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Mumbai is among the most expensive cities to buy real estate in India. Owning residential property in Mumbai requires significant money, although the return on investment (ROI) is also high. The excitement of living in the financial capital is a bonus, with the standard of living in Mumbai better than most places in India.
You can finance your dream house in Mumbai using your savings or with a home loan. The latter is the better method, as it protects your savings and investments for emergencies. Home loans are affordable, easy to avail of, and offered by all the leading banks and Non-Banking Financial Companies (NBFCs) in India.
The interest rates on home loans are low, so you can finance your property without paying substantial interest.
A home loan in Mumbai comes with the following features:
Home loan eligibility criteria for self-employed and salaried
For Self-Employed Individuals:
For Salaried Individuals:
The documents needed for a mortgage loan in Mumbai are as follows:
A home loan in Mumbai is widely used to finance new properties because:
You can easily calculate your home loan EMI amount online. You can use IDFC FIRST Bank’s EMI calculator to do so in seconds. Open the app and enter the required information. Once you do so, the app will calculate your EMI amount and display it on the screen.
You can apply for a home loan in Mumbai without leaving your house. IDFC FIRST Bank allows you to fill out a home loan application form from home. You can begin by clicking here or downloading the IDFC FIRST Bank Loans app.
You must then register using your personal information to begin using the app. After you open the app, look for home loans and click ‘Apply.’ Enter the required details and upload the requested documents. The bank will scrutinise your application and update your application status within a few days.
You can also apply for a home loan in Mumbai offline. Here is how you can do it:
Step 1
Visit a bank’s branch
Step 2
Request for a home loan application form
Step 3
Fill the form along with copies of the required documents
Step 4
Submit the form
Step 5
The bank will update about your application status in a few days
The home loan rate in Mumbai fluctuates between 8.85 - 16.00% per annum. The rate of interest depends on the applicants’ credit score, the loan amount, the income of the applicant, and your bank.
The lowest interest rate available for a home loan in Mumbai is 8.85%. IDFC FIRST Bank is among the few banks that offer home loans at this interest rate.
If you are applying for a home loan with IDFC FIRST Bank, you can get the loan amount in your account quickly. Meeting the eligibility criteria can speed up the process. Here are the eligibility criteria to apply for a home loan in Mumbai:
You do not need to provide any security or collateral when applying for a home loan. The home you are taking the loan for acts as security. If you cannot repay the loan, the bank has the authority to seize the property from you.
A home loan from IDFC FIRST Bank is one of the best ways to finance your dream home because: