Home Loan in Mumbai

Avail Housing Loan in Mumbai upto ₹ 2.5 Cr

✓ Home Loan from ₹2 Lakhs To ₹15 Cr ✓ Multiple Lending Partners ✓ Interest Rates Starting @ 8.50%

If you plan on buying a home in Mumbai, you can get a home loan at interest rates starting at 8.50% p.a. and secure up to 90% of the property value through the same. What’s more, you can also avail top ups on the amount you have borrowed should you need more money than what you have borrowed. You can also get special house loan subsidies on home loans in Mumbai if you are a beneficiary of housing schemes such as the Pradhan Mantri Awas Yojana (PMAY). Read on to know more.

Compare Home Loan Interest Rate Offered by Various Banks & HFCs in Mumbai

Below is a list of the current housing loan interest rates and charges for all leading banks in Mumbai:

Bank Name

Starting Interest Rate (p.a.)

Processing Fees

Bajaj Housing Finance Home Loan

8.60% onwards


UBI Home Loan

8.60% onwards

0.50% (Max ₹15,000)

ICICI Bank Home Loan

8.75% onwards


PNB Housing Finance Home Loan

8.50% onwards

0.25% - 0.50% (₹10,000)

HFFC Home Loan

9.50% onwards

1% - 1.5% (₹9,990 to ₹21,990 + GST)

Read in detail about Housing Loan Interest Rate

Features and Benefits of Home Loans in Mumbai

Some of the features and benefits of housing loans are as follows:

  • House loans in Mumbai attract interest rates starting at 8.50% per annum.

  • Repayment tenures can be as high as 30 years.

  • Up to 90% of the property value can be availed as a house loan.

  • You can avail balance transfer facilities to take advantage of lower interest rates of other lenders.

  • If you are an existing home loan borrower, you can also avail a home loan top up of an amount as high as ₹1 crore.

  • You can also avail an overdraft facility as an existing house loan borrower.

  • If the interest rate on your housing loan is calculated as per the floating interest rate system, you can prepay a part of your house loan or the entire outstanding balance at zero extra charge.

Top Home Loan Providers in Mumbai

Some of the top housing loan providers with operations in Mumbai are as follows:

Home Loan Lenders


Contact Information

Bajaj Housing Finance Limited

2nd Floor, Office No. 204 & 205, Sagartech Plaza Building No. A Kurla - Andheri Road Sakinaka, Andheri East, Mumbai, Maharashtra 400072


PNB Housing Finance Limited

Ajcon global 4th floor 408 express zone building Opposite Oberoi Mall, Goregaon, Mumbai, Maharashtra 400063

1800 120 8800

Home First Finance Company (HFFC) Limited

511, Acme Plaza J B, Andheri - Kurla Road, Vijay Nagar Colony, J B Nagar, Andheri East, Mumbai, Maharashtra 400059

088805 49911

Union Bank of India

Ground Floor, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai, Maharashtra 400021

022 2289 2000


4 Laxmi Towers Kurla Complex, B Wing, Bandra Kurla Complex Road, G Block BKC, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra 400051

1860 120 7777

What is the Eligibility Criteria for a Home Loan in Mumbai?

To get a home loan in Mumbai, you will have to satisfy the below-mentioned conditions:

Employment Status

Salaried, Self-Employed Professional or a Self-Employed Non-Professional


Indian (Permanent Resident or Non-Residential Indian (NRI) or a person of Indian origin (PIO))


21 years at least

Credit Score

750 or above

Work Experience

  • Salaried Professional: 3 years
  • Self Employed Professional: 3 Years

Check details about the eligibility criteria for home loan

Documents Required for a Home Loan in Mumbai

1. For Salaried Professionals

  • KYC documents: PAN card, passport, voter ID, Aadhaar card, driving licence

  • Income Proof: Salary slips for last 3 months, Bank statement for past 6 months with salary credits, ITR/Form-16

  • Property documents like the sale deed

  • Bank statement showing the repayment history of the person

  • A cheque for the payment of the processing fee

  • Contract of employment

2. For Self-Employed Professionals

  • Income Proof: Income Tax Returns of the past 3 years

  • Balance sheet and P/L account statements going back 3 years

  • Savings account statements of the applicant going back 3 years as well as the current account statement of the business entity,.

  • Latest copy of the Form 26AS

  • Memorandum of Association (MoA) and Articles of Association (AoA) of the company.

5 Best Locations to buy Property in Mumbai

Some of the best locations to buy property in Mumbai are as follows:

  • Andheri – Andheri is known as the hotspot of corporate offices. It is also known for being well connected with the train network as well as the main roads in the western part of town, which makes daily commute easier for residents in Mumbai.

  • Thane – Thane is well connected to the Central and Harbour Line railroad station, which is ideal for employees who have to travel long distances to get to work. The railroad network establishes an easy connection with the areas surrounding it. Additionally, with more and more IT companies setting up offices in the areas, it is building a reputation as Mumbai’s commercial hub only secondary to Andheri.

  • Kanjurmarg or Powai – Situated in the east side of central Mumbai, Kanjurmarg is coming to be known as a rapidly growing suburb. It is the starting point for the eminent Jogeshwari Vikhroli Link Road (JVLR) that connects the Western and Eastern express highways directly.

  • Malad – Malad is known for being well connected with South Mumbai via the Western Railway and the ever-developing infrastructure in the area, making it one of the most rapidly-growing suburbs in Mumbai.

  • Wadala – Wadala is located amongst the suburbs of South Mumbai and thus people residing in this area are well connected to other parts of the city through the Western railway. Not to mention that Wadala is also situated in a relatively posh area of Mumbai.

Things to Consider While Buying a Home in Mumbai

  • Know what you want: Do you want to be able to commute without any hassles? Do you want to be near schools, hospitals and shopping malls? Or do you just want a quiet place for yourself? Or, are you looking for a house that provides enough space for your family? You should ask all of these questions to yourself and once you have answers to them, you should go for a property in Mumbai that fits your needs best.

  • Locality: If you want to be close to schools, shopping malls or movie theatres, you should consider buying a house in a locality that has all of them or is close to such places. If you want to be close to railway lines and have easy access to public transport, consider taking a house in an area that has all of them.

  • Security: Your safety as well as that of your family should be your utmost priority. It is due to that reason why you should consider buying a property that has security cameras, alarm systems, round-the-clock-security and smoke detectors.

  • Legal clearances: You should ensure that the building that you are buying the house in has all the legal clearances from the local authorities, such as an Encumbrance Certificate, and Occupancy Certificate and all the safety-related certificates from the local municipality. Additionally, you must check if there are any disputes over the property you plan on buying.

Government Housing Projects in Mumbai

  • The western india mill project in sewri: The Western India Mill project in Sewri is a completed project and it belongs to the mill workers and the transit type. The carpet area for homes provided under this project is 228.30 square feet and the occupancy certificate for the project has already been obtained. Under the project, every tenant is offered a 1 Bedroom Hall Kitchen (BHK) apartment.

  • Ruby Mill Project: Under the ruby mill project, the tememmants are offered a 1 BHK apartment and are given a house that has the area of 226.68 square feet.

  • Village Charkop, Kandivali (W): The Village Charkop is a project is based in Kandivali West and is meant for people belonging to the the Middle Income Group and Lower Income Group categories.

FAQs on Home Loan in Mumbai

  • ✔️How is EMI calculated for a home loan in Mumbai?

    EMI for a home loan in Mumbai= [P x r x (1 + r) ^n] / [(1 + r) ^(n-1)]

    Where ‘P’ is the principal loan amount

    ‘R’ is the interest rate, and

    ‘N’ is the loan tenure in months.

    Alternatively, you can also use the Home Loan EMI Calculator which is available on Bajaj Markets.

  • ✔️How to apply for a home loan in Mumbai?

    You can apply for a housing loan in Mumbai through Bajaj Markets. All you need to do is fill up your personal information, share details regarding your property, submit the required documents and undergo a verification process. Then, wait for a customer service representative to get in touch with you regarding the same.

  • ✔️What is the lowest interest rate on a home loan in Mumbai?

    The lowest interest that a home loan in Mumbai attracts is 8.50% p.a.

  • ✔️How long does it take to get a home loan in Mumbai?

    It could take about two weeks to get a house loan in Mumbai. The time taken to disburse a housing loan chiefly depends on the validity of the documents submitted, the loan amount and the overall creditworthiness of the applicant.

  • ✔️What is the minimum income requirement to get a home loan in Mumbai?

    You must earn a minimum of ₹22,000 per month to get a housing loan in Mumbai.