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:
- Construction of a house
- Buying a residential property
- Purchasing a residential plot
- 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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