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Home Loan in Mumbai

Mumbai is known for its great skyscrapers and real-estate prices that stand higher than those skyscrapers. Fortunately, Tata Capital makes it easy for you to own your dream house in the “City of Dreams”.
 
  1. 1.Best-in-class Interest Rate

Real-estate prices may be soaring, but Tata Capital offers the lowest interest rates on home loans in Mumbai. So, you pay less monthly, making your dream house much more affordable.

 

  1. 2.Easy Eligibility

Finding a place of choice can be difficult in a metropolis like Mumbai. So, Tata Capital ensures getting a loan is not the same hassle. Our simple eligibility criteria not only make loans accessible but fast-track approval and disbursement.

 

  1. 3.Adequate Loan Amount

Tata Capital offers loan amounts of up to Rs. 5 Crores, so you have adequate funds to finance some of the most lavish houses in Mumbai.

 

  1. 4.Easy Repayment

Tata Capital offers flexible tenure of up to 30 years to make loan repayment much easier. So, you can repay the loan at your convenience.

 

  1. 5.Profitable Investment

A house in Mumbai is also a great investment. The city powers the country's economy, and industries are growing faster than ever. It means your house can be a great asset to you.

Know more about our offering

Key Features

Loan Amount

₹2,00,000 - ₹5,00,00,000

Loan Tenure

Up to 30 years

Interest rate starting at

6.70%*

Home Loan in Mumbai Advantages

Improved connectivity

 With the Mumbai Coastal Road project, the New Sea Link between Vihar and Versova, and the Metro Line 2 construction, ease of travel and connectivity have improved radically citywide. This way, the real estate demand at almost any place in Mumbai, especially around the city's outskirts, Kandivali, which is connected via multiple commute modes, etc., have cropped up.

Similarly, with the Monorail's development, Wadala, Lower Parel, and other housing clusters between Chembur and Jacob Circle are witnessing an uptick in property investments. Using a housing loan in Mumbai to invest in a property is an undeniably clever choice today.

Bustling job landscape

 With all the major MNCs and Indian business giants holding an office in Mumbai, the job opportunities in the city are always on the rise. If you're looking for a new job or switching to the finance and banking industry, Mumbai is an excellent place to settle in. With affordable home loans in Mumbai, easily finance your property in your desired location in Mumbai.

Improved connectivity

 With the Mumbai Coastal Road project, the New Sea Link between Vihar and Versova, and the Metro Line 2 construction, ease of travel and connectivity have improved radically citywide. This way, the real estate demand at almost any place in Mumbai, especially around the city's outskirts, Kandivali, which is connected via multiple commute modes, etc., have cropped up.

Similarly, with the Monorail's development, Wadala, Lower Parel, and other housing clusters between Chembur and Jacob Circle are witnessing an uptick in property investments. Using a housing loan in Mumbai to invest in a property is an undeniably clever choice today.

Bustling job landscape

 With all the major MNCs and Indian business giants holding an office in Mumbai, the job opportunities in the city are always on the rise. If you're looking for a new job or switching to the finance and banking industry, Mumbai is an excellent place to settle in. With affordable home loans in Mumbai, easily finance your property in your desired location in Mumbai.

What are Interest Rates for Home Loan in Mumbai?

 Expressed as a percentage, interest rates applicable on your home loan in Mumbai is the rate at which the interest is charged on your borrowed home loan amount over the loan tenure. The home loan interest gives you an idea of the amount you’d pay over and above the principal loan amount.

Tata Capital extends the most competitive home loan interest rates in Mumbai, starting at just 6.70%*. Currently, the rates of interest on home finance are at a 15-year low and range between 6.5% and 12%.

With Tata Capital, you can get a housing loan in Mumbai at affordable interest rates and comfortably own your dream home. The lower your interest rate, the smaller the monthly instalment you pay. That's why it's crucial to compare various lenders to find the lowest home loan rates in Mumbai.

What is the Eligibility Criteria for a Home Loan in Mumbai?

To avail a Tata Capital Home Loan in Mumbai, you should meet some basic eligibility criteria:

  • Aged between 24 - 65
  • Salaried or self-employed
  • Salaried professionals need a minimum of two years of working experience and a monthly salary of at least Rs. 30,000
  • Self-employed individuals need a minimum of three years of working experience in the current field
  • A credit score of 750+

 

Use our Home Loan Eligibility Calculator to determine your eligibility in seconds!

What are the Documents Required for Getting a Home Loan in Mumbai?

The following documents are required for a loan:

  • Age Proof (Passport, Driving License, PAN Card, Birth Certificate)
  • Address Proof (Bank Statement/ Voter ID)
  • Identification Proof (Aadhar Card/ PAN Card/ Voter ID/ Driving License/ Passport)
  • Income proof (Bank account statement for the last six months for salaried professionals and self-employed individuals: last three years' Projection Statement / Six months statement from current account)
  • Processing Fee Cheque

 

Visit home loan documents to get complete details on the documents required for your home loan application.

How to Calculate EMI for Home Loan Online 

 Interest rates play a pivotal role in determining your home loan repayment costs when you get a home loan in Mumbai. Moreover, since home loans are typically long-tenured, extending anywhere from 15 years to 30 years, the overall interest turns into a sizeable sum over time.

The interest amount on a housing loan is typically computed on the outstanding borrowed sum at the end of each day. It is charged on a monthly basis. Your financier takes the outstanding principal amount per day and multiplies it by the current rate of interest.

Here, even a minor difference in the home loan interest rate percentile becomes significant across the loan tenure. As the loan tenure increases, the interest payable rises as well. Therefore, while a longer tenure decreases your home loan EMI in Mumbai, it also increases your overall home loan interest.

That's why it's prudent to check home loan interest rates and calculate potential EMIs in advance before applying for a housing loan in Mumbai. With a home loan EMI calculator, you can figure out your repayment cost precisely.  

HOW TO APPLY FOR A HOME LOAN ONLINE IN MUMBAI

Offline Application Process

        Address 1: 4th Floor, I-Think Techno Campus, Bldg. 'A', off Pokharan Road, No.-2, Thane (W), Mumbai - 400607.

        Address 2: 2nd Floor, AFL House, Lok Bharati Complex, Marol Maroshi Road, andheri (East), Mumbai: 400059

        Address 3: Office No A-12 (Part-1), 1st Floor, Sarvodaya Mall, Opp. APMC Market, Kalyan West, Kalyan - 421301

FAQ

Maximum of 30 years is provided to repay a loan. This is subject to retirement age of the borrower or 65 years in the case of self-employed applicant. 

Our interest rates begin from 7.75%* and are highly competitive. We offer concessional interest rates to women beneficiaries. Additionally, we provide subsidized home loans to low income groups under PMAY subsidy.  

Home loans serve the primary purpose of purchasing a property or facilitating the construction of one for home buyers. Different types of home loans are taken for different purposes such as –

  • Purchase of Land 
  • Readymade Home Purchase 
  • Home Construction 
  • House Expansion or Extension 
  • Home Conversion 
  • Home Renovation 
  • Loans Against Property or Mortgage Loan

A co-applicant in a home loan is an individual who will be equally responsible to repay the home loan just as the main borrower. He or she has to apply for the home loan along with the main borrower. Lenders will take the co-applicant’s income and credit standing into consideration as well. 

Home loan co-applicants can only be immediate family members or blood relatives. Up to six co-applicants are permitted per home loan application. The following can be co-applicants in a joint home loan –

  • Spouse
  • Father 
  • Mother 
  • Brother who is not a minor 
  • Sister who is not a minor 
  • Son who is not a minor 
  • Daughter who is not a minor 

The time taken for the sanctioning of home loans varies depending upon whether you are a salaried individual, self-employed individual or entrepreneur. Typically,

  • For salaried individuals, home loans can be sanctioned within 4 to 5 business days
  • For self-employed individuals, it may take around 7 to 8 business days to get home loan sanctioned 

Tax benefits on home loans may be availed during filing of annual income tax returns. Home loan borrowers are eligible for tax benefits on home loan as per Section 80 C of the Income Tax Act. The following tax benefits can be availed by home loan borrowers -

  • Deduction for Interest Paid on Housing Loan - The interest portion of the EMI paid for home loan in the year can be claimed as a deduction from your total income. This amount must not exceed a maximum of Rs 2 lakhs as per Section 24
  • Deduction on Principal Repayment - The Principal portion of the home loan EMI paid for the year is allowed as deduction under Section 80C. The maximum amount that can be claimed is up to Rs 1.5 lakh. However, to claim this deduction, the house property should not be sold within 5 years of possession.
  • Additional Deduction under Section 80 EEA – 2019’s Budget has introduced additional deduction under Section 80EEA for home buyers for maximum up to Rs 1,50,000, provided the stamp value of the property does not exceed Rs 45 lakhs. The loan must have been sanctioned between 1 April 2019 and 31 March 2020 to avail this benefit.

If your home loan interest rate hikes, you can reduce your housing loan tenure in the following ways –

  • Increasing your EMI
  • Making a part pre-payment of your housing loan, or
  • A combination of both the ways mentioned above

If you wish to reduce your home loan tenure, visit the nearest loan-serving branch. Once the EMI has been changed, submit new Electronic Clearance Service (ECS) mandate/Post-Dated cheques with the updated EMI amount to get your home loan tenure reduced. 

Home loan is taken for a property whereas a mortgage loan is taken against a property - For a home loan, an applicant borrows money from a lending institution at a given interest rate for buying, constructing, or upgrading of a property.  

For a mortgage loan, financial institutions or lenders extend the mortgage by securing a property. So, though the property is considered to be the collateral for the loan amount, it is the lending institution that is the actual owner of the property till full loan repayment.

 

A fixed interest rate is completely market independent whereas a floating interest rate varies throughout the loan tenure based on changes in the market forces.   With Tata Capital, you get the flexibility to opt for Fixed Rate Home Loan or Home Equity Loan for the initial three years of your home loan tenure following which there will be an automatic change to floating interest rates for the rest of the tenure.

Yes, it is possible for you to prepay your home loan, either in part or in full, keeping the following in mind – 

  • You need prior written approval of the lending authority
  • You need to consider pre-payment charges levied by your lending institution 
  • There could also be a minimum pre-payment amount limit set by your lending authority that you need to consider

Yes, you can take a joint home loan to increase your home loan eligibility. In case of a joint home loan, the income and credit standing of the co-applicant will also be taken into consideration. You can take a joint home loan with the following –

 

  • Your spouse 
  • Your parents 
  • Your children 
  • Your siblings 

 

Basically, anybody who makes up your immediate family is eligible for becoming a co-applicant.

Yes, a sanctioned home loan can be cancelled. However, the processing fees charged during the home loan sanction process will not be refunded. If you want to cancel your loan after receiving your home loan sanction letter, write to your lender. Make sure you do this well before the loan’s disbursal.

Yes, you can extend your home loan tenure as long as it is within your lenders’ terms and conditions. At Tata Capital, the home loan maximum tenure is 30 years.

By extending your tenure, you can reduce the burden of EMIs. You can contact your lender or visit their branch to apply for a tenure extension.

Some common home loan rejection reasons are unmet eligibility criteria, low income, low credit score, and incomplete or incorrect details in your loan application.

If your application was rejected, find out why. If needed, wait for your income and credit score to improve and apply again. Make sure you check your application thoroughly before submitting.

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