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CreditMantri Finserve Private Limited
CreditMantri Finserve Private Limited Unit No. B2, No 769, Phase-1, Lower Ground Floor, Spencer Plaza, Anna Salai, Chennai - 600002
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Processing Fee
10,000₹*
Max Tenure
5 yrs
Best Rate
7.35%
Features
Pricing
Documents Required
Processing Fee
0%*
Max Tenure
30 yrs
Best Rate
6.90%
Features
Pricing
Documents Required
Processing Fee
3-5%
Max Tenure
15 yrs
Best Rate
12%
Features
Pricing
Documents Required
Processing Fee
Rs. 10,000/-*
Max Tenure
30 yrs
Best Rate
8.65%
Processing Fee
0.25%
Max Tenure
NA
Best Rate
8.33%
Processing Fee
2%
Max Tenure
15 yrs
Best Rate
15%
Processing Fee
NIL
Max Tenure
30 yrs
Best Rate
9.65%
Processing Fee
Nil
Max Tenure
20 yrs
Best Rate
9.1%
Processing Fee
0.25%*
Max Tenure
25 yrs
Best Rate
8.70%*
Processing Fee
Rs.5000/-*
Max Tenure
30 yrs
Best Rate
8.70%
Processing Fee
Rs.9500/-*
Max Tenure
15 yrs
Best Rate
12%
Processing Fee
1%*
Max Tenure
20 yrs
Best Rate
12%
Processing Fee
1.50%
Max Tenure
60 months
Best Rate
10.75%
Processing Fee
0.25%*
Max Tenure
20 yrs
Best Rate
9.75%
Processing Fee
Rs. 10,000/-*
Max Tenure
30 yrs
Best Rate
8.40%
Processing Fee
1.5%
Max Tenure
20 yrs
Best Rate
10.50%
Processing Fee
NIL
Max Tenure
25 yrs
Best Rate
8.70%
Processing Fee
Rs.2500/-*
Max Tenure
25 yrs
Best Rate
8.70%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
8.30%
Processing Fee
10,000₹*
Max Tenure
nil*
Best Rate
8.50%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
8.55%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
8.55%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
8.30%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
8.35%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
8.30%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
8.30%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
9.7%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
8.25%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
8.25%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
8.45%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
8.30%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
8.65%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
10.30%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
8.50%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
8.35%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
nil*
Processing Fee
nil*
Max Tenure
nil*
Best Rate
10..0%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
9.35%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
8.60%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
8.65%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
8.60%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
9%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
9.00%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
9.70%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
8.55%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
8.55%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
9.00%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
9.10%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
10.10%
Processing Fee
1.50%
Max Tenure
30 yrs
Best Rate
9.1%
Processing Fee
nil*
Max Tenure
nil*
Best Rate
Processing Fee
nil*
Max Tenure
NA
Best Rate
Check out all that you need to know about home loans in Navi Mumbai.
There are multiple lenders of home loans in Navi Mumbai. Applicants can get home loans through private and public sector banks as well as through Housing Finance Companies. Some of the top lenders in the retail home loan segment are tabled below.
| Lender | Interest rate | Processing fees | Maximum loan |
|---|---|---|---|
SBI | 6.80% - 7.15% | 0.4% of loan amount (Rs. 10,000 – Rs. 30,000) | No upper limit depends on individual eligibility |
HDFC Bank | 6.75% - 7.65% | 0.50% of the loan amount or Rs. 3,000 (whichever is higher) | No upper limit depends on individual eligibility |
ICICI Bank | 7.15% - 7.55% | 0.50% - 2% of loan amount (Rs. 1500/Rs, 2000) | No upper limit depends on individual eligibility |
PNB Housing | 7.35% - 9.55% | Rs. 10,000 (applicable taxes) | loan amount is up to 90% of property |
Bank of Baroda | 6.75% - 8.25% | As per the bank’s guidelines | No upper limit depends on individual eligibility |
Canara Bank | 6.95% - 8.90% | 0.5% of loan amount (Rs. 1,500 – Rs. 10,000) | Depends on the annual income of the borrower |
Axis Bank | 6.90% - 8.55% | As per the bank’s guidelines | Depends on the annual income of the borrower |
Kotak Mahindra Bank | 6.60% - 7.20% | 0.5% - 1% of loan amount | The loan amount is up to 90% of the property value |
LIC Housing Finance | 6.90% - 7.90% | As per lender’s guidelines | Up to Rs. 15,00,00,000 |
Bank of India | 6.85% - 8.30% | 0.25% of loan amount (Rs. 1,500 – Rs. 20,000) | Rs. 5,00,00,000 |
Karnataka Bank | 7.50% - 9.57% | 0.25% of the loan amount | Rs. 5,00,00,000 |
Indian Overseas Bank | Starting from 6.90% | 0.50% of the loan amount | loan amount between 75% - 90% of property |
Union Bank of India | 6.70% - 7.10% | 0.50% of the loan amount (maximum Rs. 15,000) | No upper limit depends on individual eligibility |
Bank of Maharashtra | Starting from 6.90% | As per the bank’s guidelines (waived till 30Th September 21) | loan amount between 80% - 90% of property |
Central Bank of India | Starting from 6.85% | 0.50% of the loan amount (maximum Rs. 20,000) | As per the lender’s guidelines |
Additional Reading: How to apply for home loan
Home loans come with many features and benefits that make them a better option than to drain all the life savings into buying a new home. Some of the most common features of home loans are detailed below.
Loan amount
The loan amount depends on the credit profile of the borrower as well as the maximum limit set by the lender. Usually, lenders provide between 75% to 90% of the cost of the property as the loan amount.
Rate of interest
The rate of interest varies from lender to lender based on the cost of lending. The current rate of interest is between 6.60% per annum to 10% approximately. Lenders also provide concessional interest rates to women borrowers, defence personal as well as employees of the bank.
Tenure
Home loans have a long-term repayment period of up to 30 years. This longer tenure allows the repayment at a comfortable pace without putting a financial strain on the borrower.
Processing fees
Processing fees are nominal charges levied by the bank for processing the loan application. This charge is levied as a percentage of the loan amount.
Prepayment and part payment option
Most lenders allow the prepayment and part payment of the loan. This benefit can be availed if the borrower has surplus funds and wants to reduce the interest cost of the loan. This facility is available at a penalty of up to 5% of the outstanding loan amount based on the period of payment from the date of loan sanction.
Margin money
Margin money is the portion of property cost to be furnished by the borrower. If the borrower can provide higher margin money, the loan amount needed will be less. Most lenders set a minimum margin money requirement which is between 10% to 25% of the property cost.
Borrowers can get many tax benefits on home loans. These benefits are in the form of a deduction from the gross total income of the borrower for the repayment of loans taken in the form of EMIs.
The details of the available tax benefits under the Income Tax Act 1961 are mentioned below.
| Section | Description | Maximum Amount of deduction or exemption | Eligibility for deduction |
|---|---|---|---|
Section 24(b) | Provided for a deduction on the interest portion of the EMI paid by the borrower | Rs. 2,00,000 in case of self-occupied property No upper limit in case of let-out property | Regular repayment of a loan through EMI |
Section 80C | Deduction of the principal paid through EMI by the borrower | Rs. 1,50,000 | Regular repayment of a loan through EMI |
Section 80EE | Additional deduction for first-time buyers | Rs. 50,000 | For first time home buyers Loan amount to be up to Rs. 35,00,000 Property value to be up to Rs. 50,00,000 Loan sanctioned between 1st April 2016 and 31st March 2017 |
Section 80EEA | Additional deduction for buyers who are not eligible for benefit under section 80EE | Rs. 1,50,000 | Maximum stamp value of the property up to Rs. 45,00,000 Loan sanctioned between 1st April 2019 to 31st March 2020 Non-eligibility under section 80EE |
In many cases when the borrower buys an under-construction property, the possession is not received immediately but the EMIs have to be paid as soon as the loan is sanctioned. The borrower in such cases has to face the double burden of EMIs and rent for current accommodation. To ease the burden of the borrower, the Income Tax Act provides the benefit to claim the deduction on the interest payment of the loan paid during the construction of the property. The borrower under such cases can claim the interest paid during such period after receiving the certificate of completion from the builder.
The total interest paid during such time is available as a deduction is in five equal instalments subject to a maximum of Rs. 2,00,000 per financial year. Moreover, if the property is not constructed within 5 years of getting the loan, the deduction available under this section is restricted to Rs. 30,000.
Additional Reading: What are the documents required for a home loan
Navi Mumbai is located in Maharashtra and is one of the most prominent cities in the state. It is also famous for being the largest well-planned city in the entire world providing the benefit of good infrastructure and amenities to its residents. The city was formerly known as New Bombay and is situated in the two districts of Thane and Raigad.
Navi Mumbai is among the top cities in terms of educational institutions. It also has a strong industrial belt as well as some of the busiest ports in the country. Being a well-planned city, Navi Mumbai has easy and good connectivity to all the major parts of mainland Mumbai and Thane.
1. Who can apply for a home loan in Navi Mumbai?
A. Home loan in Navi Mumbai can be applied by any resident Indian, HUF or NRI.
2. How to calculate the quantum of loans to be provided under home loans?
A. Lenders calculate the quantum of loans based on the salary or annual income of the applicant. This amount is further subject to the maximum loan limit set by the lender.
3. Can a distant relative be a co-applicant?
A. No. Co-applicants can only be immediate family members like spouse, parents or children (not minor children).
4. Is processing fees to be mandatorily paid?
A. Yes. Processing fees are to be mandatorily paid unless they are waived off by the lender under a promotional scheme or if the borrower has an account with the lender indicating good past credit history.
5. Are the home loan interest rates cheaper for existing customers of the bank?
A. Yes. Most banks provide the benefit of cheaper home loan interest rates for existing customers of the bank.
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf. We do not sell any loans on our own and do not charge any fee from our customers/viewers for the purpose of loan application