Banks and NBFCs in Mumbai give a specific sum of amount to people as 'home loan' to purchase/expand/renovate a house. These home loans are longer in tenure and are paid back with specific interest rate decided by the banks and NBFCs. The interest rate on home loans changes as per the policies and terms of the lender. They also have very specific eligibility criteria and required documents list to approve a home loan.
Home loans are a type of secured and mortgage loans. The loan borrower has to keep the property (house) as mortgage to the bank or NBFC for which he/she is getting the loan. The original papers of the property are kept with the lender until the loan is paid in full. After that the lender returns the papers to the loan borrower. If the loan borrower fails to pay off the home loan, the loan lender recovers the losses by selling or auctioning the mortgaged property.
Mumbai is the financial and entertainment capital of India. Thousands of people come to Mumbai every year chasing their dreams. Every one of them obviously needs a strong roof over their head until they find their destiny. Mumbai offers a place to live for everyone. Mumbai has many types of properties including apartments, bungalows, row houses etc. One can easily get a home loan from any bank or NBFC in Mumbai to buy a house. Even people, who already own a house in Mumbai, can take a home loan to renovate or expand their current property. But still if you are not sure why you need a home loan in Mumbai, we have come up with plenty of reasons.
Buying or renovating a house in Mumbai is a costly affair. You need a lot of funds for that which can't be paid only through your savings. Thus you should borrow money from bank or NBFC for a safer and smoother money transaction.
Home loan in Mumbai comes with great tax benefits. You can save on your yearly taxes under section 24, section 80C and section 80EE under in income tax act of India. You secure your savings: Your savings are very important for you and spending them all in one go can be a little heartbreaking. In home loan, you don't have to do so. Many major banks and NBFCs grant loans up to 85% to 90% amount of the house. So you just have to pay remaining 10% or 15% amount from your savings.
As every loan borrower may need to borrow money for different reasons, banks and NBFCs in Mumbai have come up with different home loan types to help their customers borrow right.
Banks and NBFCs offer this type of loan to construct a house in Mumbai.
Banks and NBFCs offer this type of loan to purchase a house in Mumbai.
Banks and NBFCs offer this type of loan to people who want to change the lender of their loan in the middle of the loan.
Banks and NBFCs offer this type of loan to people who want to buy a new house while they still have the home loan on their first house.
Banks and NBFCs offer this type of loan to renovate or extend the house.
Ruloans is India's fastest growing financial distributors. A comprised team with mammoth experience in finance and internally developed highly proficient Loan Calculator algorithm, we are pledged to offer solutions to all your financial needs. Borrowers can apply for home loans with Ruloans' latest online application process. You can choose from a plethora of banks and NBFCs on our website for your loan. We help you borrow right.
We have developed an efficient, smooth and easy process for our consumers to get a home loan. Our easy to use online procedure allows consumers to apply documents quickly. Our highly proficient Loan Calculator also guides the consumers to embark on a hassle free process.
We value our consumers and are always on our toes to give them benefits of our expertise. Applying for a home loan with us, gives you a chance to avail the best offers and deals from our partner banks and NBFCs.
You can compare interest rates, offers and services on our online portal. This will guide you to make the right choice and choose the right lender for your home loan as per your budget and expectations.
Our financial experts are always ready to give you the perfect advice. These highly trained professionals in finance know the back and forth of the industry. Our dedicated team of experts will help you at any given time, to choose the right home loan, without charging a dime.
We, at Ruloans understand the value of your documents and keeping them safe and private. Your loan applications are processed electronically with complete privacy and transparency.
Banks and NBFCs in Mumbai have designated very specific eligibility criteria to approve home loans for their customers. The criteria are decided as per the norms given by RBI and by the policy terms decided by the loan lender. But here we have given a generic list of eligibility criteria required to get the best home loan in Mumbai.
To get a home loan in Mumbai you require a very specific set of documents. The list is quite the same with every bank and NBFC. There might be a few exceptions as per the profile of the borrower and the requirements. Banks and NBFCs in Mumbai have divided the list of required documents as per the profile of the borrower. These are the documents you may require with your home loan application in Mumbai.
Ruloans is one of India's fastest growing loan distributors. With its head office in Mumbai, Ruloans has a pan India reach. As Ruloans began its venture from the financial capital of the nation, it provides special services to its customers in Mumbai seeking for home loan. With our internally developed highly proficient Loan Calculator algorithm and properly trained team of loan experts, we pledge to help you borrow right home loan in Mumbai.
With a new online application process we have opened the doors of hassle free application process for our customers. With our newly designed user friendly interface you can easily apply for a home loan in Mumbai. You can also upload all your documents quickly.
Ruloans is partnered with many banks and NBFCs in Mumbai. You can get benefits of our experts and their guidance by applying for your home loan via Ruloans.
At Ruloans you can easily compare various banks and NBFCs in Mumbai who offer home loans. You can compare their interest rate, processing charges and other details to borrow right.
Ruloans does not charge anything for the services offered to its customers.
Repayment period of loan starts after the entire home loan is disbursed to the borrower. If the property is under-construction, then the banks allow payment of the partially disbursed amount. Towards this partially disbursed loan amount, borrowers are allowed to either repay the principal and interest amount both or just the interest amount or none of the above mentioned amount at all.
The home loan is sanctioned as soon as all the required documents are submitted and verified successfully. This procedure takes anywhere between 10 to 30 days.
Any property document that are submitted as security collateral are returned to the consumer only once the entire home loan amount is repaid and the home loan on his/her name is closed.
At present, up to 7 people can co-sign a home with the primary applicant. But, all of those need to be blood relatives of the family member.
It is not mandatory to apply for a bank account before taking a loan from it. But if you have an account with the bank, you become eligible for a relationship discount. Some banks also provide you additional services along with relationship discount.
Though required documents vary from vendor to vendor, some of the major documents needed are as -
Yes, you can track your application via SMS and email. We also provide the facility to track your application on our website via login menu.
For your loan-related queries, you can call our representative on 1800 2667576 or mail us at email@example.com