Home Loan in Mumbai

Apply for a home loan in Mumbai with Navi to enjoy attractive interest rates of 7.89% p.a. with flexible EMI options of up to 30 years.

Housing Loan in Mumbai

Mumbai, home of business giants and movie stars, is a city that never sleeps. People from all over the Country come to Mumbai to make a living and become successful. This city provides top-notch job opportunities, excellent transportation facilities and affordable, tasty food at any corner. It boasts some of the best infrastructures in the country. However, this city has one of the highest costs of living. Thanks to Navi Home Loan, now owning a home in Mumbai is no longer a far-fetched dream. Navi provides all the financial support you need to buy a flat in Mumbai.

A home loan is the easiest way to pay the huge upfront costs required. It offers home loans up to ₹5 crore at attractive interest rates starting from 7.89%. Furthermore, the entire process is online, so you don’t have to wait for approval or queue up for document verification. These features make Navi as it is one of the best home loan companies in Mumbai.

Just download the Navi app from the App Store or Play Store and apply for a home loan in Mumbai today!

Home Loan in Mumbai Details

Navi offers one of the best home loan interest rates in Mumbai. The entire process is online and just takes a few minutes. The approval process is 100% paperless and helps you take one step closer to owning a home in Mumbai. Here are the details of Navi Home Loan:
Loan AmountUp to ₹5 Crore
Loan TenureUp to 30 Years
Interest Rate7.89%
Processing FeeNil

Home Loan in Mumbai - Features and Benefits

Navi is a well-known home loan finance company in Mumbai. Here are its features and benefits:
Get home loans up to ₹5 crore in minutes. Just download the Navi app and apply
Enjoy 100% paperless loan approvals. The entire process is online
Get the exact loan amount. Navi does not charge any processing fee
Get home loans at attractive interest rates starting from 7.89% p.a.
Enjoy flexible EMI options with a loan tenure of up to 30 years. Repay as per your convenience
Navi does not make buying home loan insurance mandatory

Home Loan in Mumbai - Features and Benefits

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Home Loan Interest Rate in Mumbai With Other Charges

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Home Loan Interest Rate in Mumbai with Other Charges

Avail of a home loan at attractive housing loan interest rates in Mumbai with Navi. Here’s more information regarding interest rates and other charges:
Navi home loans come at attractive interest rates, starting from 7.89% p.a.
Navi does not charge any processing fees on home loans. You will get the full loan amount
Prepay your loan at your convenience as Navi doesn’t charge any foreclosure fee

Home Loan EMI Calculator

With Navi, it is easy to get a home loan in Mumbai. But, before opting for a home loan, it is important to check if you can comfortably repay the amount. You can easily calculate your EMI obligations using the Navi Home Loan EMI Calculator. All you need to do is enter the principal amount, interest rate and loan tenure in the corresponding boxes. The online EMI calculator will display the results in seconds.

The mathematical formula for calculating home loan EMI is:

EMI = {P x R x (1+R) ^N} / {(1 + R) ^N – 1}

Where, P = Principal loan amount, N = Loan tenure in months, R = Monthly interest rate

The rate of interest on your home loan is calculated monthly.

For instance, say you have taken a home loan of ₹66 lakh for a tenure of 12 years at a 7.39% interest rate. Your monthly EMI would be:

EMI = ₹ {66,00,000 x 0.00615 x (1 + 0.00615) ^144} / {(1 + 0.00615) ^144-1} = ₹69,253

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Monthly EMI

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How to Apply for Home Loan in Mumbai

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How to Apply for Home Loan in Mumbai

Applying for a home loan in Mumbai with Navi is easy! Just follow these steps:
Download and instal the Navi app from the Play Store or App Store
Enter your name, date of birth and email
Enter your employment details such as monthly salary, company name, PAN card, etc.
Select the city you live in
Complete your KYC verification with PAN, Aadhaar and bank statement
Get provisional loan sanction letter

Housing Loan Eligibility in Mumbai

Any Indian resident is eligible for a home loan in Hyderabad with Navi
Any individual between the age of 25 and 62 years is eligible to apply for a home loan
Any self-employed or salaried individual can apply

Housing Loan Eligibility in Mumbai

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Documents Required for Home Loan in Mumbai

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Document Required for Home Loan in Mumbai

Navi offers instant home loans with minimal documentation. You just need to provide documents to complete your KYC:

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Enjoy attractive interest rates starting at 7.89% p.a. with flexible EMI options.

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Frequently asked questions

The interest rates on a home loan is decided based on several factors such as the lender’s base rate, loan amount, tenure and the borrower’s credit profile. Here are some of the factors deciding home loan interest rates:
  • The lender’s external benchmark rate
  • The borrower’s credit score
  • Type of interest rates (fixed/floating)
  • LTV ratio
  • Tenure of the loan
  • The borrower’s job profile
Navi makes it easy for homebuyers to get a home loan in Mumbai. No heavy paperwork, attractive interest rates, flexible EMIs and minimal documentation to complete your KYC verification. Just download the Navi app and apply for the required home loan amount.

Following these points will help you get a lower interest rate for home loans:

  • Having a credit score above 750
  • Having no existing liabilities
  • A past relationship with the lender
  • Stable and sufficient income   

Nevertheless, the final decision regarding the interest depends on the evaluation that the lender will conduct.

The home loan interest rate in India varies from lender to lender. The current market rates influence whether loans generally cost high or low. The rates are also different for floating and fixed-rate loans. It also depends on the credit score of the borrower. Credit score measures the borrower’s creditworthiness. Financial institutions take into account a borrower’s credit score, employment, monthly income, existing liabilities, etc., to decide the interest rate.
The option to make partial prepayment on your home loan solely depends on your lender. Navi does not charge any fees for loan foreclosure. However, some lenders may provide you with the opportunity to partially prepay your outstanding dues; others might not approve of any such possibility. They might also impose a few terms and conditions before agreeing to it. All in all, you need to check with your lender and understand their requirements.
Yes, your credit score will have a significant impact on your home loan interest rates. When a lender conducts the process of credit appraisal, they will consider your credit score before approving the home loan. With a better credit score, you can avail of lower interest rates. A credit score of 700 or more will give you the option to avail of the best interest rates.

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