Home Loan in Mumbai
Mumbai, the city of dreams, is where everyone wants to have their home. How to get a home loan in Mumbai? This page will give you all the details about housing loans in Mumbai. The starting home loan interest rate in Mumbai is between 8.50% to 15% p.a. for loan amounts of up to 90% of property value and tenures of up to 30 years.
Compare Home Loan Interest Rate Offered by Various Banks & HFCs in Mumbai
| Bank Name | Interest Rate (%) | Processing Fee |
|---|---|---|
| HDFC Bank | 7.90% - 9.00% | Up to 0.50% of the loan amount + applicable taxes |
| HSBC Bank | 8.50% | Up to 1.00% of the loan amount + applicable taxes |
| Kotak Mahindra Bank | 8.20% | Up to 0.50% of the loan amount + GST |
| IDFC Bank | 8.85% | Upto Rs.3,000 |
| PNB Housing Finance | 8.25% | Up to 1% of loan amount + GST |
| Federal Bank | 9.15% | 0.50% of loan amount |
| Bajaj Finserv | 7.49% - 17.00% | Up to 7% of loan amount + GST |
| L&T Housing Finance | 8.65% | Up to 0.25% of loan amount + GST |
| ICICI Bank | 8.00% | 0.50% - 2.00% of the loan + applicable taxes |
Home Loan Interest Rate in Mumbai
Home loans in Mumbai start from 8.50% and can go up to 14%:
| Home Loan Parameters | Home Loan Details |
|---|---|
| Interest Rate | 8.50% - 14.00% |
| Processing Fee | 0% to 1.25 % of the loan amount |
| Tenure/ Repayment | 1-30 years |
Top Home Loan Providers in Mumbai
There are more than 35 banks and financial institutions that can give you the best home loans in Mumbai. Here we are mentioning some of those lenders that give lucrative deals on your home loans.
HDFC Home Loan in Mumbai
HDFC or HDFC Limited caters to home loans in Mumbai under different loan slabs based on the required amount of the home loan. There are different home loan interest rates for women that can benefit you greatly if one co-applicant of your home loan is a woman.
| Loan Slab | Home Loan Interest Rates (in % p.a.) |
|---|---|
| For Women* (up to 30 Lakhs) | 8.60 - 9.10 |
| For Others* (up to 30 Lakhs) | 8.65 - 9.15 |
| For Women* (30.01 Lakhs to 75 Lakhs) | 8.85 - 9.35 |
| For Others* (30.01 Lakhs to 75 Lakhs) | 8.90 - 9.40 |
| For Women* (75.01 Lakhs & Above) | 8.95 - 9.45 |
| For Others*(75.01 Lakhs & Above) | 9.00 - 9.50 |
LIC Housing Finance Limited Home Loan in Mumbai
LIC Housing Finance gives 7 different types of home loans in Mumbai or any other place. The home loan interest rate starts from 8.50% for people having a CIBIL score of more than 800 who are salaried. For people whose CIBIL score is less than 600 and are self-employed, for the home loan interest rate in Mumbai is around 9.40%.
PNB Housing Finance Limited Home Loan in Mumbai
PNB HFL starts giving home loans in Mumbai from Rs 8 lakh onwards and takes approximately 10 days to process. The minimum home loan rate of interest for PNB HFL in Mumbai is 8.25% for salaried and 8.80% for self-employed professionals whose CIBIL or credit score is more than 800.
Home Loan Interest Rate for amounts up to Rs 35 Lakhs in Mumbai
| Credit Score | Salaried / Self–employed professional (SEP) | Self–employed – non-professional (SENP) |
|---|---|---|
| >= 800 | 8.50% to 9.00% | 8.60% to 9.10% |
| >775 to 799 | 8.55% to 9.05% | 8.75% to 9.25% |
| >750 to <=775 | 8.70% to 9.20% | 8.90% to 9.40% |
| > 725 to < =750 | 9.00% to 9.50% | 9.35% to 9.85% |
| > 700 to <= 725 | 9.30% to 9.80% | 9.65% to 10.15% |
| > 650 to <= 700 | 10.40% to 10.90% | 10.75% to 11.25% |
| up to 650 | 10.60% to 11.10% | 10.95% to 11.45% |
| NTC** Cibil >170 | 10.65% to 11.15% | 10.95% to 11.45% |
| NTC** Cibil <=170 | 9.95% to 10.45% | 10.30% to 10.80% |
Home Loan Interest Rate for amounts above Rs 35 Lakhs in Mumbai
| Credit Score | Salaried / Self–employed professional (SEP) | Self–employed non–professional (SENP) |
|---|---|---|
| >= 800 | 8.6% to 9.1% | 8.85% to 9.35% |
| >775 to 799 | 8.65% to 9.15% | 8.9% to 9.4% |
| >750 to <=775 | 8.8% to 9.3% | 9.25% to 9.75% |
| > 725 to <=750 | 9.15% to 9.65% | 9.4% to 9.9% |
| > 700 to <=725 | 9.5% to 10% | 9.85% to 10.35% |
| > 650 to <=700 | 10.6% to 11.1% | 10.95% to 11.45% |
| upto 650 | 10.8% to 11.3% | 11.15% to 11.65% |
| NTC** Cibil >170 | 10.85% to 11.35% | 11.2% to 11.7% |
| NTC** Cibil <=170 | 10.15% to 10.65% | 10.5% to 11% |
SBI Home Loan
State Bank of India is one of the premier banks of India, and so getting a home loan in Mumbai is very easy with SBI. The cheapest SBI home loan interest rate is 7.50% - 8.45% and the maximum tenure for which a home loan can be availed is 30 years. The loan disbursement process can take up to 3 weeks in the SBI home loan Mumbai.
Indiabulls Home Loan
The final Indiabulls home loan rate of Interest depends upon Profile, Loan amount, tenor, property type, and other risk parameters. The lowest home loan interest rate in Mumbai is 8.75% for 30 years. This can change depending on the creditworthiness of the applicant.
Axis Bank Home Loan
Axis Bank home loan in Mumbai is one of the most searched options for get home loan. The home loan interest rate varies depending on the applicant's profile, salary, and credit score.
Interest Rate For Salaried Individuals in Mumbai
| Type | Repo Rate + Spread | Effective Rate of Interest |
|---|---|---|
| Floating Rate | Repo Rate + 2.70% to Repo Rate + 2.95% | 7.90% - 9.00% |
| Fixed Rate | All Loan Amounts | 14% p.a. |
Home Loan for Self-Employed Individuals
| Type | Repo Rate + Spread | Effective Rate of Interest |
|---|---|---|
| Floating Rate | Repo Rate + 2.80% to Repo Rate + 3.15% | 8.70% - 9.05% p.a. |
| Fixed Rate | All Loan Amounts | 14% p.a. |
Types of Home Loans offered in Mumbai
There are more than 10 types of home loans offered in Mumbai. Have a look below to understand what different types of home loans you can take from banks and other financial institutions(FIs) or NBFCs(non-banking financial institutions):
| Types of Home Loan | Purpose of Home Loan |
|---|---|
| Home Loan | This type of loan is taken to purchase residential property like flats and apartments. |
| Loan against Property | Get loan by pledging your property to the bank. |
| Home improvement Loan | This loan is taken for house renovation related activities like painting, wiring revamp etc. |
| Home Extension Loan | This type of loan is taken to extend an already existing loan. For example to build a floor, room and balcony. |
| Land purchase Loan | This type of loan is taken to purchase a land. The construction of property should be completed within a fixed timeline. |
| House construction Loan | This type of loan is taken to construct a house. |
| Home Loan Balance Transfer | Home loan balance transfer is used to transfer the existing home loan to a lower interest rate reducing the overall outgo in process. |
| Pre-approved Home Loan | This type of pre-approved home loan is given by banks and lending institutions to their existing customers on the basis of their credit worthiness and income. |
| Home Loan Top-ups | This is given as an extra loan on your existing home loan. |
| Home loans for NRI | This type of home loan is suitable for people who live outside India but are willing to construct a house in India. |
| Home Loan Overdraft | Home loan overdraft allows borrowers to get more loan amount linked to their savings and current account. |
Features and Benefits of Home Loan in Mumbai
A Home Loan is a secured loan where the bank keeps possession of your home papers till the repayment is made. Let’s have a glance at some features of home loans in Mumbai :
- Home loans in Mumbai are usually offered at a minimum interest rate of 8.50% p.a.
- Tenures may be up to 30 years.
- LTV ratio: 80%-90% of the cost of the property.
- Facilities like Home Loan top-ups, overdraft, and home loan balance transfer to existing home loan borrowers are easily available.
- Selected existing bank customers are offered pre-approved instant home loans.
- No prepayment charges.
- Pradhan Mantri Awas Yojna for economically weaker sections, middle income groups, and low income groups with interest subsidy of up to Rs 2.76 lakh
Eligibility Criteria of Home Loans in Mumbai
To be eligible for a 100% Home Loan in Mumbai, there are some requirements. Let’s see what those requirements are that will allow you to have your dream home in Mumbai:
- Applicant’s nationality: Indian Resident, PIO, NRI
- Age- 21 years up to 70 years at the time of loan maturity
- Work experience: At least 3 years for salaried and self-employed
- Applicant’s job profile: Salaried (government and corporate professionals)/Self-Employed Non-Professionals (contractor, trader, commission agent)/Self-Employed Professionals (Doctors, CS, lawyers, CA, architect, consultant, engineer
- CIBIL/Credit score should be 750 and above for increased chances of availing a home loan at lower interest rates
Documents Required for Home Loan in Mumbai
Below is the list of documents needed to get a home loan in Mumbai:
Home Loan Documents for Salaried Loan Applicants
- Proof of Identity- PAN Card/Driving License/ Voter ID/Passport/Aadhar Card.
- Proof of address- Passport/Utility bill/Aadhar card
- 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, the detailed cost of construction, Letter of allotment, and Original NOC.
Additional Home Loan Documents for Self-Employed Applicants
- Business profile
- Recent Form 26AS
- Income Proof: ITR with income computation for the past 3 years
- Memorandum and Articles of Association of the company
- Balance sheet and profit & loss account statement for the last 3 years
- Current account statement of a business entity
- Savings account statement of an individual for the past 6 months
FAQs
The lowest home loan interest rates in Mumbai are 8.50%. With the recent rate hike trend, it is assumed that the search for the cheapest home loans in Mumbai might take a while. Till the,n you can have a look at these banks / NBFCs and the home loan interest rates that they offer:
| Banks/NBFCs | Home Loan Interest Rate |
| HDFC | 7.90% - 9.00% |
| LIC HFL | 8.50% |
| SBI | 7.50% - 8.45% |
| ICICI | 8.00% |
| Kotak Bank | 8.20% |
No, you won’t get a home loan without proper approval of your building/house plan.
Home loan can be needed for multiple scenarios like loan against property in Mumbai, loan against power of attorney property in Mumbai, and many more. So, there is no particular best home loan for all but it will depend on the exact requirement of the customer to decide which type of home loan can best cater to their requirements.
There is a large number of home loan finance company in India that can give you 100% home loan in India. It takes anything between 7 to 21 days in order to get a home loan in Mumbai.
All banks take almost similar time in disbursing your home loan amount. It takes from 7 to 21 days to get you home loan amount.
The lowest home loan interest rates in Mumbai are 8.50% p.a.
To get a home loan in Mumbai it is very important to first check the EMI that you can pay for your loan amount. Home loan EMI calculator calculates your EMI instantly on the basis of your prospective loan amount, interest rate and loan tenure. The online home loan EMI calculator also displays total interest payable, total principal payable and amortization schedule to help you understand and plan your home loan repayment better after considering your repayment capacity.
Why only Mumbai, you can apply for a home loan from anywhere in India using our website MyMoneyMantra.com or you can directly visit the link https://www.mymoneymantra.com/home-loans and fill the form with your exact requirements.
If your monthly salary is more than Rs 25000 then you can get a home loan in Mumbai.
Yes, you can get a home loan in every state in India.
The cheapest home loan interest rates in Mumbai are 8.50%.
Reshma Rawat is a passionate writer, with a decade of experience in writing for a variety of domains (finance, technology, lifestyle, e-commerce, real estate, etc.). Currently, she is working as Assistant Manager - Content @MyMoneyMantra, and writes blogs & webpages on financial products (loans, credit cards, insurance, financial policies by government, mutual funds, etc.
Abhijeet Singh has comprehensive experience in business writing, content management, SEO, social media and user analytics. Key areas of expertise include stock markets and personal finance.