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Max Tenure

5 yrs

Best Rate

7.35%

Processing Fee

10,000?*

View Details

Features

  • * Upto 30 years Loan Tenure
  • * No Prepayment or Foreclosure charges
  • * Funding up to 90%* of the property cost
  • * Customized eligibility programs
  • * Accessible network & decades of experience

Pricing

  • Interest rate – 7.35%
  • Processing Fees – 0.25% of loan amount or Rs. 10,000/- (salaried), 0.5% of loan amount or Rs. 10,000/- (self-employed)

Documents Required

  • Age Proof (PAN Card, Passport, Any other Certificate from Statutory Authority)
  • Residence Proof (Passport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory Authority)
  • Education Qualifications – Latest Degree
  • Latest Salary-slips for 3 months or 3 years Income Tax returns for Self Employed
  • Bank Account statement for last 6 months (Salary Account) or 12 months for Self Employed

Max Tenure

30 yrs

Best Rate

6.90%

Processing Fee

0%*

View Details

Features

  • Best ROI in the industry
  • For women beneficiaries 0.05% less than normal rate
  • Speedy Sanction
  • No prepayment charges
  • No hidden charges
  • Interest calculated on daily reducing balance
  • Longer Repayment tenor

Pricing

  • Interest Rate: 6.90% to 8.90%
  • Processing Fee: 0

Documents Required

  • ID proof(PAN card, Pass port/Voter Id/Employer ID/Driving Licence/ Aadhaar Card/MNREGA No) with 2 PP photos
  • Residence proof: Latest Tel bill, Bank Statement / Elec bill / Ration Card / letter from employer)
  • Certificate from employer confirming confirmation of continuous service - For Salaried Only
  • A brief note on nature of business / activity / business licence in case of self-employed
  • Form 16 for last 3 years
  • Bank Statement / Pass book of salary or Business A/c for last 6 months
  • Balance sheet and P&L Account for last 3 years - For Self Employed
  • Salary Slip for last six months - for Salaried
  • Income Tax returns with taxpaid challans for last 3 years - For Self Employed

Max Tenure

15 yrs

Best Rate

12%

Processing Fee

3-5%

View Details

Features

  • Loan on Cash income
  • Past Bureau issues also considered.
  • Funding on gram panchayat , B khata , Properties under municipal limits also funded.
  • Loan starts at 5 lacs.

Pricing

  • Interest Rate: 12 % to 18%
  • Processing Fee: 3 - 5%

Documents Required

  • Identity proof such as Pan Card, Voters ID Card, Passport.
  • Address proof such as electricity bill, ration card.
  • Income proof documents, if available.
  • Bank pass book or Bank Statements.
  • Property documents, if property identified.

Max Tenure

30 yrs

Best Rate

8.65%

Processing Fee

Rs. 10,000/-*

Max Tenure

25 yrs

Best Rate

9.85%

Processing Fee

0.8%*

Max Tenure

15 yrs

Best Rate

15%

Processing Fee

2%

Max Tenure

30 yrs

Best Rate

9.65%

Processing Fee

NIL

Max Tenure

20 yrs

Best Rate

9.1%

Processing Fee

Nil

Max Tenure

25 yrs

Best Rate

8.70%*

Processing Fee

0.25%*

Max Tenure

30 yrs

Best Rate

8.70%

Processing Fee

Rs.5000/-*

Max Tenure

15 yrs

Best Rate

12%

Processing Fee

Rs.9500/-*

Max Tenure

20 yrs

Best Rate

12%

Processing Fee

1%*

Max Tenure

60 months

Best Rate

10.75%

Processing Fee

1.50%

Max Tenure

20 yrs

Best Rate

9.75%

Processing Fee

0.25%*

Max Tenure

30 yrs

Best Rate

8.40%

Processing Fee

Rs. 10,000/-*

Max Tenure

20 yrs

Best Rate

10.50%

Processing Fee

1.5%

Max Tenure

25 yrs

Best Rate

8.70%

Processing Fee

NIL

Max Tenure

25 yrs

Best Rate

8.70%

Processing Fee

Rs.2500/-*

Max Tenure

nil*

Best Rate

8.30%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.50%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.55%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.55%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.30%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.35%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.30%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.30%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

9.7%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.25%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.25%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.45%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.30%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.65%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

10.30%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.50%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.35%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

nil*

Processing Fee

nil*

Max Tenure

nil*

Best Rate

10..0%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

9.35%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.60%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.65%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.60%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

9%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

9.00%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

9.70%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.55%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.55%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

9.00%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

9.10%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

10.10%

Processing Fee

nil*

Max Tenure

30 yrs

Best Rate

9.1%

Processing Fee

1.50%

Max Tenure

nil*

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

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How to Get a Home Loans in Mumbai

Now that you have found your dream home, it is time to shop for home loans in Mumbai! Let’s help you find the best home loan in Mumbai that suits your needs. We will help you compare home loans from different lender. You can get all the latest Mumbai Home Loan interest rates in one place. We will also guide you how to get your home loan approved quickly, the right application procedure and documentation requirements.

In Mumbai, every major home loan lender, whether a bank or a NBFC, has a presence. Borrowers can get a home loan for up to 80% of the cost of the property. A loan of up to Rs.10 crores can be used to purchase a residential property. Similarly, you can acquire up to 85% of the cost of a plot or land as a home loan, and you can get up to 90% of the cost as a home loan if you plan to build a house on your plot or land.

Here Is A Snapshot Of Home Loans In Mumbai

Loan amount

Up to 80% of property value;

Get up to Rs.10 crores

Interest rates

Starts at 6.6% and goes up to 12%

Repayment tenure

Up to 30 years, based on your age

Processing fees

Starts at about 0.4% and goes up to 2% of the loan amount + GST

Read More: Home Loans from a Bank vs HFC

Here Are Some Of The Popular Localities In Mumbai And The Trending Property Rates There

The top lenders of home loans in the city of Mumbai are,

LocalityPrice Range (Rs. per sq. ft.)Rental Value 2 BHKRental Value 3 BHK

Anand Nagar

Rs. 8,202 - 9,435/sq. ft.

Rs. 15,101 - 18,697

Rs. 26,329 - 33,851

Balkum

Rs. 9,775 - 11,475/sq. ft.

Rs. 17,361 - 20,834

Rs. 25,258 - 31,272

Damoji Patil Wadi

Rs. 14,110 - 14,662/sq. ft.

Rs. 26,227 - 28,611

Rs. 29,835 - 29,835

Dhokali

Rs. 9,520 - 10,540/sq. ft.

Rs. 16,362 - 21,569

Rs. 21,038 - 28,050

Ghodbunder Road

Rs. 9,520 - 12,240/sq. ft.

Rs. 18,156 - 22,695

Rs. 28,050 - 37,400

Hari Om Nagar

Rs. 14,110 - 14,662/sq. ft.

Rs. 25,840 - 29,878

Rs. 29,835 - 29,835

Hiranandani Estate

Rs. 11,942 - 14,025/sq. ft.

Rs. 22,950 - 26,010

Rs. 38,128 - 45,508

Hiranandani Meadows

Rs. 14,918 - 16,320/sq. ft.

Rs. 26,648 - 29,878

Rs. 38,629 - 44,860

Kailash Nagar

Rs. 10,115 - 11,390/sq. ft.

Rs. 18,785 - 18,785

Rs. 24,862 - 24,862

Kavesar

Rs. 8,670 - 9,902/sq. ft.

Rs. 17,595 - 20,655

Rs. 25,650 - 33,456

Kolshet Road

Rs. 10,242 - 11,220/sq. ft.

Rs. 19,278 - 19,992

Rs. 24,194 - 28,227

Laxmi Nagar

Rs. 12,665 - 14,832/sq. ft.

Rs. 27,200 - 30,600

Rs. 37,865 - 41,529

Majiwada

Rs. 10,158 - 11,518/sq. ft.

Rs. 20,619 - 23,792

Rs. 29,686 - 34,436

Manpada

Rs. 10,795 - 12,750/sq. ft.

Rs. 20,995 - 24,225

Rs. 29,155 - 34,986

Panch Pakhadi

Rs. 13,048 - 15,045/sq. ft.

Rs. 26,704 - 29,845

Rs. 29,750 - 29,750

Parsik Nagar

Rs. 8,585 - 9,690/sq. ft.

Rs. 15,249 - 17,238

Rs. 18,618 - 27,483

Patlipada

Rs. 10,880 - 13,090/sq. ft.

Rs. 19,116 - 25,734

Rs. 30,434 - 36,325

Pokharan Road

Rs. 10,370 - 11,772/sq. ft.

Rs. 18,588 - 22,571

Rs. 28,885 - 28,885

Pokhran-2

Rs. 11,772 - 13,515/sq. ft.

Rs. 22,801 - 25,946

Rs. 30,822 - 35,388

Sainath Nagar

Rs. 10,752 - 12,240/sq. ft.

Rs. 20,230 - 22,398

Rs. 26,765 - 28,995

Teen Hath Naka

Rs. 12,622 - 15,640/sq. ft.

Rs. 26,530 - 30,432

Rs. 38,250 - 40,800

Thane West

Rs. 9,945 - 12,155/sq. ft.

Rs. 18,912 - 23,452

Rs. 28,688 - 35,572

Vartak Nagar

Rs. 10,328 - 11,772/sq. ft.

Rs. 17,850 - 21,675

Rs. 28,885 - 28,885

Vasant Vihar

Rs. 11,262 - 12,708/sq. ft.

Rs. 22,012 - 25,049

Rs. 29,654 - 34,767

Waghbil

Rs. 8,415 - 9,095/sq. ft.

Rs. 16,065 - 19,125

Rs. 23,800 - 28,560

Here Are Some Of The Leading Home Loan Lenders In Mumbai

Housing Finance CompanyHousing Finance Interest RatesProcessing Fee

SBI

Starts at 6.55%

0.40% Min of Rs.10000 and a Max of Rs.30000

HDFC

Starts at 6.75%

0.50%, Min Rs. 3,000

PNB Housing Finance

Starts at 7.35%

0.50%, Min Rs. 10,000

LIC Housing Finance

Starts at 6.66%

Min Rs. 10,000 to

Indiabulls

Starts at 8.65%

1.00%

IIFL

Starts at 8.45%

1.25%

Piramal Housing Finance

Starts at 9.00%

0.10%

GIC Housing Finance

Starts at 10.25%

Min Rs. 2,500

Sundaram Home Finance

Starts at 6.95%

NIL

L&T Housing Finance

Starts at 6.75%

2.00% Min Rs. 4,999

What Are The Different Types Of Home Loan Offered In Mumbai?

Home loans can be availed to buy a residential property, or land, or to construct a house;

Home loans to purchase a residential property

A home loan, also known as a housing loan, is a loan used to purchase a house or apartment. Banks typically lend 80 to 85% of the property's market value. They come in a variety of tenure lengths as well as fixed and floating interest rates. This can be used to buy new or previously owned homes that have been resold in the real estate market.

Loans for the purchase of residential plots

This loan is available for the purchase of vacant land or land for residential construction or investment. This loan cannot be used to purchase agricultural land. Land loans, as opposed to home loans, which typically offer 80 to 85% of the property's value, offer up to 90% of the cost.

Loans for home construction

Home construction loans are only available for the purpose of constructing a home on previously owned land. The land could be an empty lot or it could be used to demolish an existing house and build a new one. The loan amount is typically between 85 and 90% of the construction cost.

Loans for home improvement 

Borrowers can use these loans to help with home improvement or renovation projects. They can be used for any type of construction or renovation project. Paint jobs, new flooring, plumbing, and exterior elevation work are all covered by home improvement loans. Depending on the project, these loans could range from Rs. 20,000 to Rs. 10 lakhs.

You might also be interested to learn the difference between home loans and loan against property

What Are The Eligibility Criteria To Get A Home Loan In Mumbai?

Banks have strict eligibility criteria for sanctioning a home loan because they are offered for large sums and have long repayment terms. The following are the fundamental requirements:

  • You must be a salaried employee or a self-employed professional to apply. Salaried individuals, self-employed professionals or non-professionals, business owners, and farmers are all included.
  • You must meet the age and income requirements, as well as be able to demonstrate a consistent source of income. For salaried individuals, a minimum of two years of work experience is required, as is a minimum of two years of business continuity for self-employed individuals.
  • The minimum age to apply is 21 years old, and the maximum age is 60 years old (at the time of loan completion)
  • A credit score of 700 or higher is preferred.
  • Your net monthly income should be at least Rs. 15,000 per month.
  • You must have worked in your current position for a minimum of two years.

Also Read: 10 Dos Dont’s While Applying For A Home Loan Online

Home Loans In Mumbai FAQs

1. Which is the best bank to get a home loan in Mumbai?

Most leading banks offer home loans for properties purchased in Mumbai. SBI offers one of the lowest interest rates compared to other banks. LIC Housing Finance interest rate is also equally competitive. Private sector banks like HDFC and ICICI give you a lot of value adds. Compare the home loans from all these banks before you settle on one lender.

2. How do I find the monthly EMI for my home loan?

You can use the Creditmantri Home Loan EMI calculator to find the approximate EMI you have to shell out on your home loan.

3. Is credit score an important parameter to get a home loan in Mumbai?

Yes, credit score plays an important role for home loan processing. A credit score of 700 and more is preferred by home loan lenders.

4. How long does it take to get a home loan approved?

A lot of documents must be reviewed before approving a home loan and this takes time. After submitting all required documents, one can expect their home loan to be approved within 30 days.

5. What are the different repayment tenures available for home loans in Mumbai?

Home loans in Mumbai come with a maximum repayment tenure of 30 years. However, this will be based on your age and determined by your lender on a case to case basis.

Mumbai Home Loan - Customer Reviews

5 / 5 (2 Reviews)
6 Feb 2019

Very good

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