Home Loan in Mumbai - L&T Finance

Avail Home Loan in Mumbai

If you plan to settle in Mumbai, owning a home is a dream. Opting for a Home Loan in Mumbai ensures you have the financial support to make this dream a reality. With loan amounts of up to ₹ 10 Crore, attractive interest rates and tailored repayment tenures, we make purchasing a home easier. From salaried professionals to self-employed individuals, anyone meeting the basic eligibility can benefit from these loans.

Quick Disbursement of Home Loans in Mumbai

In Mumbai's fast-paced property market, L&T Finance offers Home Loans with quick disbursements. We minimise delays with a streamlined process, focusing on quick approvals. Simplified paperwork and quick verification allow us to disburse your funds faster. Experience a hassle-free loan journey, designed for Mumbai's dynamic environment.

Key Features of Home Loan in Mumbai

1. Loan Amount Range:

Loan amounts up to ₹ 10 Crore, ensuring you can find a loan that suits your budget.

2. Competitive Interest Rates:

Many lenders provide some of the best Home Loan rates in Mumbai, starting as low as 8.65%.

3. Flexible Tenures:

Borrowers can choose repayment terms from 3 years to 30 years, allowing for manageable EMIs.

4. Minimal Documentation:

The process requires fewer documents, reducing the hassle.

5. Tax Benefits:

You can claim tax exemptions under Sections 80C and 24(b) of the Income Tax Act, significantly reducing your tax liability.

6. Fast Approvals and Disbursements:

You can get fast approvals and disbursal for quick property purchase.

Home Loan Interest Rates in Mumbai
TypeInterest Rate and Charges
Processing Fees / Documentation Charges:Up to 3% of sanctioned amount + applicable taxes (this is inclusive of Login Fee)
Login Fees:Up to ₹ 5000 (inclusive of applicable taxes)(non refundable)
Repayment / EMI Bounce Charges:As shown in the table below
Loan sanction amount (in INR)Charges in (in INR)
< ₹ 5 Lakh₹ 500
₹ 5 Lakh - ₹ 50 Lakh₹ 1000
> ₹ 50 Lakh – ₹ 2 Crore₹ 1500
> ₹ 2 Crore₹ 2000
Penal Charge/Late Payment Charges (LPC):2% per month on overdue EMI + applicable taxes
*LPC revised from 3% to 2% per month on overdue EMI w.e.f. 4th Dec 2023
*Taxes applicable on LPC w.e.f. 1st Apr 2024
Annual Maintenance Charges:NA
Duplicate NOC Charges:First 3 paper copies - free of cost
₹ 250/- + applicable taxes
Charges for documents:Nil for Statement of Account/Repayment Schedule /Foreclosure Letter & Welcome Kit
Valuation Charges:As per actuals
Documentation Charges:As per actuals
Cash Pickup Charges:NIL
Interest Rate Conversion Charges:Up to 0.5% on Balance Loan Amt + applicable taxes (or) Minimum ₹ 10,000/– whichever is higher
List of documents:₹ 300/ – +applicable taxes
Providing Photo copies:₹ 500/ – +applicable taxes of the documents (property & others)
Charges incurred by LTF for initiating action under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act 2002:Issue of Loan Recall Notice = ₹ 500/ –
Issue of Demand Notice = ₹ 1,000/ –
Issue of Possession Notice = ₹ 2,000/ –
Applying District Magistrate Order = ₹ 8,000/ –
Taking Physical possession = ₹ 20,000/ –
Actual cost incurred will be debited for expenses pertaining to Publication of Possession Notice/ Publication Demand Notice/Publication of Sale cum Auction Notice
Legal / Recovery Charges (Other than pertaining to SARFAESI):As per actuals
Loan Cancellation Charges:As per actuals
Foreclosure / Full Prepayment Charges:For Individual / Non-Individual Borrowers –
Floating Rate – Nil Charge
Fixed Interest Rate –
i. Less than 1 year from disbursement – up to 3% on principal outstanding + applicable taxes
ii.Post 1 year of disbursement – up to 2% on principal outstanding + applicable taxes
Foreclosure / Full Prepayment Charges – Home Loan:Fixed Interest Rate –
i. Less than 1 year from disbursement – up to 3% on principal outstanding + applicable taxes
ii. Post 1 year of disbursement – up to 2% on principal
outstanding + applicable taxes
Pre-payment Charges – Home Loan:For Individual / Non-Individual Borrowers –
Floating Rate – Nil Charge
Fixed Interest Rate –
i. Less than 1 year from disbursement – up to 3% on Partial Prepayment amount + applicable taxes
ii. Post 1 year of disbursement – up to 2% on Partial / Prepayment amount + applicable taxes
Switch Charges:Up to 1% on principal outstanding loan amount + applicable taxes (or) minimum Rs.10,000/– whichever is higher
Non-Compliance Charges:Up to 1% p.a. of principal outstanding loan amount + applicable taxes

*Terms & Conditions Apply. All actual charges will be as per Key Fact Statement (KFS) shared by the company.

Eligibility Criteria for Home Loan in Mumbai
TypeCriteria
ResidencyIndian resident or NRI
Age requirementSalaried: 23 years to 70 years
Self-employed: 25 years to 70 years
ProfessionSalaried / self-employed professionals and non-professionals
Other:Can be increased by adding co-applicant income or other verifiable income sources
Documents Required for a Home Loan in Mumbai
Document TypeRequired Document & Checks
Age ProofAadhaar Card | PAN Card | Passport
Address ProofAadhar Card | Passport | Voter ID | Utility Bill | Driving License
Photo ID ProofAadhaar Card | PAN Card | Passport |Voter ID
Income ProofIncome proofs vary for different professionals across salaried and self employed.

Please find the easy detailed list of required documents here

TypeDocument
Salariedi. Salary slips for the last 3 months
ii. Bank statements for 1 year
iii. Latest Form 16
Self Employedi. Latest two ITRs (personal and business) with computation of income
ii. Advance tax challans (if available)
iii. Latest two years of P&L accounts and balance sheets (with schedules),
certified by a CA
(both personal and business)
iv. Bank account statements (current and savings accounts) for the last 1 year
v. Qualification Proof of professionals
Self Employed: Non-Professionalsi. Latest 2 years ITRs with computation for individual applicants and
co-applicants (if
borrower is an individual)
ii. Bank account statements (current and savings accounts) for the last 1 year
iii. Latest 2 years of audited/CA-certified profit & loss accounts and
balance sheets of the
firm/company (if borrower is a firm/company)
iv. Proof of Business (GST / Shop Establishment/Udayam Aadhar, etc.)
v. MOA & AOA & Certificate of Incorporation
vi. For Partnership Firm-Partnership Deed

Other documents to be provided as required for disbursement of Loan

How to Apply for a Home Loan in Mumbai

Apply for Home Loan with these steps

1. Submit Personal and Income Details

Get your eligibility assessed in just 5 minutes* with your personal and income details

2. Provide Property details

Submit your property details in order to get the digitised sanction on your Home Loan without any delay

3. Get your final offer

Receive your sanction letter which includes the interest rate, tenure and your loan amount details

4. Finish Your eKYC Process

SComplete your electronic Know Your Customer (eKYC) verification by providing necessary documents

5. Authorise Your Mandate and Get Your Loan Approved

Complete the eMandate process to secure official approval for your loan and proceed with disbursement

FAQs & Support

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How much down payment is required for a Home Loan in Mumbai?

You need to pay 10% - 20% of the property value as down payment.

What documents are needed to apply for a Home Loan in Mumbai?

You'll need ID proof, address proof, income proof, property-related documents and bank statements.

Are there any tax benefits for a Home Loan in Mumbai?

Yes, under Sections 80C and 24(b) of the Income Tax Act, you can claim principal and interest repayment deductions.

Can I get a Home Loan in Mumbai for an under-construction property?

Yes, we provide loans for under-construction properties, provided the builder is RERA-registered.

What is the maximum tenure for a Home Loan in Mumbai?

At L&T Finance, we offer a loan tenure that goes up to 30 years.

How can I calculate the EMI for a Home Loan in Mumbai?

Use our online EMI calculator. Input the loan amount, interest rate, and tenure to get an accurate estimate.

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