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Home Loan in Mumbai

Mumbai, the city of dreams where everyone wants to have their home. How to get a home loan in Mumbai? This page will give you all details about housing loans in Mumbai. The starting home loan interest rate in Mumbai is between 8% to 15% p.a. for loan amounts of up to 90% of property value and tenures of up to 30 years.

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Compare Home Loan Interest Rate Offered by Various Banks & HFCs in Mumbai

Name of LenderUp to Rs. 30 LakhAbove Rs. 30 Lakh to Rs. 75 LakhAbove Rs. 75 Lakh

SBI

8.55% - 10.05%8.55% - 9.95%8.55% - 9.95%

HDFC

8.60% - 10.00%8.85% - 10.25%8.95% - 10.35%

LIC Housing Finance

8.00% - 9.50%8.00% - 9.70%8.00% - 9.90%

ICICI Bank

8.10% - 9.00%8.10% - 9.00%8.10% - 9.10%

Kotak Mahindra Bank

7.99% onwards7.99% onwards7.99% onwards

PNB Housing Finance

7.99% - 12.50%7.99% - 12.50%8.10% - 11.20%

Punjab National Bank

8.45% - 9.85%8.40% - 9.55%8.40% - 9.50%

Bank of Baroda

8.45% - 9.95%8.45% - 9.95%8.45% - 10.20%

Union Bank of India

7.75% - 9.65%7.75% - 9.85%7.75% - 9.85%

IDFC First Bank

8.45% onwards8.45% onwards8.45% onwards

L&T Housing Finance

7.70% - 8.70%7.70% - 8.70%7.70% - 8.70%

Bajaj Housing Finance

7.70% onwards7.70% onwards7.70% onwards

Godrej Housing Finance

7.99% - 10.99%7.99% - 10.99%7.99% - 10.99%

Tata Capital

8.10% onwards8.10% onwards8.10% onwards

Federal Bank

9.05% - 9.10%7.77% - 9.15%7.77% - 9.20%

Additional Info: Best Home Loan Interest Rates @7.90%

Home Loan Interest Rate in Mumbai

Home loan in Mumbai start from 7.90% and can go on upto 14%:

Home Loan ParametersHome Loan Details
Interest Rate7.90% - 14.00%
Processing Fee0% to 1.25 % of the loan amount
Tenure/ Repayment1-30 years

Tip: 50 Lakh Home Loan EMI Interest Rate 2022 before applying for a loan

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 which give lucrative deals on your home loans.

Additional Info: Also check Bank of Maharashtra Home Loan

HDFC Home Loan in Mumbai

HDFC or HDFC Limited caters to home loans in Mumbai under different loan slabs based on the requirement amount of 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 SlabHome Loan Interest Rates (in % p.a.)
For Women* (upto 30 Lakhs)8.60 - 9.10
For Others* (upto 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

Additional Info: Also check Rs. 2 Crore Home Loan EMI

Citibank Home Loan in Mumbai

The lowest home loan interest rate at Citibank is 7.40% and the maximum home loan that can be availed is Rs 10 Crores. You can get a home loan of upto 80% of the property value in Mumbai.

Additional Info: Also check 5 Crore Home Loan EMI

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 starting home loan interest rate starts from 8% for people having a CIBIL score more than 800 and are salaried. For people whose CIBIL score is less than 600 and are self-employed, for them the home loan interest rate in Mumbai is around 9.40%.

Additional Info: Check 30 Lakh Home Loan EMI and Apply Online.

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 in Mumbai  is 8.50% for salaried and 8.60% for self-employed professionals whose CIBIL or credit score is more than 800.

Additional Info: Looking for Rs. 1 Crore Home Loan EMI? Check EMI & Apply.

Home Loan Interest Rate for amount up to Rs 35 Lakhs in Mumbai

Credit ScoreSalaried / Self – employed professional (SEP)Self – employed non – professional (SENP)
>= 8008.50% to 9.00%8.60% to 9.10%
>775 to 7998.55% to 9.05%8.75% to 9.25%
>750 to <=7758.70% to 9.20%8.90% to 9.40%
> 725 to < =7509.00% to 9.50%9.35% to 9.85%
> 700 to <= 7259.30% to 9.80%9.65% to 10.15%
> 650 to <= 70010.40% to 10.90%10.75% to 11.25%
up to 65010.60% to 11.10%10.95% to 11.45%
NTC** Cibil >17010.65% to 11.15%10.95% to 11.45%
NTC** Cibil <=1709.95% to 10.45%10.30% to 10.80%

Additional Info: Also check Rs. 35 Lakh Home Loan EMI

Home Loan Interest Rate for amount above Rs 35 Lakhs in Mumbai

Credit ScoreSalaried / Self – employed professional (SEP)Self – employed non – professional (SENP)
>= 8008.6% to 9.1%8.85% to 9.35%
>775 to 7998.65% to 9.15%8.9% to 9.4%
>750 to <=7758.8% to 9.3%9.25% to 9.75%
> 725 to <=7509.15% to 9.65%9.4% to 9.9%
> 700 to <=7259.5% to 10%9.85% to 10.35%
> 650 to <=70010.6% to 11.1%10.95% to 11.45%
upto 65010.8% to 11.3%11.15% to 11.65%
NTC** Cibil >17010.85% to 11.35%11.2% to 11.7%
NTC** Cibil <=17010.15% to 10.65%10.5% to 11%

SBI Home Loan

State Bank of India is one of the premier banks of India and so to get a home loan in Mumbai is very easy with SBI. The cheapest SBI home loan interest rate is 8.05% and the maximum tenure for which home loan can be availed is 30 yrs. The loan disbursement process can take upto 3 weeks in 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 rates in Mumbai is 8.70% for 30 yrs. This can change depending on the credit worthiness of the applicant.

Axis Bank Home Loan

Axis bank home loan in Mumbai  is one of the most searched options to get home loan. The home loan interest rate varies depending upon the applicant profile, salary and credit score.

Additional Info: Apply SBI MaxGain Home Loan @8.95%

Interest Rate For Salaried Individuals in Mumbai

TypeRepo Rate + SpreadEffective Rate of Interest
Floating RateRepo Rate + 2.70% to Repo Rate + 3.05%8.60% - 8.95% p.a.
Fixed RateAll Loan Amounts14% p.a.

Additional Info: Also check Home Loan for Salaried Employees

Home Loan For Self Employed Individuals in Mumbai

TypeRepo Rate + SpreadEffective Rate of Interest
Floating RateRepo Rate + 2.80% to Repo Rate + 3.15%8.70% - 9.05% p.a.
Fixed RateAll Loan Amounts14% p.a.

Additional Info: Also check Home Loans in Delhi - NCR

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 LoanPurpose of Home Loan
Home LoanThis type of loan is taken to purchase residential property like flats and apartments.
Loan against PropertyGet loan by pledging your property to the bank.
Home improvement LoanThis loan is taken for house renovation related activities like painting, wiring revamp etc.
Home Extension LoanThis type of loan is taken to extend an already existing loan. For example to build a floor, room and balcony.
Land purchase LoanThis type of loan is taken to purchase a land. The construction of property should be completed within a fixed timeline.
House construction LoanThis type of loan is taken to construct a house.
Home Loan Balance TransferHome 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 LoanThis 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-upsThis is given as an extra loan on your existing home loan.
Home loans for NRIThis type of home loan is suitable for people who live outside India but are willing to construct a house in India.
Home Loan OverdraftHome loan overdraft allows borrowers to get more loan amount linked to their savings and current account.

Also Read - LRD Loans

Features and Benefits of Home Loan in Mumbai

Home Loan is a secured loan where bank keeps possession of your home papers till the repayment is done. Let’s have a glance at some features of home loan in Mumbai :

  • Home loans in Mumbai are usually offered at a minimum interest rate of 7.80% p.a.
  • Tenures may be up to 30 years.
  • LTV ratio: 80%-90% of the cost of 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

Additional Info: Also check How to Apply for Pradhan Mantri Awas Yojana

Eligibility Criteria of Home Loans in Mumbai

To be eligible for 100% Home Loan in Mumbai there are some requirements. Let’s see what are those requirements 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 home loan at lower interest rates

Additional Info: Also check Home Loan Eligibility

Documents Required for Home Loan in Mumbai

Below are 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, Original NOC.

Additional Home Loan Documents for Self-Employed Applicants

  • Business profile
  • Recent Form 26AS
  • Income Proof: ITR with income computation for past 3 years
  • Memorandum and Articles of Association of the company
  • Balance sheet and profit & loss account statement for last 3 years
  • Current account statement of business entity
  • Savings account statement of individual for past 6 months

Additional Info: Also check Documents Required For Home Loan

FAQs for Home Loan in Mumbai

Which bank is the best for home loan in India?

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Lowest home loan interest rates in Mumbai are 7.80%. With the recent rate hike trend it is assumed that the search for cheapest home loans in Mumbai might take a while. Till then you can have a look at these banks / NBFCs and the home loan interest rates that they offer: 

Banks/NBFCsHome Loan Interest Rate
HDFC8.60% onwards
LIC HFL8.00% onwards
SBI8.55% onwards
ICICI8.10% onwards
Kotak Bank7.80% onwards

Can I get Home Loan without Plan Approval?

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No, you won’t get a home loan without proper approval of your building/house plan.

Which Type of Home Loan is Best in India?

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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.

How long does it Take to Get a Home Loan in Mumbai?

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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.

Which Bank gives fastest Home Loan?

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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.

What are the Lowest Interest Rate on a Home Loan in Mumbai?

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The lowest home loan interest rates in Mumbai are 7.80% p.a.

How is EMI calculated for a home loan in Mumbai?

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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.

How to Apply for a Home Loan in Mumbai?

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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.

What is the Minimum Income requirement to get a Home Loan in Mumbai?

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If your monthly salary is more than Rs 25000 then you can get a home loan in Mumbai.

Can I get a Home Loan in Another State in India?

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Yes, you can get a home loan in every state in India.

What is the Home Loan Interest Rate in Mumbai?

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The cheapest and lowest home loan interest rate in Mumbai is 7.80%.