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Wednesday, 12 July 2017

Assessing All Financing Options to Buy a Property in Mumbai

Mumbai, one of the major cities of India is known for its fast-paced lifestyle and high property rates. Real estate developers have their hands tied as the supply of affordable living space is quite low; in locations like Bandra, prices of 1BHK flats start from 1.5 crores. This necessitates a Home Loan (that covers about 85% of the total property cost) for people looking to own a home in Mumbai.


Banks and NBFCs provide specific financial assistance for applicants depending on the purpose, such as loans for:
  1. Construction of a house
  2. Buying a residential property
  3. Purchasing a residential plot
  4. Home renovations/remodeling/improvements

People also opt for secured loans against property by using any property they own as mortgage.

You can apply for a Home Loan online by first going through the eligibility criteria and the documents required for different lending institutions. The following documents are required to apply for a Home loan in Mumbai:

Employment Details
  • Minimum salary of around Rs30,000.
  • Employment record
  • Salary slips
  • Work experience details
  • TDS certificate
  • Proof of business for non-salaried applicants

Financial Documents
  • Bank statement of past 6 months

Identity and Address Proof (One or more of these)
  • Voter’s ID
  • Driving License
  • Aadhar Card
  • PAN Card

For more details on getting funds for home, read:

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