Home Loan in Mumbai

Additional Info: Best Home Loan Interest Rates @8%

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

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

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 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.

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

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 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 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.

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

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%

Additional Info: Also check Home Loan for Salaried Employees

Additional Info: Also check Home Loans in Delhi - NCR

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):

Also Read - LRD Loans

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

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

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