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Apart from providing a comprehensive well researched information on the property market in Mumbai, Thane and Navi Mumbai, we have realised over the course of years one missing element in our Services. We are glad to announce that www.mumbaipropertyexchange.com will now provide Comprehensive Home Loan assistance.

We have tied up presently with HDFC Bank to provide you the with maximum information on Home Loans for you to enable to buy a Home with far more ease with most of the processes of yours undertaken centrally under one roof.

We look forward to provide you all the best possible information and advisory services on Home Loans.

As a Special Scheme and Offer if you are apply your Service Fee paid by you to any of the Banks shall be refunded by us. This is a Ltd Period offer.

Please call on +91 22 66921122 or mail Ms.Gracy Wood at gracy@mumbaipropertyexchange.com
  • It is essential for you to understand that how much Bank Loan you can get.
  • Most of the times we are all very confident that we should be able to get an X amount of money as Loan.
  • Please do not overlook this factor as the best way is to not assume and always get a Pre-Approval done so that you are clear that how much Loan can you get and also at the same time you will be able to relate that every month you can pay an X amount of EMI.
  • This way you will be able to get your homework done before you even step out in the market to look for apartments.
Minimum Age for Home Loan 25 Years
Max Age Limit The Loan must terminate before or when you turn 65 Years of age or age of retirement, whichever is earlier
Occupation Business or Self Employed and Salaried with a regular income and properly filed Income Tax Returns for 3 years.
Co-Applicant Age Minimum age should be 18 Years
Co-Applications A loan can be availed in the name of 2 family members who are earning and the eligibility could be enhanced clubbing the income of both the applicants
In India, most of the Banks offer attractive interest rates and schemes to ensure that you get the best deal. The Interest rates keeps on varying every few years, but if you can get any deal under 9% it is a good one. These are your personal documents required for Pre-Approval of your Own Self. The Bank would verify the property documents at a later date. If you are buying a Property in Mumbai, Thane or Navi Mumbai most of the Developers/Builders are aware of the documentation required by them and you can surely connect with any of the Bankers after consulting the Developers office of any further details.

Duly Completed Application Form
  • Photograph
  • Fee cheque
  • Photo Identity Proof
  • Signature Verification Proof
  • Residence Address Proof
  • Property documents as required
Document specific for Salaried
  • Last 3 months' salary slips
  • Form 16
  • Bank Statement for last 6 months from salary account
  • Repayment details on any existing loans or loan closure letter
Document specific for Self Employed
  • Income Tax Return / Computation of Total Income / Auditors Report / Balance Sheet / Profit & Loss Account certified by Chartered Accountant for last 2 years (3 years for Home Equity) (both for business and personal of partners/directors)
  • Bank Statement for last 6 months from operating account
  • Repayment details on existing loans or loan closure letter
  • Board Resolution in case of a company
  • Proof of existence of the business entity
  • Proof of Office Address
  • Photo Identity Proof, Residence Address Proof, Signature Verification must be provided for all the main partners / directors

Documents required for NRI's for Loan
Application form with photograph
Photocopy of the Employment Contract or Labour Contract and English translation countersigned by your employer
Latest salary certificate (in English) specifying the following:
Name (as it appears in the passport)
Date of joining
Passport Number
Designation
Perquisites and salary
Photocopy of Identity card / Labour card
Photocopy of latest work permit
Photocopy of valid resident visa stamped on the passport
Overseas Bank Account and NRE/NRO statement for the last six months.
Continuous Discharge Certificate (CDC)- if applicable
Latest Credit Bureau Report [Applicable to customers residing in countries where Credit Bureaus exists. eg. USA, UK etc.]
Property related documents
Processing fee cheque
Tenure Type Rate
20 Yrs (ICICI) Variable 8.25 %
20 Yrs (HSBC) Smart Home 9.00 %
20 Yrs (HDFC) Floating Below 30 Lacs 8.25 %
20 Yrs (HDFC) Floating Between - 30 -50 Lacs 8.75%
20 Yrs (HDFC) Floating Above 50 Lacs 8.75%
20 Years (ING Vysya) Fixed 8.25%
  • Take your own time and evaluate your expenses and do a market survey about the property buying process. Buying a house, which is way beyond your range, could affect you financially; banks help in financing your dream home via home loans.
  • Eligibility Banks determine your eligibility based on your repayment capacity and discuss about the loan amount up front. The eligibility for acquiring a home loan is augmented by clubbing income of your father/spouse/mother/son, by clearing your outstanding debts, by stretching your loan tenure, Salaried individuals can increase their eligibility by showing their performance linked income or bonus earned.
  • Do your own analysis and check the impact of your repayment of home loan on your monthly expenditure, as a thumb rule, it's recommended to make sure the EMI of your home loan do not exceed more than 40% of your gross monthly income.
  • Interest rates best suited an important factor that goes into your EMI calculations is the interest rates, which may vary from bank to bank, so do compare them. Also do a complete and detailed analysis of the various options like the interest rates i.e. fixed and floating rate of interest.
  • If, 2 banks give you the same amount of loan but at different interest rates do your math and work out what's best for you.
  • Fixed interest loans charge an interest, which remains the same through out the tenure of the loan. This means that the consumer is immune to market risk or the possible upward movement in the interest rates. Hence, fixed rate is a good option when the interest rates are expected to move up in the future.
  • As for floating rate loan, a consumer is exposed to market risk and his gain or loss depends on the interest rate condition prevailing in the market. Floating rate is beneficial if the interest rate falls in the future. A floating rate is considered non-transparent and is also known as "adjustable rate".
  • If you decide to opt for a fixed rate loan, you can still switch to a floating rate loan in the future and vice versa as and when rates go in your favour and if you do decide to switch, you should take into account the cost of doing so and the interest rate benefits of switching.
  • For a given interest rate, loan with a daily or monthly reducing balance is better than an annual reducing balance loan. Interest rates vary depending on the tenure of the loan, the amount of the loan and your personal profile.
  • Insurance cover (an added cost) Also, many banks may insist on getting your home insured to safeguard their interest. There are various kinds of insurance covers available for you. Apart from getting the mandatory ones you should try to get insurance as per your circumstances. You also have a choice of getting insured from another company without any objection from your bank.
  • A lot of Banks offer something like Smart Home etc. this is also a very interesting type of loan wherein your capital is also kept in the Smart Home account and you pay interest only on the amount which is the balance.
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* Special offer - Pre-Approval Fees Refunded
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