As Mumbai continues to grow as a hub for IT, education, and healthcare, the demand for housing in the city has skyrocketed. For many, taking a home loan is the most practical way to finance their dream home. However, with so many banks offering home loans with varying interest rates, tenures, and features, it can be difficult to determine which one is the best fit for your needs.
To make your decision easier, we’ve researched and identified the top 5 banks in Mumbai that provide the most attractive home loan options. From low-interest rates to hassle-free documentation and quick approvals, these banks have earned a reputation for helping homebuyers achieve their goals.
Compare Home Loan Interest Rates for the Best Banks in Mumbai
Comparing home loan interest rates from leading banks helps you identify affordable financing options. Get a clearer view of each lender’s terms and choose the best home loan that matches your budget and financial goals.
| Bank | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
|---|---|---|---|
| SBI Bank | 8.50% p.a. onwards | 8.5% p.a. onwards | 8.50% p.a. onwards |
| HDFC Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| LIC Bank | 8.50% – 10.35% p.a. | 8.50% – 10.55% p.a. | 8.50% – 10.75% p.a. |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Axis Bank | 8.75%-10.30% p.a. | 8.75%-10.30% p.a. | 8.75%-10.30% p.a. |
Best Banks for Home Loans in Mumbai
Explore the best banks for home loans in Mumbai, known for their competitive rates and tailored financial solutions. These industry leaders offer flexible repayment options and exceptional customer service to support your journey to homeownership.
State Bank of India (SBI) Home Loan
- Processing Fees: 0.35% of the loan amount + GST (₹2,000 – ₹10,000)
- Documents Required: Identity proof, property documents, and income proof.
Types of Home Loans Offered:
- SBI General Home Loan: For ready-built, under-construction, and pre-owned properties.
- SBI Flexipay Home Loan: Enhanced eligibility with step-up EMIs and an interest-only moratorium for salaried borrowers.
- SBI NRI Home Loans: For NRIs with competitive rates and streamlined documentation.
- SBI Privilege Home Loan: Special loan for government employees with salary-deduction interest concessions.
- SBI Shaurya Home Loan: Lower rates and flexible tenures designed for defence (army) personnel.
- SBI Pre Approved Home Loan: Pre-sanctioned limits based on income for confident negotiations.
- SBI Realty – Plot Loan: For plot purchase and construction, with a three-year completion requirement.
- SBI Home Loan Top Up: Grants additional funds to existing customers at competitive rates.
- SBI YONO Insta Home Top Up: Fully digital top-up loan on YONO with swift, hassle-free processing.
- SBI Home Loan to Non-Salaried Interest Rates: Financing for self-employed borrowers for varied home needs.
- SBI Tribal Plus Home Loan Interest Rates: Home loans for hilly/tribal residents without needing a land mortgage.
- SBI CRE Home Loan Interest Rates: Enables extra residential loans for owners with multiple properties.
- SBI Maxgain: Overdraft-based home loan with drawing power reduced through EMI principal payments.
- SBI Reverse Mortgage: Provides seniors with a regular income stream by mortgaging their property.
Additional Resources about SBI Home Loan:
- SBI Home Loan for Women
- SBI Home Loan Interest Rates
- SBI Home Loan Eligibility Checklist
- SBI Home Loan Application Status
- Documents Required for for SBI Home Loan
- CIBIL Score for SBI Home Loans
- SBI Home Loan Insurance
- SBI NRI Home Loan Interest Rate
- SBI Home Loan Top- Up
- SBI Home Renovation Loan
- SBI vs HDFC
- SBI Home Loan Customer Care
- SBI Home Loan EMI Calculator
- SBI Home Loan Eligibility Calculator
- SBI Home Loan Prepayment Calculator
- SBI Home Loan Interest Certificate
- SBI Sampoorn Surakhsa
HDFC Bank Home Loan
- Processing Fees: Upto 1.50% of the loan amount
- Prepayment Charges: 2% of the outstanding amount + taxes
Types of Home Loans Offered:
- HDFC Home Loan: Customized financing for ready-built, under-construction, and pre-owned properties.
- HDFC Plot Loan: Supports land purchase to help you build a home.
- HDFC Rural Housing Loans: Simplifies homeownership in rural or urban settings with tailored solutions.
- HDFC Loan Against Property: Unlocks your property’s value to finance various personal or business needs.
- HDFC Home Loan Balance Transfer: Streamlines the process of reducing monthly EMIs by transferring your loan.
- HDFC Home Renovation Loan: Empowers you to upgrade and transform your living space.
- HDFC Home Loan Top-Up: Provides additional funds to support your evolving financial goals.
Explore More About HDFC Home Loans:
- HDFC Home Loan Top Up Interest Rates
- Minimum CIBIL Score Required for HDFC Home Loan
- HDFC Home Loan Statement
- HDFC Home Loan Eligibility Criteria
- HDFC Home Loan Customer Care
- Top 5 HDFC Approved Properties in Bangalore
- HDFC Home Loan Prepayment Calculator
- HDFC Home Loan Prepayment Online
- HDFC Home Loan EMI Calculator
- HDFC Home Loan Documents: A Complete List
- HDFC vs SBI
- HDFC Home Renovation Loan Interest Rates
- HDFC Home Loan For Corporate Employees
- HDFC Home Loan Balance Transfer to SBI
- HDFC Loan Against Property Interest Rates
- HDFC Home Loan Income Tax Certificate
ICICI Bank Home Loan
- Processing Fees: Up to 2.00% of the loan amount
- Prepayment Charges: 2% of the amount prepaid + taxes
Types of Home Loans Offered:
- ICICI NRI Home Loan: Streamlined financing for NRIs looking to purchase property in India, with efficient documentation and competitive terms.
- ICICI Home Loan Balance Transfer: Enables switching existing home loans to ICICI, potentially lowering interest costs and monthly payments.
- ICICI Land Loan: Facilitates land acquisition for residential construction or investment with attractive financing options.
- ICICI Step-Up Loan: Designed for young professionals, offering a higher initial loan amount based on anticipated income growth.
- ICICI Loan Against Property: Leverages your property’s equity to secure funds for diverse needs such as business, education, or personal expenses.
Further Reading on ICICI Bank Home Loans:
- ICICI Home Loan Interest Rates
- Home loan eligibility checklist for ICICI
- ICICI Bank Home Loan EMI Calculator
- ICICI Bank Home Loan Transfer Charges
- ICICI Home Loan Income Tax Certificate
- ICICI Bank Home Loan Customer Care
- Documents Required for an ICICI Bank Home Loan
- ICICI Bank Loan Against Property Interest Rates
- ICICI Bank Home Loan Application Status
- ICICI Bank Home Loan Statement Online
- ICICI Bank Home Loan Eligibility Calculator
- ICICI Bank Plot Loan Interest Rates
LIC Housing Finance Home Loan
- Processing Fees: 0.25% of loan amount Subject to maximum of ₹15,000 + GST
- Prepayment Charges: 2% on prepaid loan amount if paid through other sources
Types of Home Loans Offered:
- LIC Griha Suvidha Home Loan: Flexible home financing with no age or income restrictions and enhanced security through a mortgage guarantee.
- LIC Home Loan for Pensioners: Tailored for pensioners with flexible terms up to 30 years or until age 80, requiring a joint applicant for added eligibility.
- LIC Home Renovation Loan: Quick sanctioning, low EMIs, and competitive rates to efficiently finance home improvements.
- LIC Home Loan Top Up: Easily increase your existing home loan amount with fast approval, affordable payments, and minimal documentation.
- LIC Home Extension Loan: Seamlessly expand your living space with swift sanctioning, competitive interest rates, and simple paperwork.
- LIC Plot Loan: Secure residential plots with competitive rates and a straightforward process, available for both plot purchase and composite construction needs.
- LIC Home Construction Loan: Benefit from online sanction, quick approvals, and low EMIs to build your dream home affordably.
- LIC Home Loan for NRIs: Customized for NRIs, offering competitive rates and flexible terms for purchasing, constructing, or renovating properties in India.
- LIC Home Loan Balance Transfer: Switch your existing home loan to LIC HFL to enjoy lower interest rates, affordable EMIs, and added top-up flexibility.
- LIC Home Loan Advantage Plus: Transfer your home loan from other lenders to LIC HFL for lower rates with eligibility of up to ₹10 crore.
Further Reading on LIC Housing Finance Home Loans:
- LIC Housing Finance Home Loan Interest Rates
- LIC Housing Finance Home Loan Eligibility Calculator
- LIC Home Loan EMI Calculator
- LIC Home Loan Prepayment Calculator
- LIC Home Loan Customer Care
- Life Insurance Corporation (LIC) Tax Certificate
- LIC Home Loan Required Documents
- LIC HFL Home Loan Statement Download
Axis Bank Home Loan
- Processing Fees: 1% of the loan amount + GST (Max: 10,000)
- Prepayment Fees: N/A on floating rates
Types of Home Loans Offered:
- Axis Bank Subh Arambh Home Loan: Provides subsidized funding for home purchase, construction, or improvement with periodic EMI waivers.
- Axis Bank Fast Forward Home Loan: Leverages multiple income sources to maximize borrowing while rewarding timely repayments with structured EMI waivers.
- Axis Bank Asha Home Loan: Offers flexible, accessible financing for a broad range of property values, making homeownership more attainable.
- Axis Bank Super Saver Home Loan (Overdraft Facility): Uses a linked overdraft account to offset your principal, thereby reducing overall interest costs while keeping funds accessible.
- Axis Bank Quick Pay Home Loan: Accelerates principal repayment to lower total interest and reduce your monthly EMI burden.
- Axis Bank Home Loan Balance Transfer: Enables a seamless switch to benefit from lower rates, higher limits, and additional top-up options.
- Axis Bank Home Loan Top Up/24×7 Top Up Loan: Provides extra funds on top of your existing home loan for property expansion or personal needs without a separate application.
Further Information on Axis Bank Home Loan
- Axis Bank Home Loan Interest Rates
- Axis Bank Home Loan Eligibility Criteria
- Axis Bank Home Loan Application Status
- Home loan eligibility checklist for Axis Bank
- Axis Bank Home Loan EMI Calculator
- Axis Banks Home Loan Customer Care
- Axis Bank Loan Against Property
- Axis Bank Home Loan Top-Up
- CIBIL Score for Axis Bank Loans
- Axis Bank Home Loan Eligibility Calculator
- Axis Bank Home Loan Prepayment Calculator
How to Compare Home Loans in Mumbai?
| Parameter | Description | Importance |
|---|---|---|
| Interest Rate | Compare fixed vs. floating rates. Even a 0.25% difference can save lakhs over time. | Directly impacts total repayment. |
| Processing Fees | Upfront charges (0.5–1% of loan amount). Negotiate or look for waivers. | Adds to initial costs. |
| Loan Tenure | Longer tenure reduces EMI but increases interest paid. Max 30 years. | Balances affordability vs. total cost. |
| Prepayment/Foreclosure | Check penalties (2–5% for floating-rate loans). Avoid lenders charging prepayment fees. | Saves money if repaying early. |
| Down Payment | Typically 10–20% of property value. Higher down payment reduces loan burden. | Affects loan eligibility and EMI. |
| Eligibility | Age (23–70 years), income, credit score (750+), employment stability. | Determines loan approval. |
| Additional Benefits | Balance transfer options, top-up loans, or discounts for women borrowers. | Flexibility for future needs. |
| Turnaround Time | Time taken for approval and disbursal (7–30 days). Faster processes help in competitive markets. | Critical for time-bound property deals. |
| Hidden Charges | Legal fees, administrative costs, or stamp duty (varies by Mumbai circle rate). | Avoid unexpected expenses. |
How to Choose the Right Home Loan in Mumbai?
- Research and compare interest rates from various banks and NBFCs.
- Choose a repayment period that aligns with your financial goals.
- Check for hidden fees and charges.
- Ensure you meet the income, credit score, and documentation requirements.
- Look for flexible prepayment and foreclosure policies.
- Calculate monthly installments to ensure they fit your budget.
Secure the Best Home Loan in Mumbai with Credit Dharma
Buying a home is a big step. Getting a home loan can be hard, but we make it easy. Choosing Credit Dharma for your home loan simplifies this process. We offer expert advice and personalized assistance to make everything hassle-free. You’ll receive timely updates on your loan application and disbursement progress.
From the initial application to the final disbursement, we provide comprehensive support. Enjoy clear and honest communication at every stage, with no hidden surprises.
Frequently Asked Questions
As of now, home loan interest rates in Mumbai start at approximately 8.50% per annum. However, rates may vary based on the lender and the applicant’s profile.
The minimum monthly income required is typically ₹25,000. This criterion can vary among different banks and financial institutions.
Eligibility is primarily based on factors such as income, age, employment stability, credit history, existing financial obligations, and the value of the property.
Various home loans are available, including home purchase loans, home construction loans, home improvement loans, home extension loans, and land purchase loans.
Depending on eligibility, applicants can borrow up to 90% of the property’s value, with some lenders offering loans up to ₹15 crores.
Home loan tenures can extend up to 30 years, depending on the lender’s policies and the borrower’s eligibility.
Commonly required documents include identity proof, address proof, income proof (such as salary slips or IT returns), bank statements, property documents, and photographs. Specific requirements may vary by lender.
Yes, lenders may impose charges such as processing fees, documentation fees, prepayment penalties, and legal fees. It’s advisable to consult with the specific lender for detailed information.
Yes, many banks and NBFCs in Mumbai offer home loans to NRIs wishing to purchase residential property in India.
Borrowers can claim tax deductions on both the principal and interest components of the home loan under sections 80C and 24(b) of the Income Tax Act, respectively.
HDFC Home Loan
SBI Home Loan
