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Introducing the First-in-industry IDFC FIRST Bank's Super Account
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Convert the idle funds in your current account into a fixed deposit with the BRAVO feature.
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Zero Processing Fees if loan repayment is
done from IDFC FIRST Bank account.
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Tailor-made loans with minimal documentation
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Top-up up to 100% at the same rate as Balance Transfer
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Digitised process for loans up to 5cr & tenure up to 30 years
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Higher eligibility for salaries & self-employed customers
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Tailor-made loans with minimal documentation
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Top-up up to 100% at the same rate as Balance Transfer
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Digitised process for loans up to 5cr & tenure up to 30 years
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Higher eligibility for salaries & self-employed customers
Home Loans in Mumbai
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.
Features and benefits of a Home Loan in Mumbai
A home loan in Mumbai comes with the following features:
The loan amount can vary from ₹1 lakh to ₹5 crores
Affordable interest rate for salaried individuals requiring loans over ₹30 lakhs
An online, hassle-free process that cuts down the turnaround time
Customisable payback duration, which can range from 12 months to 30 years
ELIGIBILITY
Who can apply?
Home loan eligibility criteria for self-employed and salaried
For Self-Employed Individuals:
- Must be an Indian citizen
- Must be between 23 to 70 years of age
- Must demonstrate minimum four years of business continuity.
- Minimum annual income of ₹1.5 lakh
For Salaried Individuals:
- Must be an Indian citizen
- Must be between 23 to 70 years of age
- Must have minimum three years of experience
- Must have an annual salary of ₹1 lakh
Documents required for a Home Loan in Mumbai
The documents needed for a mortgage loan in Mumbai are as follows:
- Valid identity proof
- Valid address proof
- Valid income proof
- For salaried individuals: Last two months’ salary slip/latest ITR or form 16/last six months bank statement
- For self-employed individuals: Last two years’ ITR/ balance sheet or P&L statement/GST return/last 6 months bank statements or CC statements, etc.
- Property proof
- Photocopy of draft sale deed and chain title documents (if any)
- Allotment/possession letter
- No objection certificate from the society and other documents as per legal report
- Business proof
Key advantages of a Home Loan in Mumbai
A home loan in Mumbai is widely used to finance new properties because:
- · There are no prepayment penalties on floating rate home loans.
- · You can choose from diverse pre-approved real estate projects.
- · The interest rate is affordable, and there is minimal paperwork.
- · There are options for transferring funds and topping up your account.
- · Sections 24(b) and 80C of the Income Tax Act, 1961 offer tax benefits on home loan principal and interest amounts.
Rate of interest & charges
How to calculate EMI for home loan online?
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.
How to apply for a Home Loan in Mumbai?
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.
Offline application process
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
FREQUENTLY ASKED QUESTIONS
What is the home loan rate in Mumbai?
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.
What is the lowest interest rate on a home loan in Mumbai?
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.
How long does it take to get a housing loan in Mumbai?
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:
- For self-employed individuals
- 1. Must be an Indian citizen
- 2. Must be between 23 to 70 years of age
- 3. Must have a minimum of four years of company continuity
- 4. Must earn a minimum annual income of ₹1.5 lakh
- For salaried individuals
- 1. Must be an Indian citizen
- 2. Must be between 21 to 60 years of age
- 3. Must have minimum three years of experience and an annual salary of ₹1 lakh.
Do I need to provide any security or collateral to apply for a home loan?
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.
Which loan is best for home?
A home loan from IDFC FIRST Bank is one of the best ways to finance your dream home because:
- · You can pick from many pre-approved real estate projects.
- · Affordable interest rates and minimal paperwork
- · There are options for transferring funds and topping up your account.
- · Sections 24(b) and 80C of the Income Tax Act, 1961 offer tax benefits on home loan principal and interest amounts.
