Home Improvement Loan Services Offered

Home Improvement Loans in Mumbai

India, in today’s date is quite well accustomed with the word ‘loan’. Today we have embraced this concept which has made our life easier & dreams much more achievable.

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About Home Loans Mumbai

Home Loans Mumbai

If you are a Mumbai resident looking to buy that dream home of yours and are short of funds, then the only option available for you to realize your dream is to take home loan. There are a huge variety of home loan products in Mumbai provided by leading banks but you need to be extremely cautious before zeroing in on the right deal. Let’s take this opportunity to throw some light on various aspects of home loan in Mumbai.

WHAT IS A HOME LOAN?

A home loan is a loan which is considered as a secured loan. This means if you cannot pay the loan amount, then your property would be taken away by the bank and by selling it, they will retrieve their money. Thus, the banks by sanctioning housing loans give a conditional ownership of property to the borrowers. Home loans in Mumbai are provided by host of banks as well as home loan agents.

ELIGIBILITY CRITERIA FOR APPLYING HOME LOANS IN MUMBAI

Home loans in Mumbai are provided by different banks and the products usually come up with respective bank name such as HDFC home loan, SBI bank home loans, ICICI home loan etc. Check out the following guidelines before taking one.

  • The primary criteria of a person to get housing loan Mumbai is to have regular income. He should either be a salaried person or a business man.
  • He should be above or at least 21 years of age.
  • The loan tenure must complete before the age of retirement or the age of 65 year, whichever is reached earlier.

GUIDELINES FOR TAKING HOME LOANS IN MUMBAI

You should also check the following points before finalizing your deal. There are several factors which should be cleared before venturing into taking a home loan. Check the list below to have a greater in sight so that you can have the best home loan in Mumbai.

  • The primary point is to finalize the property before taking a home loan.
  • Do check about the processing fee of the bank because such fees are usually charged extra and comes up as hidden charges.
  • You need to clearly know the interest rates. New plans have come up with fixed charges for first two years and floating charges for the next consecutive years. So you need to be extremely cautious.
  • It is always better to make higher down payments as that will ease the situation a bit.

COMPARATIVE STUDY OF HOME LOANS IN MUMBAI

Housing Loans Mumbai

Let us now browse through some of the leading banking institutions and see what they have to offer. You need to go through the list and choose the best home loan available in Mumbai.

  • If we come to ICICI bank, Mumbai, we usually get to see home loan plans provided with free accidental insurance coverage.
  • Bank of Baroda home loan, Mumbai, charges no processing fee for home loans whereas axis bank Mumbai offers free accidental insurance with every home loan taken.
  • Home loan offers from banking institutions like LIC is quite unique. They offer “Fix-O-Floaty” loans where the interest rate is about 10.50% fixed up for loan amount upto Rs 1.50 crore and floating rates thereafter.LIC also employs a large number of home loan dsa in Mumbai for the benefit of their customers.
  • You can also opt for home loan products from standard chartered bank where no guarantors are required for taking a home loan.
  • The state bank of India, Mumbai has launched a new home loan product called Easy Home Loan that offers an annual interest of about 10.5 % for a loan amount up to 30 lakhs during first year.
  • HDFC bank gives an option to choose home loans partly floating or partly fixed. They also offer dual rate home loans.