Home Loan in Mumbai

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Home Loan in Mumbai

Are you planning to buy a dream home? Is money an issue? In Mumbai, many don’t own a property will full money; most of them make use of the home loan options to own a dream home and the loan EMI will be paid on a monthly basis just as rent payment. If you are looking to take the same route to own a house, we recommend it as a smart option as you can claim tax exemptions on the interest of your home loan.

Best Home Loan Offers in Mumbai – Oct 2016

S. No.

Project Name

Builder Name

Project Id

1

49 ELINA

HUGES REAL ESTATES DEVELOPERS PVT LTD

MUM1394088249

2

ACME OZONE (BASILIA & CENTILIA)

ASCENT CONSTRUCTION PVT. LTD.

MUM03131281

3

ACROPOLIS

VORA ASSOCIATES

MUM1211874

4

ACROPOLIS (BUILDING NO.{3 & 4 (WING A TO O)}

BHOOMI & ARKADE ASSOCIATES

MUM08131149

5

ADITYA BUILDERS & DEVELOPERS

ADITYA BUILDERS & DEVELOPERS

MUM03121253

6

AETHER (WING AB&C) (BLDG.4)

ROMELL REAL ESTATE PRIVATE LIMITED

MUM0112879

7

AIMS SEA VIEW (BLDG 2&3)

AIMS PROMOTERS PVT. LTD.

MUM13121216

8

AJMERA AEON (BHAKTI PARK PHASE-II)

AJMERA REALITY & INFRA INDIA LTD

MUM06121070

9

AJMERA ICONIC (A&B WINGS)

M K GROUP

MUM0911855

10

AJMERA PRISTINE WING C BLDG NO.70

VIJAY NAGAR CORPORATION

MUM1432280686

How Finance Buddha can help you get a Home Loan in Mumbai?

Many people who wish to apply for a home loan finds it very difficult to run to different banks to check and compare the rate of interest, processing fees and other such information. However, now with the help of Finance Buddha getting a home loan is pretty easily and quick. Irrespective of whether you live in Mumbai or not, you can still purchase a home in Mumbai with a home loan from a bank located in Mumbai.

Home Loan Eligibility Criteria in Mumbai

Though every bank’s eligibility requirements are different, the below list will help you get the overall information with regard to eligibility factors of a home loan in Mumbai.

 

Salaried

Self Employed

Who is Eligible

People in permanent service in public or private sector.

Self-employed Business - men, doctors, engineers, dentists, architects, CA, CS, consultants, lawyers

Borrower Age at Time of Sanction

Between 21 and 60 (or age of requirement, if lower)

Between 21 and 65

Borrower Age at Time of Maturity

Upto 60 (or age of requirement, if lower)

Upto 65

Minimum Income

Some banks specify minimum income to be eligible for loans

Some banks specify minimum income to be eligible for loans

Home Loan Documents Required in Mumbai

Unless the sufficient documents are furnished by the applicant, no bank will be ready to approve a home loan. These documents are essential for a bank to check the validity of the applicant.

  • Full Filled Application form of Home loan
  • 3 passport size photographs
  • Proof of identification: Electoral ID Card / Passport / Driving License / PAN card.
  • Proof of residence: Electoral ID Card / Passport / Electricity Bill / Telephone Bill.
  • Proof business address, in case of non- salaried borrowers
  • Statement of bank account for the last six months
  • Signature identification from present bankers
  • Personal Assets and Liabilities Statements in Bank’s standard format.
  • Brief write up of securities charged in respect of other loans availed from our Bank/other
  • Banks/ Auto & Housing Loan Companies /other sources.

Home Loan Interest Rates, Fees & Charges in Mumbai

Here is a comprehensive list of interest rates of various banks for all types of applicants.

 Home Loan Interest Rates in Mumbai October 2016

Bank Name

Interest Rate

HDFC LTD

9.30% - 9.35%

ICICI Bank

9.30% - 9.35%

SBI Home Loan

9.25%(Women) - 9.30%(For Others)

PNB Housing

9.45%

Axis Bank

9.35% - 9.45%

Standard Chartered Bank

9.35%

Apart from the rate of interest many other factors are taken into consideration. Here is the list of some of such important categories to compare and pick the right bank that suits your needs.

Bank

Lowest Interest Rate (%)

Tenure in Years

Lowest EMI Per Lakhs

SBI

9.25% Floating

30 years

Rs. 823

ICICI Bank

9.3% Floating

30 years

Rs. 826

Axis Bank

9.35% Floating

30 years

Rs. 830

HDFC

9.4% Floating

30 years

Rs. 834

IDBI Bank

9.45% Floating

30 years

Rs. 837

Citibank

9.3% Floating

25 years

Rs. 860

 

Frequently Asked Questions