Home Loans in Mumbai

How to Get a Home Loans in Mumbai

Now that you have found your dream home, it is time to shop for home loans in Mumbai! Let’s help you find the best home loan in Mumbai that suits your needs. We will help you compare home loans from different lender. You can get all the latest Mumbai Home Loan interest rates in one place. We will also guide you how to get your home loan approved quickly, the right application procedure and documentation requirements.

In Mumbai, every major home loan lender, whether a bank or a NBFC, has a presence. Borrowers can get a home loan for up to 80% of the cost of the property. A loan of up to Rs.10 crores can be used to purchase a residential property. Similarly, you can acquire up to 85% of the cost of a plot or land as a home loan, and you can get up to 90% of the cost as a home loan if you plan to build a house on your plot or land.

Here Is A Snapshot Of Home Loans In Mumbai

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What Are The Different Types Of Home Loan Offered In Mumbai?

Home loans can be availed to buy a residential property, or land, or to construct a house;

Home loans to purchase a residential property

A home loan, also known as a housing loan, is a loan used to purchase a house or apartment. Banks typically lend 80 to 85% of the property's market value. They come in a variety of tenure lengths as well as fixed and floating interest rates. This can be used to buy new or previously owned homes that have been resold in the real estate market.

Loans for the purchase of residential plots

This loan is available for the purchase of vacant land or land for residential construction or investment. This loan cannot be used to purchase agricultural land. Land loans, as opposed to home loans, which typically offer 80 to 85% of the property's value, offer up to 90% of the cost.

Loans for home construction

Home construction loans are only available for the purpose of constructing a home on previously owned land. The land could be an empty lot or it could be used to demolish an existing house and build a new one. The loan amount is typically between 85 and 90% of the construction cost.

Loans for home improvement 

Borrowers can use these loans to help with home improvement or renovation projects. They can be used for any type of construction or renovation project. Paint jobs, new flooring, plumbing, and exterior elevation work are all covered by home improvement loans. Depending on the project, these loans could range from Rs. 20,000 to Rs. 10 lakhs.

You might also be interested to learn the difference between home loans and loan against property

What Are The Eligibility Criteria To Get A Home Loan In Mumbai?

Banks have strict eligibility criteria for sanctioning a home loan because they are offered for large sums and have long repayment terms. The following are the fundamental requirements:

• You must be a salaried employee or a self-employed professional to apply. Salaried individuals, self-employed professionals or non-professionals, business owners, and farmers are all included.
• You must meet the age and income requirements, as well as be able to demonstrate a consistent source of income. For salaried individuals, a minimum of two years of work experience is required, as is a minimum of two years of business continuity for self-employed individuals.
• The minimum age to apply is 21 years old, and the maximum age is 60 years old (at the time of loan completion)
• A credit score of 700 or higher is preferred.
• Your net monthly income should be at least Rs. 15,000 per month.
• You must have worked in your current position for a minimum of two years.

Also Read: 10 Dos Dont’s While Applying For A Home Loan Online

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