the limit of the lender’s credit exposure based on the repayment history of the business. |
Documents Required to Apply for a Loan Against Property
The documents required for a Loan Against Property in Kolkata may vary. However, the following documents are usually sought by banks and NBFCs for a Loan Against Property in Kolkata:
- Application form with a recent photograph
- Passport copy, voter ID card, driver’s license, PAN card, or any other proof of identity.
- Address proof as such passport, utility bills, driving license, etc.
- Age proof as such bank statement, bank passbook, or other certificate from a statutory authority.
- Bank statement of last 6 months or last 6 months’ salary slips.
- Form 16
- Income tax returns of last 3 years
- Processing fee cheque
Additional documents for self-employed and SMEs for Loan Against Property
- For self-employed: CA attested income statements and other financials of the past 2 years.
- For SMEs: last 2 years financial audited.
Interest rates on Loan Against Property
The interest rates on a Loan Against Property in Kolkata can vary from lender to lender. However, here is an overview of the interest rates and charges on various types of Loan Against Property in Kolkata:
| Fees & Charges | Amount Chargeable |
| Interest Rate | Starting from 9.10% P.A. |
| Loan Amount | Starting 30 Lacs and upto 100 Cr |
| Loan Processing Charges | Minimum Processing fee is 1%+ GST |
| Foreclosure Charges | Pre-Payment is not allowed within 12 months of loan sanction After 12 months, pre-payment charges will be applicable as described in the sanction letter |
How to Apply for a Loan Against Property in Kolkata through OneNDF
The process of applying for a Loan Against Property in Kolkata may differ based on the type of Loan Against Property availed.
OneNDF streamlines this process by allowing individuals to apply for Loan Against Property online and match with lenders according to their unique Loan Against Property requirements:
- Open the official website of OneNDF and SIGN UP.
- You can register by entering your mobile number and clicking on ‘Next’.
- You would receive an OTP, through which you can authenticate your identity.
- Once authenticated with OTP, you can upload your documents and apply for a Loan Against Property at attractive interest rates as per your requirements.
- Once the loan application form is submitted, the platform connects you with the best lender available as per your requirements. It helps you get a Loan Against Property at a competitive interest rate.
FAQs
Q.1 Is a Loan Against Property in Kolkata a good idea?
Certainly, a Loan against property is a good idea especially when the borrower needs a large amount of funds for purposes like business expansion.
Q.2 What is the interest rate of Loan Against Property in Kolkata?
The Loan Against Property interest rates start from 8.85% p.a and go up to 11%p.a based on the tenure and property type.
Q.3 Can you get a 100% loan against the property?
No, lenders don’t sanction a Loan Against Property with a 100% LTV ratio. However, it is possible to get a maximum of 75% of the property’s value as a Loan from the lender.
Q.4 Can I use the LAP loan amount to set up office branches in Kolkata?
Yes, the LAP loan amount can be utilised for setting up office branches in Kolkata.
Q.5 Are LAP interest rates lower?
Yes, Loan Against Property (LAP) interest rates are comparatively lower as it is a secured loan and requires the loan applicant to pledge an asset as collateral.
