A "low interest" loan shouldn't mean you have very little interest in paying it back!
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    Mumbai Home Loan

    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.

    Eligibility for Home Loan in Mumbai

    You’re probably eligible for a Home Loan in Mumbai if you are:

    • At least 21 years old and less than 65 years old
    • Self-employed or salaried
    • Earning more the minimum income required, usually around Rs.3 lakh per annum.

    What are the factors that decide my home loan amount eligibility?

    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.

    How do I improve my eligible home loan amount?

    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

    More
    We found 38 Mumbai Home Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.90% - 9.10% Floating
    0.25% (max. ₹11,800) One time fee
    5L - 10Crs
    3-30 Years
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    9.0% - 9.50% Floating
    Up to 0.50% (min. ₹10,000 + GST) One time fee
    8L Min
    1-30 Years
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    8.80%- 9.20% Floating
    12,000 (inclusive of GST) One-Time Fee
    20L - 5Crs
    1-30 Years
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    8.95% - 9.15% Floating
    10000+GST One time fee
    -
    1-20 Years
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    8.60% - 8.95% Floating
    Up to 0.5% (max. ₹11,800) One time fee
    5L - 10Crs
    1-30 Years
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    8.75% - 11.0% Floating
    Up to 0.5% One time fee
    2L - 3Crs
    1-30 Years
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    8.85% - 8.95% Floating
    0.50% PF (For Salaried) to 1%(min.3000)+Tax (for Self employed)
    12L - 5Crs
    1-20 Years (10 yrs plot loan)
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good To Know
    8.80% - 11.75% Fixed/Floating
    0.50% (min. ₹10,000) One time fee
    5L - 10Crs
    1-30 Years
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    9% Floating
    ₹ 10000+ taxes One time fee
    50L - 5Crs
    1 - 25 Years
    What you'll love
    Documents
    Perks
    Good to Know
    8.55% - 8.99% Floating
    ₹5,000 to ₹10,000 + applicable tax One time fee
    20L - 10Crs
    1-30 Years
    What you'll love
    Documents
    Perks
    Think about
    Good to Know
    9.25% Floating
    0.50% (min. ₹10,000)
    1Cr - 5Crs
    1-20 Years
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    9.25% - 11.20% FIXED
    Up to 0.5% One time fee
    2L - 3Crs
    1-30 Years
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know

    Documentation Required to apply for a Home Loan in Mumbai

    Purpose Documents
    Proof of Identity
    1. Valid Driving License
    2. Valid Passport
    3. Voter ID Card
    4. Aadhaar Card
    Proof of Income For self-employed applicants:
    1. Income Tax Returns along with the computation of income for the last three assessment years
    2. CA certified/audited balance sheet and profit and loss account for the last three years
    For salaried applicants:
    1. Salary slips for the last three months
    2. Income Tax Returns or Form 16
    Other Documents
    1. Bank statements showing repayment of ongoing loans if any for the last six months
    2. Processing fee cheque
    3. Passport size photographs of all the applicants/co-applicants affixed on the application form and signed across

    Types of Home Loans offered in Mumbai

    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.

    Top Banks for Home Loans in Mumbai

    • HDFC Ltd. Bank
    • State Bank of India
    • Kotak Mahindra Bank
    • Canara Bank
    • ICICI Bank
    • LIC Housing Finance Limited
    • Indiabulls Housing Finance
    • Axis Bank
    • Aditya Birla Capital
    • State Bank of India
    • Kotak Mahindra Bank

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    Mumbai Home Loan Reviews

    • DHFL Home Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I am using the loan from last 5 years, the documentation process was done quickly also i got the loan amount but it took some time. The loan amount was sufficient. The rate of interest was 10% approximately. The duration for repaying the loan for 20 years. The locking period is for 1 year.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 23, 2019
    • ICICI Bank
      ICICI Bank Home Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      I took home loan from ICICI Bank, the process was very flawless the executive came to my place and done the process the process. I got the loan within one wee, they sanctioned required amount with the attractive interest rate. They do have balance , part payment, foreclosure option.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 22, 2019
    • DHFL Home Loan
      "Need to decrease charges and to increase a loan amount"
      0.5 2.0/5 "Expected more"
      I was taken a home loan in DHFL for the past 7 years. The amount which was provided from DHFL was not sufficient and it was low. The rate of interest and the processing fee are high when compare to other bank. The customer service is not good and no proper response from their end.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 21, 2019
    • Punjab National Bank Home Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Home loan directly through PNB Housing Finance Ltd.I have got all the relevant details about the loan process .The rate of interest and the processing fee was nominal as well .I have got the loan amount sanctioned on time and it was sufficient as well .I am completely satisfied with the service .
      Was this review helpful? 1
      , mumbai
      Reviewed on Jun 20, 2019
    • HDFC Limited Home Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I took 24L as home loan from HDFC LIMITED. They are providing excellent response and am very satisfied with the service. I took the loan in the month of September 2018. The rate of interest is too good, actual interest is 8.70% but they sanctioned the loan for 8.18% for 7 years.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jun 19, 2019
    • ICICI Bank Home Loan
      "Good bank to apply for a home loan"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan in ICICI bank for the past 3 years ago, the loan amount was sufficient which was offered from bank for the duration of 20 years. For rate of interest is a floating type so current interest is nominal and fee also nominal. On time loan got sanctioned from bank.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jun 18, 2019
    • Bank Bazaar Home Loan
      "It is vv good services"
      0.5 5.0/5 "Blown Away!"
      Very good and future directions are along amutch more India is any type lone the service are any member is good job I am very excited is this service for people are give lone is any purpose are along with the following link to best serve are the need bank
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 18, 2019
    • ICICI Bank Home Loan
      "Very Excellent services"
      0.5 5.0/5 "Blown Away!"
      Purchased my home loan very long back like 15 years back that time this provided me a good loan amount hence i have chosen them. The loan is already over. I have chosen the tenure period for 10 years. I applied the loan amount of Rs. 10 lakhs and the interest rate was convenient and they have sanctioned the loan in 3 days.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 12, 2019
    • HDFC Limited Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken Home Loan through HDFC Ltd which was directly taken .The rate of interest and the processing fee was very good compared to others .I have applied for the loan amount of 14lakhs for 20 years ,This loan is still active .I have got the loan amount on time and it was very sufficient as well.The agent gave all the information about the loan process clearly .
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 08, 2019
    • IDBI Home Loan
      "GOOD"
      0.5 3.0/5 "Satisfactory"
      The home loan has been taken with the IDBI BANK where i am using it since from last 6 months also the documentation process was simple and smooth to get the loan. The loan amount released on partial basis and i got the loan within 30 days. The rate of interest was higher in this loan.
      Was this review helpful? 2
      , mumbai
      Reviewed on Jun 04, 2019
    • HDFC Limited Home Loan
      "Excellent service provider"
      0.5 5.0/5 "Blown Away!"
      HDFC limited housing loan process was very easy, the bank have taken only one week to sanction the loan. Because all papers are clear, its belongs to builder property as well. I took the loan amount Rs. 20 lakhs for the duration of 25 years. They gave me home insurance along with the loan.
      Was this review helpful? 2
      , mumbai
      Reviewed on May 31, 2019
    • Corporation Bank Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My housing loan was taken with COPERATIVE BANK , they have given me sufficient loan amount and the rate of interest they have charged me was nominal , and the processing fee also was charged nominal only, they have not charged any hidden charges there service is good.
      Was this review helpful? 2
      , mumbai
      Reviewed on May 30, 2019
    • HDFC Limited Home Loan
      "Need improvement in customer service"
      0.5 4.0/5 "Great!"
      I taken HDFC loan amount they sanction 21 laksh and tenure period 30 years EMI amount is 14213 and rate if interest 9.60 floating rate. On time received loan amount disbursed .if check customer care about foreclosure charger they are unable to answer my quires.
      Was this review helpful? 2
      , mumbai
      Reviewed on May 30, 2019
    • Bank Bazaar Home Loan
      "Easy Process"
      0.5 5.0/5 "Blown Away!"
      Thanks to bank Bazar Team, Form fill up process is not lengthy , better option for loan providing. I am more convenient with the mobile app which was easy to operate. The website is also good and it is easy to use. This is my first experience at Bankbazaar. It is a excellent process. The customer support is good and there are no hassles in the process.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 23, 2019
    • Bank Bazaar Home Loan
      "Good services"
      0.5 5.0/5 "Blown Away!"
      It has been a very good experience with Bankbazaar. There was no delay and they contacted me on time and informed me the details. There were follow up calls as well in the process. The website is good and it is easy to use and understand. I also got good service from HDFC LTD as well.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 17, 2019
    • HDFC Limited Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken my Home Loan from HDFC ltd a while back and the process in getting the loan was pretty much good. The loan amount has been sufficient and the interest rate with them had been quite nominal. Their customer support team also had a good response where they had been helpful at times.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 15, 2019
    • SBI Home Loan
      "EXCELLENT"
      0.5 4.0/5 "Great!"
      The process was quick and easy to get the home loan with the STATE BANK OF INDIA where the process of getting the loan was good and quick process. The loan amount was good with this loan, the duration for repaying the loan is for 15 years. The rate of interest was lesser also there is no processing fee.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 14, 2019
    • HDFC Limited Home Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      I have applied for the home loan with the HDFC LTD where the documentation process was simple and easy to get the loan the loan amount given was satisfactory also the rate of interest with this loan was nominal and using it since from last 20 years.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 14, 2019
    • LIC Housing Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken LIC Housing Finance Loan before 8to 9 years ,The rate of interest and the processing fee was nominal ,loan amount got on time ,The loan amount was sufficient ,I have submitted documents also .I have directly applied with this LIC housing finance for this loan .The service was good to me .
      Was this review helpful? 1
      , mumbai
      Reviewed on May 13, 2019
    • LIC Housing Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been holding my housing loan with LIC housing finances recently, the loan amount was sufficient, the rate of interest they have charged me up to 8.95% which was nominal. The loan process very quickly which happened within a time frame of 20 days they have given me pradhan mantri yojana scheme. The best part is one emi going to get debited within that amount use to get credited in my account.
      Was this review helpful? 7
      , mumbai
      Reviewed on May 13, 2019
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