All you need to know about Home Loan Offers in Mumbai | Letzbank

Mumbai is a vibrant city full of life and people from all walks of life who arrive everyday to pursue their dreams. As the financial capital of the country, Mumbai is famous for the Mumbai Stock Exchange, Reserve Bank of India (RBI) and is the wealthiest city in India.

Housing in Mumbai is expensive as the land available in Mumbai is not easily affordable. However, new projects often appear from time to time wherein people can find apartments available for sale in a budget.

Home Loan Popularity In India

Home Loans are a necessity for the working class all over the world. It is not possible for a middle class working individual to be able to buy a home these days without the need of a home loan. Home Loans in India can be bought for new-old house, vacant land, or a house renovation. With modernisation, India has seen a shift in the living trend and joined families are no longer that common as a few decades ago. This has led to the popularity of home loans, as every nuclear family wants an independent home. Home loans are popular as they bring reduced interest rates, tax benefits and a longer tenure that any other form of loan in the market.

Home Loans In Mumbai

There are a number of popular banks that give home loans to Mumbaikars at attractive schemes and offers. Banks such as SBI, ICICI, PNBHFL, HDFC, Dena Bank, Axis Bank as well as financial institutions such as India Bulls, Aditya Birla, Reliance, etc. provide home loans in Mumbai.

Home Loan Eligibility in Mumbai

1.       Age Limit – The minimum age is 21 years and the maximum is 65 years (the loan tenure should be completed by 65).

2.       The minimum income to be eligible for a home loan in Mumbai is between Rs. 7 – 10 lakhs per annum, however it may vary according to other factors and bank policy.

3.      Employment – You must be employed for a minimum of two years and the last one-year must be with the current organization.

4.      Address – As an address proof, you must be residing in your current place for a minimum of one year.

5.      Credit History – Maintaining a good credit history is very important for a loan like a home loan as the loan tenure is much higher than any other loan product.

Home Loan Documents Required In Mumbai

Some important home loan documents that are required for a home loan in Mumbai are:

Ø  Identity Proof– You can present any one government identity proof such as a PAN card, Passport, Voter ID, Driving License.

ü  Address Proof – Any current utility bill or a government ID that has the current address can be submitted under an address proof.

ü  Income Proof - Salary slips, bank statement reflecting salary credit, audited profit & loss statements, business deeds, etc. (whichever is applicable).

ü  Property Proof – A copy of the legal documents pertaining to the property that is to be purchased with the home loan needs to be submitted.

Home Loans in Mumbai @ Letzbank

Letzbank allows you the ease of online application for a variety of loan products. You can simply fill the online application for a home loan in Mumbai and get the benefit of the service fee reversal (applicable only for online submissions). Letzbank website is a user-friendly website that lists all loan details in the most comprehensive manner and allows the user to submit the application is a stress free manner. You can find the best deals and offers directly on Letzbank website. For more details, kindly visit Letzbank