Lying on the west coast of India, Mumbai is the capital city of Maharashtra. Named as the alpha world city, Mumbai is also the wealthiest city in India with the highest number of billionaires and millionaires in India.
Mumbai is the commercial, financial and entertainment capital of India. Also, it generates 6.16% of India’s GDP and accounts for 25 percent of the industrial output, 70 percent of the maritime trade in India. This city also houses significant financial institutions such as the Reserve Bank of India, the Bombay Stock Exchange, the National Stock Exchange of India, and the SEBI. Numerous Indian companies and multinational corporations are headquartered here.
For those who want to pay this place a visit, Mumbai is the home to India’s Hindi (Bollywood) and Marathi film and television industry. It is diverse in every respect, whether you roll down the spectacular Bandra Worli Sea Link, stroll in the Marine Drive, get to the Haji Ali Dargah in the evening for a soul soothing Qawwali, or visit the Fashion Street famous for latest trends in clothing. The specialties of Mumbai are incomplete without the mention of Gateway of India and Elephanta Caves.
Mumbai attracts visitors with the historic monuments, museums, brilliant structures and the business opportunities it offers. To sum up, Mumbai is a fine blend of many communities and cultures.
Home loan
Home loan is your financial walk stick leading you on the path of purchasing a house, commercial property or performing home extension. It is a secured loan where your property acts as the collateral for the loan. Amount of home loan in Mumbai is influenced by the rate of property, your income and liabilities. Generally, the loan is offered for 70% to 80% of the property value and for 20 years to 30 years. The bank gives you the right to request for more loan amount at lower interest rate depending on your relationship with the bank.
Home Loan Eligibility
In Mumbai, home loan is approved depending on the below stated eligibility critera:
- Age (21–65 years)
- Educational qualifications
- Job stability and income bracket
- Credit score and repayment capacity
- Co-applicant’s—spouse or parents— income, if any
- Liability of other loans, such as personal loan, credit card etc.
- Assets such as property, jewellery etc.
Home Loan Documentation
- Filled and signed application form with photograph
- Processing fee by cheque or draft
For salaried individuals | For self-employed individuals |
Identity, residence and age proof– voter id, Pan card, Adhar card, passport, etc. that is acceptable to the bank. | |
Last 6 months’ bank statements for approval of pre-decided loan amount | |
Last 3 months’ salary slips | Education qualification certificate |
Form 16 or Income Tax returns | Last 3 months’ salary slips to check your income and job stability |
Form 16 or Income Tax returns with computation of income | |
Proof of continuity/existence of business, for self-employed non-professionals | |
Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account | |
Home Loan Features
- Home loan balance transfer – It helps to transfer any ongoing home loan with a bank to another bank for better interest rates and lower EMI.
- Home loan insurance – It protects your home loan and helps your family in paying off the remaining home loan in case of any unfortunate event.
- Flexible interest rate
- Pre-approved home loan – It saves your time on home loan sanctioning process so your dream home is not sold out because of the delay in the home loan approval process.
- Quick and transparent processing with minimum documentation.
Home Loan Details | |
Interest rate | 10%–10.5% |
Processing fee | 0.50% of the loan |
Loan tenure | 1 year–30 years |
Pre-closure charges/ pre-payment | Nil |