Planning to buy a house in Mumbai? Here�s what you need to know
Mumbai is the capital of Maharashtra and is one of the fastest growing cities in India. From Bollywood to fashion to delicious street foods, Mumbai has something to offer for everyone. If you too are planning to move to Mumbai and need funds to buy your dream house, you have the option to avail a from various banks and NBFCs. Home loans are available in the city of Mumbai at attractive interest rates.
You can apply for a home loan on your lender’s official website or on a third-party financial website. When you apply online, you can check out multiple rates of interest and other loan features, and then pick a loan that suits your specific requirements.
Here are few tips to avail a home loan in Mumbai without any hassle:
- Rectify your credit score
- Compare the interest rates of various lenders
- Negotiate with your lender
- Keep documents ready
- File income tax returns
- Calculate EMI
However, before applying for a home loan, you are required to fulfill certain eligibility criteria which are as follows:
- Age:
- Occupation:
- Income criteria:
- Employment experience:
- Credit score: A credit score of 700+ is considered good for a housing loan. A good credit history leads to quick loan approval.
Documents for a home loan:
Following documents are required for applying for a home loan:
-
Identity Proof ( PAN Card, Passport, Driving License, Aadhar card, Voter-ID)
-
Address Proof (Passport, Driving License, Election ID Card, Electricity/Mobile/ telephone bill etc,.).
-
Income Proof (Latest six month salary slip and latest six-month bank statement)
- Age Proof (PAN card, Passport, Driving License, Voter ID card, Birth Certificate etc,.).
-
Property Documents (Past title chain- Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension)
- ITR with the computation of income, balance sheet, and Profit and Loss account for the last 2 years.
-
Proof of business existence.
- Signed application form with two photographs.
How to apply for home loans in Mumbai?
Step 1: Visit the official website of your bank or one of the online loans marketplaces to check and compare loan offers.
Step 2: Apply for the home loan. Fill in your personal, employment and loan requirement details.
Step 3: Submit the required documents to the bank. Post this, the bank’s representative will call you for the verification of property. Once verified, you will receive a sanction letter from the bank mentioning the details of the loan.
Step 4:The sanctioned amount will be credited to your bank account. Once done, you need to hand over the original property documents to the bank.
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