Max Tenure
5 yrs
Best Rate
7.35%
Processing Fee
10,000₹*
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%*
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%
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.
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.
| Lender | Interest rate | Processing fees | Maximum 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.
| Section | Description | Maximum Amount of deduction or exemption | Eligibility 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.