Mumbai a cosmopolitan metropolis, earlier known as Bombay, is the largest city in India and the capital of Maharashtra state. Mumbai was originally a conglomeration of seven islands on the Konkan coastline which over time were joined to form the island city of Bombay.Mumbai is undoubtedly the commercial capital of India and is one of the predominant port cities in the country.
Home loans, also known as mortgages, use the borrower's home for collateral. This home can be a single-family house up to a four-unit property, as well as a cooperative unit. Lenders fund home loans, but both the lenders themselves and brokers who act on behalf of the lenders originate, or process, them.
You’re probably eligible for a Home Loan in Mumbai if you are:
Home loan lenders consider various factors before deciding the maximum home loan amount you are eligible for. The bank ensures that the Equated Monthly Instalments (EMIs) is not more than 50% your monthly income. The home loan approved is also capped at 75% - 85% of the property value. While computing your home loan amount eligibility, the EMIs of other ongoing loans, if any, are also considered. EMIs of any other ongoing loans will eventually lower the maximum home loan amount you are eligible for.
In case you are wondering how to increase your eligible home loan amount, you can always consider making your spouse a co-applicant while applying for home loan. This will help you improve the maximum home loan amount you are eligible as your spouse’s monthly income will also be considered while processing your home loan application. You can also opt for longer loan tenures to increase your eligible loan amount.
To know more about your home loan eligibility, visit /home-loan.html?variant=slide
|Proof of Identity||
|Proof of Income||For self-employed applicants:
Banks and NBFCs offer a wide array of home loan products to choose from. Depending on the customers’ requirements and purpose, home loans in Mumbai can be classified into the following types.
|Type of Home Loan||Purpose|
|Home Loan for Construction||Suitable for those looking to construct their own house rather than purchasing an already constructed property|
|Home Loan for Purchase||Can be availed by eligible borrowers looking to purchase a new house/flat or purchase an already owned property|
|Home Conversion Loan||Can be availed if you wish to move to a new house/flat after having already availed a home loan before and purchases a house/property with it|
|Home Loan for Extension/Expansion||Offered to prospective borrowers who are looking to extend/expand or alter the structure of their existing property/house|
|Home Improvement Loan||Suitable for those who are looking to repair or renovate an existing property|
|Home Loan Balance Transfer||Can be opted by those who wish to transfer his/her existing home loan from the existing lender to another home loan due to reasons such as lower interest rates and better customer services offered by the other bank|
|NRI Home Loan||NRI home loan are specifically designed for Non-Resident Indians (NRIs) who are looking to purchase a residential property in India. The procedures and formalities involved in the approval process for NRI home loans is different from the regular home loans offered by the banks.|
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