How to Get the Best Home Loan Deal in Calicut

If you’re planning to purchase your dream home loan in Calicut, understanding the home loan options available is crucial. Here’s a comprehensive guide to help you navigate through the process:

Key Points:

Eligibility Criteria:

• Age: Typically between 21 to 65 years.
• Employment: Salaried, self-employed, or business professionals.
• Income: A stable income source with proof of earnings.

Loan Amount:

• Banks and financial institutions offer loans up to 85% of the property value, depending on your eligibility.

Interest Rates:

• Competitive interest rates starting from around 7–9% per annum. Rates can be fixed or floating.

Tenure:

• Flexible loan tenure ranging from 5 to 30 years, allowing for manageable EMIs.

Documentation Required:

• Identity and address proof.
• Income proof (salary slips, bank statements, ITR).
• Property documents.

Processing Time:

• Fast processing times, with some banks offering approval within a week if all documents are in order.

Prepayment and Foreclosure:

• Most banks allow prepayment and foreclosure with minimal charges, enabling quicker loan repayment.

Additional Benefits:

• Tax benefits under Section 80C and 24(b) of the Income Tax Act.