NKGSB Cooperative Bank Home Loan Eligibility Criteria
Before you proceed, it is important to check eligibility and understand the basic requirements for approval.
|
Eligibility Factor
|
Criteria
|
|
Nationality / Residency
|
Indian citizen (resident) or fully documented NRI/PIO.
|
|
Age of Applicant
|
Minimum 18–24 years; Maximum 65–70 years (varies by source & loan maturity).
|
|
Employment Status
|
Salaried or self-employed/professional with regular income.
|
|
Income Requirement
|
Must have a regular and sufficient income to repay EMIs.
|
|
Work Experience
|
Often at least 1 year (salaried) / 3 years (self-employed) (source varies).
|
|
Credit Score
|
(Not publicly specified by bank) Generally a good credit score is preferred for home loans.
|
|
Loan Purpose
|
Purchase of residential property (land, construction, etc.) subject to bank rules.
|
|
Security
|
Equitable/registered mortgage of the property required; guarantors may be needed.
|
|
Loan Amount / LTV
|
Up to ~80–75 % of property value; max loan limit applies.
|
Home Loan Schemes Offered by NKGSB Cooperative Bank
NKGSB Cooperative Bank offers well-structured housing loan schemes to meet different housing needs:
Home Purchase Loan
For purchasing ready-to-move or under-construction residential properties.
Home Construction Loan
Suitable for customers who own a plot and wish to construct a house.
Home Improvement / Renovation Loan
For repairs, extensions, or modernization of an existing home.
Affordable Housing Loan
Designed for eligible borrowers seeking a low-interest home loan, with potential access to interest subsidy benefits under applicable schemes.
These schemes focus on affordable monthly installment planning and long-term repayment comfort.
Documents Required for NKGSB Cooperative Bank Home Loan
Submitting complete and accurate paperwork improves approval speed and eligibility for instant approval where applicable. Below is a clear checklist of documents required for housing loan applications:
| Document Category |
Required Documents |
| Identity Proof |
Aadhaar Card, PAN Card, Voter ID |
| Address Proof |
Aadhaar Card, Utility Bill, Ration Card |
| Income Proof (Salaried) |
Salary slips, Form 16, bank statements |
| Income Proof (Self-Employed) |
ITR, balance sheet, profit & loss statement |
| Property Documents |
Last 3 months’ salary slips + Form 16 + 6 months bank statements |
Last 2–3 years ITR + CA-certified income computation + 6–12 months bank statements
|
| Photographs |
Recent passport-size photographs |
Maintaining a good credit score and submitting verified income documents helps ensure smoother processing.
Tax Benefits on Home Loan in India
A housing loan also offers attractive tax benefits on home loan in India, helping reduce your overall tax burden:
Section 80C – Deduction up to ₹1.5 lakh on principal repayment
Section 24(b) – Deduction up to ₹2 lakh on interest paid for self-occupied property
Additional Benefits – Extra deductions for first-time homebuyers, subject to eligibility
Interest Subsidy – Available under government-backed affordable housing schemes, where applicable
These benefits make long-term home purchase financing more cost-effective.
Loan Processing Fees & Other Charges
NKGSB Cooperative Bank follows a transparent and borrower-friendly fee structure:
- Processing fee as per bank guidelines
- Legal and technical verification charges
- Documentation and registration expenses
- No hidden or surprise charges
Borrowers can calculate EMI in advance to choose a comfortable repayment tenure.