Home Loan in Mumbai
Banks and NBFCs in Mumbai give a specific sum of amount to people as 'home loan' to purchase/expand/renovate a house. These home loans are longer in tenure and are paid back with specific interest rate decided by the banks and NBFCs. The interest rate on home loans changes as per the policies and terms of the lender. They also have very specific eligibility criteria and required documents list to approve a home loan.
Home loans are a type of secured and mortgage loans. The loan borrower has to keep the property (house) as mortgage to the bank or NBFC for which he/she is getting the loan. The original papers of the property are kept with the lender until the loan is paid in full. After that the lender returns the papers to the loan borrower. If the loan borrower fails to pay off the home loan, the loan lender recovers the losses by selling or auctioning the mortgaged property.
Why should you take a Home Loan in Mumbai?
Mumbai is the financial and entertainment capital of India. Thousands of people come to Mumbai every year chasing their dreams. Every one of them obviously needs a strong roof over their head until they find their destiny. Mumbai offers a place to live for everyone. Mumbai has many types of properties including apartments, bungalows, row houses etc. One can easily get a home loan from any bank or NBFC in Mumbai to buy a house. Even people, who already own a house in Mumbai, can take a home loan to renovate or expand their current property. But still if you are not sure why you need a home loan in Mumbai, we have come up with plenty of reasons.
- You need a large amount:
Buying or renovating a house in Mumbai is a costly affair. You need a lot of funds for that which can't be paid only through your savings. Thus you should borrow money from bank or NBFC for a safer and smoother money transaction.
- You can avail tax benefits:
Home loan in Mumbai comes with great tax benefits. You can save on your yearly taxes under section 24, section 80C and section 80EE under in income tax act of India. You secure your savings: Your savings are very important for you and spending them all in one go can be a little heartbreaking. In home loan, you don't have to do so. Many major banks and NBFCs grant loans up to 85% to 90% amount of the house. So you just have to pay remaining 10% or 15% amount from your savings.
What are the Types of Home Loan available in Mumbai?
As every loan borrower may need to borrow money for different reasons, banks and NBFCs in Mumbai have come up with different home loan types to help their customers borrow right.
- Home Loan for Construction:
Banks and NBFCs offer this type of loan to construct a house in Mumbai.
- Home Purchase Loans:
Banks and NBFCs offer this type of loan to purchase a house in Mumbai.
- Balance Transfer Home Loan:
Banks and NBFCs offer this type of loan to people who want to change the lender of their loan in the middle of the loan.
- Home Conversion Loan:
Banks and NBFCs offer this type of loan to people who want to buy a new house while they still have the home loan on their first house.
- Home Loans for Extension/Renovation:
Banks and NBFCs offer this type of loan to renovate or extend the house.
Why Choose Ruloans To Apply For Home Loan?
Ruloans is India's fastest growing financial distributors. A comprised team with mammoth experience in finance and internally developed highly proficient Loan Calculator algorithm, we are pledged to offer solutions to all your financial needs. Borrowers can apply for home loans with Ruloans' latest online application process. You can choose from a plethora of banks and NBFCs on our website for your loan. We help you borrow right.
- Hassle free process
We have developed an efficient, smooth and easy process for our consumers to get a home loan. Our easy to use online procedure allows consumers to apply documents quickly. Our highly proficient Loan Calculator also guides the consumers to embark on a hassle free process.
- Benefits of applying with us
We value our consumers and are always on our toes to give them benefits of our expertise. Applying for a home loan with us, gives you a chance to avail the best offers and deals from our partner banks and NBFCs.
- Compare your loan options
You can compare interest rates, offers and services on our online portal. This will guide you to make the right choice and choose the right lender for your home loan as per your budget and expectations.
- Free expert guidance and advice
Our financial experts are always ready to give you the perfect advice. These highly trained professionals in finance know the back and forth of the industry. Our dedicated team of experts will help you at any given time, to choose the right home loan, without charging a dime.
We, at Ruloans understand the value of your documents and keeping them safe and private. Your loan applications are processed electronically with complete privacy and transparency.
What are the Characteristics of Home Loan?
- There are many Characteristics of Home Loan. Go for Home loans by choosing any one or all from below
- Home loan tenure ranges from 5 years to 30 years
- Banks and NBFCs offer home loan amount starting from a minimum of Rs. 2 Lakh.
- Home loans are paid in the form of EMIs (Equated Monthly Installment) which are formed by combining the principal amount and the interest as per the given tenure.
- Banks and NBFCs also levy additional charges while approving home loan. Charges like registration charge, processing fees, prepayment penalty, commitment charge and miscellaneous charges for documentation and consultation etc.
- As home loan is a secured type of loan, the loan borrower has to mortgage his or her house to the loan lender.
- Banks and NBFCs offer 2 types of interest rates for home loan in Mumbai: fixed interest rate and floating interest rate.
- Banks and NBFCs in Mumbai give home loans irrespective of whether you want a house to stay in or for investment purposes.
- Banks and NBFCs approve the home loan amount as per the loan borrower's income, credit history, the locality he/she is planning the purchase a house in and various other factors.
- You can get tax benefits in home loan under section 24, section 80C and section 80EE of income tax act.
What are the Eligibility Criteria to avail a Home Loan in Mumbai?
Banks and NBFCs in Mumbai have designated very specific eligibility criteria to approve home loans for their customers. The criteria are decided as per the norms given by RBI and by the policy terms decided by the loan lender. But here we have given a generic list of eligibility criteria required to get the best home loan in Mumbai.
- Whether you are a salaried, self-employed or business person, you should have a regular and steady source of income to get a home loan in Mumbai.
- You should have a strong credit score.
- You should not have multiple debts in your name.
- You should not have any previous loan default in your name.
- You should be of minimum 21 years and maximum 65 years old.
What are the Documents Required to avail a Home Loan in Mumbai?
To get a home loan in Mumbai you require a very specific set of documents. The list is quite the same with every bank and NBFC. There might be a few exceptions as per the profile of the borrower and the requirements. Banks and NBFCs in Mumbai have divided the list of required documents as per the profile of the borrower. These are the documents you may require with your home loan application in Mumbai.
- Passport-size photographs.
- Neatly signed and filled home loan application form.
- Statements of investments (if any)
- Copy of plan approved for the proposed construction/extension (in case of applying for home loan for extension).
- Allotment letter of housing board/NOC of the society/builder etc.
- Bank statements and salary slips of last 6 months from application date.
- Address Proof - Bank statement, Rent Agreement, Voter ID card, Ration card, Passport, Driving License, telephone/electricity/water/credit card bill or Property tax.
- Age Proof - Voter ID card, Secondary school leaving certificate (class 10), birth certificate, Passport, Aadhar Card, pension payment order or receipt of LIC policy.
- Property papers with OC and CC.
- Valuation/cost estimation report from evaluator approved by the NBFC or Bank.
- Additional Documents to be submitted by salaried applicants:
Salary certificate from the employer (original).
Copy of ITR or Form 16 for last 2 years..
- Additional Documents to be submitted by Non-Salaried/Self-Employed/Professionals/Other
Copy of challans proving that Advance Income Tax has been paid.
Copy of ITR/Assessment Orders of 3 years.
Business proof (registration of business)
Bank statements of last one year.
Why Choose Ruloans To Apply For Home Loan in Mumbai?
Ruloans is one of India's fastest growing loan distributors. With its head office in Mumbai, Ruloans has a pan India reach. As Ruloans began its venture from the financial capital of the nation, it provides special services to its customers in Mumbai seeking for home loan. With our internally developed highly proficient Loan Calculator algorithm and properly trained team of loan experts, we pledge to help you borrow right home loan in Mumbai.
- Hassle free process:
With a new online application process we have opened the doors of hassle free application process for our customers. With our newly designed user friendly interface you can easily apply for a home loan in Mumbai. You can also upload all your documents quickly.
- Benefits of applying with us:
Ruloans is partnered with many banks and NBFCs in Mumbai. You can get benefits of our experts and their guidance by applying for your home loan via Ruloans.
- Compare your loan options:
At Ruloans you can easily compare various banks and NBFCs in Mumbai who offer home loans. You can compare their interest rate, processing charges and other details to borrow right.
- Free expert guidance and advice:
Ruloans does not charge anything for the services offered to its customers.
How to Apply For a Home Loan on Ruloans?
- Applying for a home loan in Mumbai on Ruloans involves few easy steps:
- Step 1: Go to the 'Home Loan in Mumbai' page on our website and click on 'Apply Now' box.
- Step 2:Fill out the initial personal and financial information. Once completed, our loan calculator checks your eligibility with its highly efficient algorithm.
- Step 3:Our loan calculator presents you a list of banks and NBFCs most suitable for you as per your eligibility criteria. The list will include the name of the financial institutions, interest rates, required document list etc.
- Step 4:From the given list, you can choose the financial institute of your choice. You can start filling up the form and upload the required documents. Here, if needed, you can call or mail our experts for advice. The contact details are given on our website.
- Step 5:Your application will be sent electronically to the bank you selected. You will be informed about the status of your application via SMS, email or you can track it via website too.
Frequently Ask Questions
Repayment period of loan starts after the entire home loan is disbursed to the borrower. If the property is under-construction, then the banks allow payment of the partially disbursed amount. Towards this partially disbursed loan amount, borrowers are allowed to either repay the principal and interest amount both or just the interest amount or none of the above mentioned amount at all.
The home loan is sanctioned as soon as all the required documents are submitted and verified successfully. This procedure takes anywhere between 10 to 30 days.
Any property document that are submitted as security collateral are returned to the consumer only once the entire home loan amount is repaid and the home loan on his/her name is closed.
At present, up to 7 people can co-sign a home with the primary applicant. But, all of those need to be blood relatives of the family member.
It is not mandatory to apply for a bank account before taking a loan from it. But if you have an account with the bank, you become eligible for a relationship discount. Some banks also provide you additional services along with relationship discount.
Though required documents vary from vendor to vendor, some of the major documents needed are as - Yes, you can track your application via SMS and email. We also provide the facility to track your application on our website via login menu.
For your loan-related queries, you can call our representative on 1800 2667576 or mail us at email@example.com