Home Loan Kochi

Home Loan Rates EMI 2017 242 views

About Kochi

Kochi is the commercial hub of Kerala. Formerly known as Cochin, it has emerged as a significant centre of spice trade. It is one of the fastest growing cities belonging to the tier-2 category and is home to Cochin Stock Exchange, which is the sole stock exchange in the state of Kerala. The city has seen tremendous growth due to the development of many industries. It boasts of industries like chemical, shipbuilding and oil refining. This has appealed to various banks and NBFCs who have opened up more branches keeping in mind the city’s continuous development. They are offering more and more products to meet the needs of the people. Federal Bank, one of the prominent private sector banks in India has its headquarter in Aluva, which is a suburb of the city.

About Home Loan

Whether you want to buy a new house or renovate your current one home loan is for everyone. One can use a home loan to even extend, construct or repair his/her home. Leading Banks and Non-Banking Financial Companies are willing to offer home loan to applicants if they fulfill the eligibility criteria and complete the documentation work. Applicants can avail a home loan from the lenders for a tenure ranging up to 30 years. The interest rates for a home loan are comparatively lower than other products offered by banks and NBFCs. The minimum loan amount that can be secured is Rs. 5 Lakhs. The maximum amount will depend upon the bank’s policy.

Home Loan Kochi in a nutshell

ParticularsDetails
Interest Rate

8.35% - 13.95%

Processing Fee0 to 1.25% of the loan amount along with service taxes if applicable
Pre-payment/Part-payment chargesNIL in most cases
Tenure/Repayment1 to 30 years
Lowest EMI/LakhRs. 758-1180

Eligibility criteria required to get home loan in Kochi

ParticularsSalaried IndividualsSelf-employed individualPartnership FirmPrivate/Public Ltd. Company (in existence for at least 3 years)
AgeThe applicant should be at least 21 years at the time of application and 58 years at the time the loan maturesAny proprietor, partner, professional or director above 21 years but below 65 years at the time of loan maturity
IncomeMinimum income of at least Rs. 1,80,000 per annumMinimum annual income of Rs. 1,80,000Minimum Profit after Tax (PAT) of at least Rs. 3 LakhsMinimum Profit after Tax (PAT) of at least Rs. 3 Lakhs
Job StabilityThe total employment stability should be more than 2 years and current employment stability of minimum 1 yearBusiness stability should be more than three years

Documentation required to get a home loan in Kochi

  • Proof of Identity– PAN Card/Driving license/ Voter ID/Passport/Aadhar Card.
  • Proof of address– Passport/ Telephone bill/Aadhar card/Electricity bill

  • Proof of Income– Latest salary slip/ ITR/Form-16

  • Bank Statement– Last 3 months bank statement/ last 6 months bank passbook

  • Property Documents– Agreement sale copy, Certificate of possession, Land tax receipt, Detailed cost of construction, Letter of allotment, Original NOC

Top Banks offering Home Loan in Kochi

BankMain Branch AddressInterest Rate
State Bank of IndiaAroor - Thoppumpady Rd, Thopumpady Junction, Thoppumpady, Kochi, Kerala 682005 1800 425 38008.35% - 8.80%
ICICI BankAmbal Building, Thoppumpady, First Floor, Near Gammon Bridge, Kochi, Kerala 6820068.35% - 8.85%
HDFC BankThoppumpady, Catholic Centre, St. Joseph College Building, Kochi, Kerala 682005 0484 616 06168.35% - 8.55%
Axis Bank41/419, Ground Floor Chicago Plaza, Rajaji Road, Ernakulam, Kerala 682035

8.35% - 8.75%

Punjab National BankStar Junction Kottukulam Road, Mattancherry, Distt. Ernakulam, Cochin, Kerala - 6820028.50% - 8.70%
Bank Of BarodaPb 222 Palace Road, Mattancherry (Ernakulam DT.), Cochin, Kerala 6820028.35% - 8.85%
Bank Of IndiaErnakulam, At Kannankeri Estate, Shanmugham Road , Ernakulam, 682031, Kerala8.55% - 8.60%
Canara BankShenoy`s Chamber No 40/2363 L & 40/2363M, Shanmugham Road, Marine Drive, Ernakulam, Kerala 682031

8.65% - 8.75%

IDBI BankSea Queen Building, Near Changampuzha Park, Lulu Mall NH 47 Entrance, Nethaji Nagar, Edappally, Kochi, Kerala 6820248.30% - 11.30%
Central Bank of IndiaPb 526, 5th Main Road Willingdon Island Cochin Kerala 682003

8.40%

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