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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 Navi Mumbai

Check out all that you need to know about home loans in Navi Mumbai.

Who are the top lenders for home loans in Navi Mumbai?

There are multiple lenders of home loans in Navi Mumbai. Applicants can get home loans through private and public sector banks as well as through Housing Finance Companies. Some of the top lenders in the retail home loan segment are tabled below.

LenderInterest rateProcessing feesMaximum loan

SBI

6.80% - 7.15%

0.4% of loan amount (Rs. 10,000 – Rs. 30,000)

No upper limit depends on individual eligibility

HDFC Bank

6.75% - 7.65%

0.50% of the loan amount or Rs. 3,000 (whichever is higher)

No upper limit depends on individual eligibility

ICICI Bank

7.15% - 7.55%

0.50% - 2% of loan amount (Rs. 1500/Rs, 2000)

No upper limit depends on individual eligibility

PNB Housing

7.35% - 9.55%

Rs. 10,000 (applicable taxes)

loan amount is up to 90% of property 

Bank of Baroda

6.75% - 8.25%

As per the bank’s guidelines

No upper limit depends on individual eligibility

Canara Bank

6.95% - 8.90%

0.5% of loan amount (Rs. 1,500 – Rs. 10,000)

Depends on the annual income of the borrower

Axis Bank

6.90% - 8.55%

As per the bank’s guidelines

Depends on the annual income of the borrower

Kotak Mahindra Bank

6.60% - 7.20%

0.5% - 1% of loan amount

The loan amount is up to 90% of the property value

LIC Housing Finance

6.90% - 7.90%

As per lender’s guidelines

Up to Rs. 15,00,00,000

Bank of India 

6.85% - 8.30%

0.25% of loan amount (Rs. 1,500 – Rs. 20,000)

Rs. 5,00,00,000

Karnataka Bank

7.50% - 9.57%

0.25% of the loan amount

Rs. 5,00,00,000

Indian Overseas Bank

Starting from 6.90%

0.50% of the loan amount 

loan amount between 75% - 90% of property 

Union Bank of India

6.70% - 7.10%

0.50% of the loan amount (maximum Rs. 15,000)

No upper limit depends on individual eligibility

Bank of Maharashtra

Starting from 6.90% 

As per the bank’s guidelines (waived till 30Th September 21)

loan amount between 80% - 90% of property

Central Bank of India

Starting from 6.85%

0.50% of the loan amount (maximum Rs. 20,000)

As per the lender’s guidelines


Additional Reading: How to apply for home loan

What are the features of a home loan in Navi Mumbai?

Home loans come with many features and benefits that make them a better option than to drain all the life savings into buying a new home. Some of the most common features of home loans are detailed below.

Loan amount 

The loan amount depends on the credit profile of the borrower as well as the maximum limit set by the lender. Usually, lenders provide between 75% to 90% of the cost of the property as the loan amount.

Rate of interest

The rate of interest varies from lender to lender based on the cost of lending. The current rate of interest is between 6.60% per annum to 10% approximately. Lenders also provide concessional interest rates to women borrowers, defence personal as well as employees of the bank.

Tenure

Home loans have a long-term repayment period of up to 30 years. This longer tenure allows the repayment at a comfortable pace without putting a financial strain on the borrower.

Processing fees

Processing fees are nominal charges levied by the bank for processing the loan application. This charge is levied as a percentage of the loan amount.

Prepayment and part payment option

Most lenders allow the prepayment and part payment of the loan. This benefit can be availed if the borrower has surplus funds and wants to reduce the interest cost of the loan. This facility is available at a penalty of up to 5% of the outstanding loan amount based on the period of payment from the date of loan sanction.

Margin money

Margin money is the portion of property cost to be furnished by the borrower. If the borrower can provide higher margin money, the loan amount needed will be less. Most lenders set a minimum margin money requirement which is between 10% to 25% of the property cost.

What are the tax benefits on home loans in Navi Mumbai?

Borrowers can get many tax benefits on home loans. These benefits are in the form of a deduction from the gross total income of the borrower for the repayment of loans taken in the form of EMIs.

The details of the available tax benefits under the Income Tax Act 1961 are mentioned below.

SectionDescriptionMaximum Amount of deduction or exemptionEligibility for deduction

Section 24(b)

Provided for a deduction on the interest portion of the EMI paid by the borrower

Rs. 2,00,000 in case of self-occupied property

No upper limit in case of let-out property 

Regular repayment of a loan through EMI

Section 80C

Deduction of the principal paid through EMI by the borrower

Rs. 1,50,000

Regular repayment of a loan through EMI

Section 80EE

Additional deduction for first-time buyers 

Rs. 50,000

For first time home buyers

Loan amount to be up to Rs. 35,00,000 

Property value to be up to Rs. 50,00,000

Loan sanctioned between 1st April 2016 and 31st March 2017

Section 80EEA

Additional deduction for buyers who are not eligible for benefit under section 80EE

Rs. 1,50,000

Maximum stamp value of the property up to Rs. 45,00,000

Loan sanctioned between 1st April 2019 to 31st March 2020

Non-eligibility under section 80EE

In many cases when the borrower buys an under-construction property, the possession is not received immediately but the EMIs have to be paid as soon as the loan is sanctioned. The borrower in such cases has to face the double burden of EMIs and rent for current accommodation. To ease the burden of the borrower, the Income Tax Act provides the benefit to claim the deduction on the interest payment of the loan paid during the construction of the property. The borrower under such cases can claim the interest paid during such period after receiving the certificate of completion from the builder.

The total interest paid during such time is available as a deduction is in five equal instalments subject to a maximum of Rs. 2,00,000 per financial year. Moreover, if the property is not constructed within 5 years of getting the loan, the deduction available under this section is restricted to Rs. 30,000.

Additional Reading: What are the documents required for a home loan

Overview of Navi Mumbai

Navi Mumbai is located in Maharashtra and is one of the most prominent cities in the state. It is also famous for being the largest well-planned city in the entire world providing the benefit of good infrastructure and amenities to its residents. The city was formerly known as New Bombay and is situated in the two districts of Thane and Raigad.

Navi Mumbai is among the top cities in terms of educational institutions. It also has a strong industrial belt as well as some of the busiest ports in the country. Being a well-planned city, Navi Mumbai has easy and good connectivity to all the major parts of mainland Mumbai and Thane.

FAQs – Home loan in Navi Mumbai

1. Who can apply for a home loan in Navi Mumbai?

A. Home loan in Navi Mumbai can be applied by any resident Indian, HUF or NRI.

2. How to calculate the quantum of loans to be provided under home loans?

A. Lenders calculate the quantum of loans based on the salary or annual income of the applicant. This amount is further subject to the maximum loan limit set by the lender.

3. Can a distant relative be a co-applicant?

A. No. Co-applicants can only be immediate family members like spouse, parents or children (not minor children).

4. Is processing fees to be mandatorily paid?

A. Yes. Processing fees are to be mandatorily paid unless they are waived off by the lender under a promotional scheme or if the borrower has an account with the lender indicating good past credit history.

5. Are the home loan interest rates cheaper for existing customers of the bank?

A. Yes. Most banks provide the benefit of cheaper home loan interest rates for existing customers of the bank.

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