Mumbai is the capital city of Maharashtra. It is also the commercial, financial and entertainment capital of India. This city also houses significant financial institutions, Indian companies and multinational corporations. Besides attracting people with the historic monuments, museums, brilliant structures, it also offers plenty of business and job opportunities and other facilities that will enhance the quality of your life. If anyone ever wishes to settle here permanently, a number of banks and other financial institutions will be ready to help them make this transition with their home loan products at low interest rates. To know why anyone should get home loan in Mumbai, read further.
Home Loan in Mumbai – Features & Benefits
- Low interest rates with fixed or floating interest rate options to choose from
- Nil prepayment charges on floating rate housing loans
- Tax benefits on home loan principal and interest paid
- Save up to Rs. 2.67 lakh on home loan interest paid under PMAY CLSS
- Pre-approved offers for eligible customers
- Balance transfer, top up and overdraft facilities available for all customers
- Multiple pre-approved real estate projects to choose from
Home Loan Interest Rates in Mumbai
| Lender | Lowest Interest Rates (p.a.) | Interested? |
| Citibank | 6.75% | Check Eligibility |
| Kotak Mahindra Bank | 6.75% | Check Eligibility |
| Union Bank of India | 6.80% | Check Eligibility |
| Bank of Baroda | 6.85% | Check Eligibility |
| Axis Bank | 6.90% | Check Eligibility |
| HDFC Bank | 6.90% | Check Eligibility |
| State Bank of India | 6.95% | Check Eligibility |
| IDFC First Bank | 7.00% | Check Eligibility |
| Federal Bank | 7.65% | Check Eligibility |
| Standard Chartered Bank | 8.86% | Check Eligibility |
Note: Interest Rates offered by Banks, NBFCs/ HFCs are subject to change as per the directives of RBI and lenders’ discretion.
Compare Home Loan Interest Rates of All Lenders
Calculate Home Loan EMI
Paisabazaar’s Home loan EMI Calculator can help you know your home loan EMI. The online loan calculator uses basic information such as loan amount, interest rate and tenure to give you accurate results. The home loan calculator not only helps you know the value of home loan monthly payments but also the total interest payable along with the amortization schedule. Knowing your home loan EMI beforehand can be beneficial in many ways. It can help you know the amount you can afford to borrow, decide the loan term and reach the EMI that is comfortable for you to pay each month. Using home loan EMI calculator also enables you to plan your finances before taking u the loan so that when you are paying your loan EMIs, you don’t miss out on any due to lack of sufficient money. So, start your home loan planning with calculating your home loan EMI.
Home Loan Eligibility in Mumbai
| Criteria | Salaried applicant | Self-employed applicant |
| Nationality | Resident Indians, Non-Resident Indians (NRIs) & Persons of Indian Origin (PIOs) | |
| Age | 18 – 70 years | 21 – 70 years |
| Work experience/ business continuity | At least 2 years | At least 3 years |
| Net minimum income/salary | At least Rs. 25,000 | At least Rs. 5 lakh |
| Credit Score | Score as close to 900 will get your better home loan offers | |
Note: The above eligibility criteria may vary across lenders, home loan schemes, locations and credit profiles.
Home loan eligibility in Mumbai may also be considered on the basis of these factors, the age and location of the concerned property, the applicant’s type of employment, number of dependents, ongoing financial liabilities, etc.
Must Read: How to Improve Your Home Loan Eligibility
Documents Required for Home Loans in Mumbai
Some of the documents required to apply for home loan in Mumbai are:
- Duly filled and signed home loan application form
- Identity proof (Any one copy of PAN Card/ Aadhaar Card/ Passport/ Driving License, etc.)
- Address proof (Any one copy of Aadhaar Card/ Passport/ Driving License, Utility Bills, etc.)
- Passport size photographs
- Salary slips or Form 16 (for salaried)
- Bank account statements
- Proof of Business Continuity (for Businessmen/ self-employed)
- Property related documents
Check Also: The complete list of home loan documents
List of Top Home Loan Providers in Mumbai
- Kotak Mahindra Bank
- Citibank
- HDFC Bank/ HDFC Ltd.
- Punjab National Bank (PNB)
- ICICI Bank
- Axis Bank
- Bank of Baroda (BoB)
- State Bank of India (SBI)
- Canara Bank
- Bank of India (BoI)
List of Top Builders & Developers in Mumbai
- Mahindra Lifespaces
- Hirandani Developers
- Lodha Group
- Godrej Properties
- Runwal Realty
- Kalpataru Group
- Piramal Realty
- Today Global
- Leading Frontier
- Wadhwa Residency
Types of Home Loans Offered in Mumbai
- Home Purchase Loan– To purchase a residential property such as a ready to move house or an apartment
- Land Purchase Loan – To buy a plot for the construction of a house or investment purpose
- Composite Loan– To buy a residential plot with an intent to later build a house on it
- Home Construction Loan– To build a house on an already owned residential plot
- Home Improvement Loan– To improve, renovate or repair existing residential property
- Home Extension Loan– To add more space in the form of a room or extra floor to the existing residential property
- Bridge Loan– To cover the gap of fund crunch between the period of buying a new residential property and selling the existing one
- Interest Saver Loan– To save on the home loan interest payout. It is similar to an overdraft account wherein a borrowers’ bank account is linked to their loan account. Any amount deposited in the linked bank account, if exceeding the EMI, goes as home loan prepayment. Thus, reducing the principal outstanding and interest payable
Check Also: Types of Home Loan
How to Apply for Home Loan in Mumbai
Follow the steps given below to apply for home loan online at Paisabazaar.com:
- Step 1: Click to start with the home loan application process
- Step 2: Fill the online application form
- Step 3: Agree on the terms and conditions
- Step 4: Click the ‘View Best Offers’ button to proceed
Best home loan offers according to the applicant’s eligibility will appear.
- Step 5: Compare and apply for the best home loan offer
- Step 6: Wait for a call from Paisabazaar’s home loan expert to take the process forward
