Are you a resident of Mumbai? Are you searching for a home near you? Avail the best home loans in Mumbai at interest rates ranging from 8% p.a. to 12.50% p.a. With a loan amount up to Rs.10 crore and a loan repayment tenure of up to 30 year, your dream home is just a few clicks away. Find the current home loan interest rates in your city here.
Minimum Eligibility and Documents Required for Home Loan in Mumbai
21 years to 65 years
Voter ID card, PAN card
Should be a resident of India
Passport, Aadhaar card
Self-employed or salaried
Employee ID, etc.
Salaried - At least Rs.10,000 p.m. Self-employed - At least Rs.2 lakh p.a.
Bank statement, bank passbook, etc.
5 Best Locations to Buy Property in Mumbai
Andheri – Andheri is a hotspot for a number of corporate offices. It is also one of the most popular areas for residential properties. It is well connected with train network and main roads, making the daily commute easier for residents in and around this area.
Thane – Thane is undoubtedly one of the most popular and busiest suburbs in the city. It is well connected through the Central and Trans-Harbour Line railroad. This establishes an easy connection with its surrounding areas. With more and more IT departments coming up, Thane is developing as a commercial hub.
Kanjurmarg or Powai – Located in east central Mumbai, Kanjurmarg is a rapidly growing suburb. It is a developing business hub and the starting point for the Jogeshwari Vikhroli Link Road (JVLR) which directly connects to the Eastern and Western Express Highways.
Malad – Malad offers a host of great residential properties. It is a very popular area owing to the infrastructure, connectivity, and other amenities. It is well connected with South Mumbai through the Western Railway.
Wadala – Wadala is located in the midst of the suburbs and South Mumbai and thus people residing in this area are well connected to almost all the different areas of Mumbai. On the Harbour Line, Wadala Road is the first station and it connects directly with Panvel, Andheri, and CST.
Western India Mill, Sewari: The Western India Mill in Sewari is a completed project and the scheme belongs to the Mill Workers and Transit Type. The number of proposed tenements for the project is 374 T/S. The carpet area for the facilities under this project is 228.30 sq.ft. The O.C. for the project has already been obtained. The facility offers 1 BHK apartments for every tenement.
Ruby Mill, Dadar: The Ruby Mill in Dadar is a completed project and the scheme belongs to the Mill Workers and Transit Type. The number of proposed tenements for the project is 70 T/S. The carpet area for the facilities under this project is 226.68 sq.ft. The O.C. for the project has already been obtained. The facility offers 1 BHK apartments for every tenement.
Village Charkop, Kandivali (W): The Village Charkop is a project in Kandivali West. The scheme belongs to the Turnkey type. There are MIG, LIG, and N.R. projects here under which both the MIG and LIG have a total of 2 wings each. The number of proposed tenements for the 2 wings of MIG is 86 T/S. The number of tenements proposed for the LIG, on the other hand, is 130 T/S. There is only 1 wing in the N.R. with the number of tenements proposed being 4 T/S. The carpet area for the facilities under this project ranges from 32.72 sq.mt. to 61.78 sq.mt. The O.C. for the project has already been obtained. The facility offers 1 BHK or 2 BHK apartments for the tenements. The infrastructure work for the project is on hold owing to MCGM work.
Housing sales increase by 67% in Mumbai; festive demand and stamp duty cut majorly responsible
Strong year-on-year growth was seen in Mumbai in terms of sale of homes. In November 2020, around 9,301 units were sold majorly due to the stamp duty cut and the festive season in the country. According to Knight Frank India, 9,301 units have been registered for the month of November.
The number has been the highest in terms of registrations in Mumbai for the month of November since 2011. The registrations in November 2020 has increased by 17% month-on-month. However, the 17% rise has been due to the stronger 42% month-on-month growth seen in October and substantial growth of 112% month-on-month growth seen in September 2020.
The stamp duty cut of 300 basis points had boosted the sale in housing units in Mumbai and along with this, the festive demand during Diwali along with a reduction in home loan rates led to the strong sale of housing units.
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Taken my home loan from DHFL. They offered 12 lakhs of Principle with high interest rate of 13%. I am paying EMI of Rs. 12800 for the duration of 20 years. The customer service is not up to the mark. They are not having internet banking service for repayment hence each month the emi is payed directly to the bank branch. The don't have email facilities for solving the customer query. The customer service need a lot of improvement.
THEY ARE NOT CABALE TO HANDEL A CUSTOMER EVEN THEY ARE DOING FRAUD TO EVERY ONE Fraud & Cheater Company (MC,BC) BANDH KARDO BANK SALE LOG CHUTIYA BANATE HAI KOI KAAM KE NAI INDIABULLS SE LOAN LENE SE ACHA GHAR LENE KA PLAN CHOD DOO WHO LOG BAHOUT CHEAT KARTE HAI
I have take home loan directly through Aadhar Housing Finance Ltd. The rate of interest and the processing fee was high .They have taken 1.5 lakhs for insurance from me and told the rate of interest was 11% and later it was 14% which am not happy .The information should be appropriate this is my suggestion.
I have chosen home loan from ICICI BANK Since I am holding a salary account with them so got this loan offer. When I check with the builder, they had a three option in that i have chosen this bank. I had applied the loan amount of Rs. 30 lakhs and they have sanctioned the same amount. Processing fee was a nominal one. In the year 2015, I got the loan with the tenure period of 30 years.
I have taken a home loan from SBI and they offered me a less rate of interest and i am not sure what i am paying because i recently done a balance transfer. Customer service is not upto the mark and they need to improve. Their online application is not a user friendly.
I have taken a home loan from ICICI and the rate of interest is much high compare to the market scenario and i have done a balance transfer to SBI where they have offered me a less rate of interest 8.5% and EMI is Rs. 47,000 with the tenure of 25 years. Customer service and responsiveness was good.
Pathetic home loan experience with Indiabulls finance ltd. Bad branch customer service. Delays in disbursements. Forced home loan insurance. Higher interest rates earlier 8.5 and within 6months its 9.15. No timely response, knowledge less staff. Complete careless behaviour for PMAY. Negligence of proper documents proof for PMAY. Marks property as own without checking with customer. Frustrating
Pathetic home loan experience with Indiabulls finance ltd. Bad branch customer service. Delays in disbursements. Forced home loan insurance. Higher interest rates. No timely response, knowledge less staff. Complete careless behaviour for PMAY. Negligence of proper documents proof for PMAY. Marks property as own without checking with customer. Frustrating
I have taken the home loan from HDFC Limited when i purchased the house. There is no requirement to call the customer care because i used to resolve the issue in app. but the interest rates are very high since my builder has a tied up with HDFC and i have no other option so that i went with them. They do have a part payment and pre-closure facility without having any additional charges.
I have applied for Home loan directly through HDFC Limited .The rate of interest was very less it is only 8.35 or 8.55% criteria but i am not sure about the exact percentage .The premium is paid on EMI basis and got the loan amount on time and not faced any difficulties .I am totally satisfied with the service.
Chosen my home loan from DHFL. They have provided me a interest rate of 8% and there is no hidden charges deducted. They have disbursed the loan on time. I have selected the tenure period of 24 years. They are having a pre-closure facility with some charges. The documentation process was smooth.
I have taken a home loan from Axis Bank, The loan amount was Rs. 25.75 lakhs and tenure was 20 years. Rate of interest what i am paying is 8.75 %. Customer service and responsiveness is good. Documentation process is very simple executive collected and i uploaded through online.
Purchased the home loan 3 years back. I have chosen the LIC housing because i heard about them through my friends and relatives and the interest rates also little less compared to others. I bought the loan amount of Rs. 18 lakhs and the rate of interest is 8.40% and i have selected the tenure period of 25 years.
From IIFL, i have taken the home loan and the process was not lengthy and the follow up was good. IIFL people approach was prompt and they offered me a low interest rate of 8.35% and the loan amount also they have increased what I'm looking for. Earlier they offered me only Rs. 15 lakhs after that they have sanctioned more than 16 lakhs.
I got the good interest rate of 8.5% from the LIC housing with minimal documents. Overall process also very fast and good so i have chosen this bank. I had applied the loan amount of Rs. 17 lakhs and i have chosen the tenure period of 10 years. Totally, i'm satisfied with the loan service provided by LIC.
I have taken Home loan directly through Corporation Bank .I have applied for the loan amount of 12 lakhs for the tenure of 18years .More documents collected for this home loan and got the loan amount on time and it was really sufficient .There was no drawbacks faced so far .I am satisfied with the service .
ICICI bank has provided me a home loan at the time of i want on a immediate basis. Since the necessity is over they have provided me a timeliness loan. I taken the loan amount of Rs. 10 lakhs and the have charged me a higher interest rates which i'm not comfortable with.
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DIVYESH PRATAPBHAI FERFA
Reviewed on Oct 05, 2019
I got my home loan from HDFC LIMITED because the builder has processed the loan. I have purchased a residential property before 4 years. The rate of interest is nominal and they have scheduled for floater plan. The processing fee is charged. The loan duration is 15years. The customer service is good.
Recently I availed home loan from Aadhar Home finance, they charged 11% of interest for the principal of Rs. 22 lakhs for the loan period of 20 years. I asked for negotiation but my property belongs to gram panchat area so I didn't best offers. The customer support is also average its not fine.
My salary account belongs to HDFC, when I applied for the housing loan the process was smooth. My dedicated relationship manager from the bank, they done the entire process, I applied for the loan amount of Rs.40 lakhs, overall I am fine with them.