Loans » Home Loan » Home Loan in Mumbai

Home Loan in Mumbai

With prices of properties having reached so high specially in cities like Mumbai, it is not possible for a person to fulfill the dream of buying his house without help of a home loan. This is specially true about metro cities like Mumbai. Getting home loan in Mumbai is easier than any other cities due to presence of almost all the home loan lenders here.

Home Loan Interest Rates in Mumbai

The rate of interest for your home loan would depend in from whom do your borrow. For home loans taken from Housing Finance Companies, the criteria for home loan interest is Prime Lending Rate (PLR). Your home loan interest rate is benchmarked against the PLR. The interest rate of your home loan may be at a premium or discount to the PLR of the housing Finance Company, generally it is at discount to the PLR which has nothing to do with the cost of funds of the HFC. So as and when the PLR is revised, your home loan interest rate also gets revised.

The banks which used to charge the home loan interest earlier on PLR basis are not mandated to fix their home loan interest based on the marginal cost of fund and is called the MCLR (Marginal cost of Fund based lending rate). An MCLR is the minimum rate below which the banks cannot give home loans. Presently the home loan interest rate is around 8.35% to 9% for the banks. Whereas for the housing finance companies the home loan interest rates are higher between 9% to 12% depending on your credit history, your income proofs, type of the project etc.

Bank Name
Interest Rate
Tenure
Other Details
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bob-home-loan
8.30%
10 – 30 Years
Rs.10L – Rs.10Crs
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sbi-home-loan
8.30%
10 – 30 Years
Rs.20L – Rs.10Crs
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lic housing loan
9.80%
10 – 30 Years
Rs.1L Min
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hdfc-home loan
8.35%
10 – 30 Years
Rs.5L – Rs.10Crs
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pnb-housing
8.50%
10 – 30 Years
Rs.5L Min
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kotak-mahindra-bank
8.75%
10 – 30 Years
Rs.20L Min
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indiabulls
8.35%
10 – 30 Years
Rs.2L – Rs.3Crs
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icici-bank
8.35%
10 – 30 Years
Rs.5L – Rs.10Crs
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hsbc-bank-home-loan
9.35%
10 – 25 Years
Rs.3L – Rs.10Crs
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dhfl
8.35%
10 – 30 Years
Rs.1L – Rs.5Crs
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axis-bank-home-loan
8.85%
10 – 30 Years
Rs.5L – Rs.10Crs
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city-bank-home-loan
8.60%
10 – 30 Years
Rs.5L – Rs.10Crs
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standard-charterd-home-loan
8.90%
10 – 30 Years
Rs.10L – Rs.15Crs
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dbs-bank-home-loan
8.50%
10 – 30 Years
Rs.3L – Rs.5Crs
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indian-overseas-home-loan
8.65%
10 – 30 Years
Rs.15L – Rs.5Crs
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idbi-bank-home-loan
8.55%
10 – 30 Years
Rs.5L – Rs.10Crs
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yes-bank-home-loan
9.35%
10 – 25 Years
Rs.5L – Rs.5Crs
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l&t-finance-home-loan
9.90%
10 – 20 Years
Rs.3L – Rs.10Crs
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uco-bank-home-loan
8.75%
10 – 30 Years
Rs.15L – Rs.5Crs
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dena-bank-home-loan
8.55%
10 – 30 Years
Rs.20L – Rs.10Crs
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ubi-home-loan
8.60%
10 – 30 Years
Rs.15L – Rs.5Crs
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obc-bank-home-loan
8.60%
10 – 25 Years
Rs.30L – Rs.10Crs
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iifl-home-loan
9.40%
10 – 30 Years
Rs.10L – Rs.5Crs
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idfc-home-loan
8.70%
10 – 30 Years
Rs.10L – Rs.10Crs
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boi-home-loan
8.65%
10 – 30 Years
Rs.5Crs Max
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ald-bank-home-loan
8.75%
10 – 30 Years
Rs.15L – Rs.5Crs
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rbl-bank-home-loan
10.30%
10 – 25 Years
Rs.10Crs Max
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deutsche-bank-home-loan
9.45%
10 – 30 Years
Rs.10Crs Max
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relience-home-loan
9.55%
10 – 25 Years
Rs.15L – Rs.5Crs
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syndicate-bank-home-loan
8.75%
10 – 30 Years
Rs.5L Min
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maharashtra-bank-home-loan
8.75%
10 – 30 Years
Rs.15L – Rs.10Crs
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andhra-bank-home-loan
8.70%
10 – 30 Years
Rs.25L – Rs.10Cr
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Eligibility for Home Loan and Documents Required

The home loan eligibility is decided in the basis of your annual income. The lenders generally presume certain percentage of your income available for servicing the home loan. Generally the lenders consider that around 405 to 45% of your monthly income can be used for paying the EMIs of various loans including home loan. For salaried people the form no, 16 issued by the employer is sufficient enough to establish your home loan eligibility even if you have not filed your income tax returns. However in case you are self employed, the home loan lender will ask you to submit your income tax returns as well and profits and loss account and balance sheets. In addition to the proof of income you need to provide the basic documents for your identity and address.

Providers of Home Loan in Mumbai

Two types of lenders provide home loans. First is banks and the second category is housing finance companies. In Mumbai almost all the banks and housing finance companies provide home loan. Form the leading housing finance Companies like HDFC limited to leading bank like State Bank of India have presence here in Mumbai. Due to presence of some lenders like DHFL who provide home loans to people to whom banks are not willing to provide home loan, the feasibility of getting home loan in Mumbai is higher than any other place in India.

LIST OF BANKS OFFERING HOME LOANS – 30+ BANKS FOUND!
SBI

SBI Home Loan

ICICI

ICICI Home Loan

IB

Indiabulls Home Loan

LIC

LIC Housing Finance Home Loan

Kotak

Kotak Mahindra Bank Home Loan

HSBC

HSBC Bank Home Loan

HDFC

HDFC Home Loan

Axis

Axis Bank Home Loan

PNB

PNB Housing Home Loan

BOB

Bank of Baroda Home Loan

Allahabad Bank

Allahabad Bank Home Loan

IDBI

IDBI Bank Home Loan

Citibank

Citibank Home Loan

Syndicate Bank

Syndicate Bank Home Loan

Canara Bank

Canara Bank Home Loan

DBS

DBS Bank Home Loan

Relience

Reliance Home Loan

Tata

Tata Capital Home Loan

DHFL

DHFL Home Loan

Maharashtra

Bank of Maharashtra Home Loan

J&K

J & K Bank Home Loan

Andhra

Andhra Bank Home Loan

BOI

Bank of India Home Loan

Dena

Dena Bank Home Loan

oriental-bank-of-commerce

Oriental Bank of Commerce Home Loan

Yes

Yes Bank Home Loan

Central

Central Bank Home Loan

IOB

Indian Overseas Bank Home Loan

Indian Bank

Indian Bank Home Loan

UBI

Union Bank of India Home Loan