Your home is the place where you relax after a day’s tiring work; it’s where you can spend beautiful moments with your family. Acquiring a home, christened your “Own House” is a lifetime decision that requires careful planning and significant finances. Your dream home is within reach with a Home Loan that can turn your dream into reality. Indexia Finance, offering the best home loan in Mumbai, strives to secure the best loan deals for you. Here’s a concise guide in Mumbai to answer essential questions related to Home Loans and help you decide on the best loan deal. With Indexia Finance, Home Loans come to your doorstep.

Types of Home Loans

There are various types of home loan available to cater to different borrower needs:

1. Home Purchase Loan:
   • Purpose: To purchase a new house in Mumbai.
2. Home Improvement Loan:
   • Purpose: For the renovation or repair of an already-owned home in Mumbai.
3. Home Extension Loan:
   • Purpose: To extend or expand an existing home, such as adding an extra room.
4. Home Conversion Loan:
   • Purpose: To transfer an existing best home loan in Mumbai to a new home, covering extra funds needed.
5. Bridge Loan:
   • Purpose: To finance the new home when selling the existing house, providing short-term assistance during the interim period.
6. Home Construction Loan:
   • Purpose: Taken when the borrower wants to construct a new house.
7. Land Purchase Loan:
   • Purpose: To purchase land for construction and investment purposes.

Eligibility Criteria for Best Home Loan in Mumbai

The following are eligible to apply for a Best Home Loan:

• Salaried individuals
• Self-employed professionals/businessmen
• Co-applicants: You can include your spouse/parents/children for higher eligibility (maximum of three applicants)

Factors Affecting Home Loan Eligibility

1. Monthly Income:
   • The income left after deducting all other EMIs.
2. Other EMIs:
   • Monthly installments for any other loans.
3. Available Income:
   • Income remaining after deducting existing EMIs.
4. Duration of Loan (Years):
   • Influences interest paid and EMI amount.
5. Interest Rate:
   • Varies among banks; consider deals from different banks for a prudent decision.
6. EMI (Equally Monthly Installment):
   • The amount paid for the Home Loan in Mumbai.
7. Eligible Loan Amount:
   • The net loan amount sanctioned by the bank.

Required Documents For Home Loan Mumbai

Generally, the documents required for a Home Loan to process your loan application are almost similar across all the banks. However, they may differ with various banks depending upon specific requirements, etc. The following documents are required for a Home loan by financial institutions to process the loan application.

Common Documents

• Passport-size photograph of the applicant & co-applicant
• PAN card copy of the applicant & co-applicant
• Aadhaar card copy of the applicant & co-applicant
• Current address proof of the applicant & co-applicant
• Income proof of the applicant & co-applicant
• Last 12 months’ bank statement of the applicant & 6 months’ bank statement of the co-applicant

In the case of Salaried

• Copies of payslips for the last 6 months and TDS certificate
• Employment certificate from the employer
• The latest 2 years of Form 16 issued by the employer

In the case of Self-employed

• Copy of partnership deed if it is a partnership firm or copy of MOA and AOA if it is a company or Business Proof (Shop & Establishment Certificate, VAT, Sales Tax, GST, Service Tax, IEC) if it is a proprietorship firm
• Copy of audited financial statements for the last 3 years
• Profit and loss account for the last 3 years
• Income tax assessment order
• Company current address proof
• GST certificate of the Company

Other Documents

• All existing loan sanction letters, if any.
• Repayment schedule of existing EMI if any.
• Agreement copy/booking slip / E-bill, OC & share certificate of the property which is going to be bought.