The Easy Guide to Getting your Kind of Home Loan In Mumbai This Year

by Arwind Sharma Finance Advisor

The Mumbai real estate market is known for its expensive properties because of its geographical location. Since land is scarcely available and densely occupied, home rates tend to be sky high.

If you have your finances adequately organised and saved up to a satisfactory level, even then it can take some time to get through getting the exact Home Loan in Mumbai if thorough research is not in place.

However, it doesn’t matter whether you’re a salaried or a self-employed person wanting to purchase a property. You can easily apply online for Home Loan in Mumbai by approaching appropriate financial institutions. There are a few key points that you can keep in your mind before you opt for filling up a Home Loan application form.

Read on to understand the basic key points that you can follow to get closer to your dream home:

1. Check Your Eligibility For a Home Loan

It is a commonly perceived notion that banks only ask for your net salary before disbursing the loan amount in your favour. Unfortunately, it’s not as touch and go as that. You would have to first check your Home Loan eligibility in Mumbai before you can proceed to further steps to secure a proper loan.

Banks take into account not only your salary, but also at  your credit score, which according to the CIBIL score, should be somewhere above 750+ points.

When you choose a financial institution, they take note of your net salary, existing loans, if any, and your repayment capacity too. Also, the calculation of net salary is different. They do not include your Leave Travel Allowance and Medical bills in your net income, therefore, your loan amount can vary. Ensure that you consider all this into your calculations before you approach a lender.

Make sure that you clarify your own credit standing and also do a thorough check about the financial institution you want to approach before applying for a Home Loan in Mumbai.

2. Keep Your Documents in Place

Whether you are a salaried or a self-employed person, when you apply for a Home Loan in Mumbai, you will have to make a proper list of documents required for Home Loan in mumbai. There is a minimum salary required for Home Loan in Mumbai as well as income limit required for a Home Loan. Some of the important documents that you need to have, include:

  • Photo identity proof (whether it is a passport, PAN card, Voter ID etc.)

  • Residence Proof

  • KYC Norms

  • Income proof

  • Bank statement

If you have all the documents in place, including the above mentioned ones, and have a proper discussion with your bank, then you should be able to get a Home Loan in Mumbai without much trouble. The basic process is simple. Apply for the loan, the bank will get back to you asking for the necessary information. After you give them the required documentation, they’ll look through it to ensure the validity of your claim. If they like what they see, then they’ll approve the loan for you, and you can be well on your way to purchase a home of your choice. So take charge and apply for Home Loan in Mumbai now!

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About Arwind Sharma Advanced   Finance Advisor

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Joined APSense since, October 9th, 2015, From Pune, India.

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