Home Loan in Mumbai

Compare Home Loan Interest Rate Offered by Various Banks & HFCs in Mumbai

Name of Lender	Up to Rs. 30 Lakh	Above Rs. 30 Lakh to Rs. 75 Lakh	Above Rs. 75 Lakh
SBI	8.60% - 9.50%	8.60% - 9.40%	8.60% - 9.40%
HDFC	8.65% - 10.35%	8.65% - 10.60%	8.65% - 10.70%
LIC Housing Finance	8.65% – 10.10%	8.65% – 10.30%	8.65% – 10.50%
ICICI Bank	8.75% - 9.85%	8.75% - 9.85%	8.75% - 9.85%
Kotak Mahindra Bank	8.65% onwards	8.65% onwards	8.65% onwards
PNB Housing Finance	8.75% - 14.50%	8.75% - 13.00%	8.85%-10.85%
Punjab National Bank	8.60% - 9.35%	8.55% - 9.25%	8.55% - 9.25%
Bank of Baroda	8.60%-10.35%	8.60%-10.35%	8.60%-10.60%
Union Bank of India	8.60% – 10.50%	8.60% – 10.70%	8.60% – 10.70%
IDFC First Bank	8.60% onwards	8.60% onwards	8.60% onwards
L&T Housing Finance	8.65%-8.75%	8.65%-8.75%	8.65%-8.75%
Bajaj Housing Finance	8.75% onwards	8.75% onwards	8.70% onwards
Godrej Housing Finance	8.64% onwards	8.64% onwards	8.64% onwards
Tata Capital	8.95% onwards	8.95% onwards	8.95% onwards
Federal Bank	8.60%-9.95%	8.60%-10.00%	8.60%-10.05%

Note: Rates as of 31st January 2023

Home Loan Features

• Home Loan interest rates are usually offered @ 8% p.a. and above
• Tenures are quite flexible and may range up to 30 years
• LTV ratio is up to 90% of property value
• The banks/NBFCs also offer home loan balance transfer of existing home loans from other banks/NBFCs to some other bank at lower interest rates
• Top-ups on existing home loans are also provided to existing home loan borrowers
• Overdraft facility is available for existing home loan borrowers
• Banks/NBFCs also offer pre-approved instant home loans to select customers
• Pradhan Mantri Awas Yojna offers “Affordable housing for all” with interest subsidy of up to Rs 2.76 lakh
• Pre-payment charges are usually NIL for floating rates of interest

Income Requirements of Home Loan in Mumbai

For Salaried Applicants: At least Rs 15,000 p.m.

Eligibility Criteria of Home Loans in Mumbai

• Job Profile: Salaried (government employees and corporate professionals)/Self-Employed Professional (Doctors, lawyers, CA, CS, engineer, architect, consultant)/Self-Employed Non-Professional (Trader, contractor, commission agent)
• Age: Minimum- 21 years; Maximum- Up to 70 years at the time of loan maturity
• Nationality: Indian Resident, NRI, PIO
• Credit Score: CIBIL/Credit score should be 750 and above for increased chances of availing home loan and at lower interest rates
• Work experience: For Salaried- At least 3 years of work experience
  • For Self-Employed– At least 3 years of business continuity

Documents Required for Home Loans in Mumbai

For Salaried Applicants

• KYC documents: PAN card, passport, voter ID, Aadhaar card, driving license
• Income Proof: Salary slips for last 3 months, Bank statement for past 6 months with salary credits, ITR/Form-16
• Property documents
• Bank statement showing repayment history
• Processing fee cheque
• Employment contract
• Own contribution proof

Additional Documents for Self-Employed Applicants

• Income Proof: ITR with income computation for past 3 years
• Balance sheet and profit & loss account statement for last 3 years
• Last 6 months savings account statement of the individual and current account statement of business entity
• Business profile
• Latest Form 26AS
• Memorandum and Articles of Association of the company