Tips on getting a home loan in Mumbai

When it comes to buying a real estate property, it doesn’t get more challenging than doing so in Mumbai. Space is a premium in this city, but that doesn’t deter the population from settling in its chawls, high rises, and suburbs. As a result, you end up spending a fortune even while buying a small apartment in Mumbai. 

Therefore, home loan products are highly relevant in the Mumbai real estate market. If your home loan eligibility is not sufficient to buy a property in Mumbai, you should prepare yourself for it well in advance.

Here are some tips for you to get a home loan in Mumbai. Take a look:

Age 

Age plays a crucial role when seeking a home loan approval. Home loans are generally provided to applicants who are between the ages of 21 and 65. It can be difficult to get a loan too late in your life. For example, a 64-year-old applicant may be eligible for a lesser amount of home loan compared to, say, a 35-year-old applicant.

Credit history

If you are planning to apply for a home loan in the future, it is advisable that you maintain a good credit record. It can be done by simple practices like paying bills on time, maintaining low credit card balances, minimizing your debts, etc. In a high-value real estate market like Mumbai, having a good credit score can raise your home loan eligibility and also lower your home loan interest rates.

Income

To ensure that you score high on eligibility, keep an eye on your income flow as well. Use a home loan calculator to check the amount of home loan you can be eligible for with your current salary package.

Documentation

Make sure that you have a valid address proof as it is a standard KYC requirement for most lenders. You have to keep documents such as Driving License, Aadhaar Card, Voter ID card, etc., ready while applying for a home loan in Mumbai. Besides, your income flow should be documented in the form of bank statements, payslips, etc. 

The right loan and the right lender

Most lenders in Mumbai offer a variety of home loan products like a home loan for construction, purchase, extension/expansion, home conversion loan, balance transfer, NRI loan, etc. It is a good idea to apply for the correct home loan product. Also, choose the right lender for your home loan needs. 

Many financial institutions offer home loan products. However, you should choose a lender who offers you beneficial loan terms and also enjoys the trust and a sound reputation in the market. Tata Capital is one such financial institution. Buoyed by the impeccable Tata legacy, Tata Capital offers very favorable loan terms and attractive interest rates, those that are ideal to fulfill your dream to own a home in this city of dreams.

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Created on Feb 24th 2020 12:19. Viewed 354 times.

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