Home Loan in Navi Mumbai
Looking to buy a dream home in the Navi Mumbai region but not sure where to get started? Allow us to help. Navi Mumbai is home to numerous top banks and NBFCs (most of which are partnered with BASIC Home Loan) offering rates of interest starting at 8.60% for a maximum loan duration of 30 years. Home loan in Navi Mumbai is generally offered with flexible EMI repayment options and a 100% paperless application process, i.e., online, right from the comfort of your home.
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Home Loan Interest Rates in Navi Mumbai
The interest rates offered by a lender is one of the most important factors to consider when applying for a home loan. The table below shows the home loan interest rate in Navi Mumbai offered by at least 10 banks and NBFCs (BASIC partners) in the region:
|Basic Bank/NBFC Partner||Name||Max Tenure (in years)||Rate of Interest||Processing Fees (INR)||Contact|
|HDFC||30 years||8.70% - 9.75%||Rs. 3,540 - 0.25%||Enquire|
|Aditya Birla Capital||20 years||8.85% - 13.50%||0.75% - 1%||Enquire|
|Fedbank||30 years||10.15% - 10.30%||Rs. 20,000||Enquire|
|SBI||30 years||8.75% - 9.75%||Rs. 10,000 - 0.25%||Enquire|
|Aavas Financiers||25 years||13.00% - 17.00%||Minimum 1.00%||Enquire|
|Tata Capital Home Loan||30 years||8.60% - 12.50%||Rs. 3,540 - 0.25%||Enquire|
|IDFC First Bank||30 years||8.85% - 10.75%||0.25% - 0.50%||Enquire|
|Kotak Mahindra||20 years||8.85% - 9.45%||Rs. 10,000 - 0.25%||Enquire|
|PNB Housing||30 years||8.75% - 11.95%||Rs. 10,000 - 0.50%||Enquire|
|Bajaj Finserv||30 years||8.60% - 13.00%||0.30% - 1%||Enquire|
Eligibility Criteria for Home Loans in Navi Mumbai
If you want to know whether you are eligible to apply for a home loan at a bank or NBFC in Mumbai, check the table below. It contains the key criteria for home loan eligibility in Navi Mumbai banks:
|Eligibility Parameters||Salaried Individuals||Self-Employed Individuals|
|Professional Experience||3 years and above||Business continuity of 3 years and above|
Starting at Rs 10,000 per month
Starting at 1.8 lakh per annum
|CIBIL Score||750 (preferred)||750 (preferred)|
Note: Applicants are encouraged to declare any additional sources of income besides those mentioned in the table above to boost their chances of getting a home loan approval.
- All applicants for home loans at Navi Mumbai banks must be Indian citizens residing in India.
- Both salaried and self-employed individuals are eligible to apply for home loans at Navi Mumbai banks and NBFCs.
- Salaried applicants should qualify for the prescribed age criteria (Minimum - 23 years and Maximum - 62 years), while self-employed individuals must be at least 25 years and a maximum of 70 years old at the time of loan application.
- The CIBIL score of the applicant must be 750 or higher to qualify for home loan applications.
Note:These criteria are subject to variation from one bank to another. It is recommended that you check with the specific bank you are applying to for a home loan for its eligibility requirements.
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Document Requirement for Home Loans in Navi Mumbai
Each bank or NBFC in Navi Mumbai would ask you to submit a set of pre-defined documents as part of your home loan application process. For your reference, we have listed below the exact home loan documents required in Navi Mumbai banks at the time of applying for a home loan:
1. For Salaried Loan Applicants
- Proof of income such as Form 16 or salary slips from the previous 3-6 months
- Recent photographs (passport-sized and duly signed)
- ID proof such as a passport, Aadhaar card, PAN card, or Voter’s ID (any one of these)
- Cheque for home loan processing fee
- Residential proof such as a Rental Agreement, Voter’s ID, Utility Bill, or Aadhaar Card (any one of these)
- Property Documents proving the purchase
- Proof of age such as School Certificate, Birth Certificate, Voter’s ID (any one of these)
- Proof of Employment such as a Salary Statement or Letter of Appointment
2. For Self-Employed Loan Applicants
- Documents for Registration of Business (if so asked)
- Passport-size photographs (duly signed)
- ID proof (any one) - Passport, Aadhaar Card, PAN Card, Voter’s ID
- Cheque for Processing Fee
- Residence Proof - Rent Agreement, Voter’s ID, Utility Bill, Aadhaar Card (any one)
- Property Documents (in case property already bought)
- Proof of Age - School Certificate, Birth Certificate, Voter’s ID (any one)
- ITR for the previous 3 years
- Bank statement for previous 3-6 months
|Type of Document Required||Examples of Documents that can be Submitted|
|Proof Of Residency||Aadhaar Card, Valid Passport|
|Proof Of Income||Bank Passbook, Bank statement, Last 3 years IT Return|
|Proof Of Age||PAN Card, Voter ID, Birth Certificate, Registration Certificate Of Establishment|
|Proof Of Employment||Certified Letter from Employee/Company Memorandum|
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Home Loan Options Available in Navi Mumbai
Home loans work best when they are personalised to your individual needs and purpose. The banks and other home loan agents in Navi Mumbai, therefore offer a variety of housing finance options to their customers in tune with their specific requirements.
|Type of Document Required||The Object of the Loan|
|Loan for Plot from MHADA/DDA||To buy a plot from MHADA for construction of own house|
|Home Renovation Loan||To make improvements/upgrades to existing residential property|
|Loan for New Flat||To buy a new flat/apartment|
|Home Extension Loan||To extend the existing residential space to accommodate more members/needs|
|Loan for Ready-to-Move-In House||To buy a house that is already constructed and ready to move in immediately|
|Home Construction Loan||To construct a new house|
Note:The options tabulated above are the most popular loan options availed of by most customers. Please check with your specific bank for other home loan options that they offer.
Best Banks and NBFCs for Home Loans in Navi Mumbai
While looking for the best bank/NBFC for your home loan purpose, it is essential to do some thorough research and your homework well in terms of determining the rate of interest on offer, the credibility of the financial institution in the market, as well as customer reviews. Listed below are some of the top names in Navi Mumbai that are partnered with BASIC and serve customers in the region for their home loan needs:
Both salaried and self-employed individuals between 21 and 70 years old are eligible to apply for a home loan in the Navi Mumbai area.
The average rate of interest offered on home loans by banks in Navi Mumbai is 8.60%.
Several banks in Navi Mumbai generally offer home loan amounts ranging between Rs. 5 crore and Rs. 10 crore.
Yes, many banks in Navi Mumbai allow customers to transfer their existing home loan amounts via the Home Loan Balance Transfer facility to avail of lower interest rates.
This would generally vary from one bank to another. Some banks may not levy any additional processing fees on their home loan offers, while others may charge a nominal fee from their customers to process their home loan applications.