With so many upcoming projects on building housing units, Kolkata contributes a significant percentage when it comes to availing home loans.

Additionally, multiple government schemes have provided a much necessary financial assistance to aspiring home buyers. By availing credits under such programmes, individuals can earn benefits of lower home loan interest rates of around 6.93%.

However, if you do not keep an eye on certain aspects before applying for a home loan in Kolkata, it might get rejected. To avoid such unfortunate incidents, ensure that you are prepared accordingly.

Four tips to prevent rejection of your loan application

Learn some of the important reasons why lenders may reject your home loan application –

Unpaid debts

Financial institutions keenly observe an applicant’s credit history to judge the potential of a borrower in terms of repayment capacity. With the help of such records, lenders determine whether the applicant has made timely payments in the past. Thus, it is imperative that you pay your credit card bills, EMIs, etc. within the stipulated time frame. You can even use an EMI calculator to keep an account of how much you have to pay every month and save accordingly. If you make sure that your dues are paid within deadlines, it is likely that lenders won’t reject your loan application.

Stable source of income

Job stability is one of the essential factors that determine whether you are a suitable candidate for a loan. NBFCs prefer individuals who have been working under a company for at least 3 consecutive years. Additionally, they also check the company’s reputation and experience to ensure that the borrower will not face issues while repaying a long-term advance such as a home loan. You must be prepared with a practical guide to closing a home loan effectively.

Credit score

A high CIBIL score around or above 750 can help a borrower to avail such loans. In case you have a low credit score, you must improve it before opting for a home loan online apply. To increase the credit, execute the following –

• Pay your debts by deadlines.
• Maintain old credit cards.
• Restrict credit usage according to the permitted limit.
• Look for errors in the CIBIL report.


Before applying for a home loan in Kolkata, you must meet the eligibility criteria and be prepared with the required documents.

Criteria for salaried applicants –

• Must be residing in India.
• Age limit is 23 to 62 years.
• Must have a working experience of a minimum of 3 years.
• The loan amount could be between Rs. 10 lakh – Rs. 3.5 crore.

For self-employed individuals –

• Must be residing in India.
• The applicant’s age must be within 25 – 70 years.
• Business with a vintage of at least 5 years.

Required documents include –

• ID proof.
• Address proof.
• KYC documents.
• Photograph.
• Latest salary slip.
• Bank account statement for A past 6 months.

Note that required documents for a home loan can vary between lenders and also includes documentation related to the property to be mortgaged.

In addition to all the information mentioned above, gather details about types, such as joint home loans, credits for advocates, home loans for women, etc. to choose the best fit along with valid home loan offers.

Additional Read: 3 Methods to a Better Deal on a Home Loan in Kolkata


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