Housing Loan in Mumbai | Home Loan Rates in Mumbai

Why Choose Loanfasttrack ?

Loanfasttrack is a free service provider and is among one of the best home loan companies in Mumbai. To secure your dream house, you need a trustable entity that can guide you appropriately on your loan requirements. We at Loanfasttrack guarantees the best guidance through our highly qualified and dedicated professional team who helps through the comparative analysis and evaluations on the home loans offer and home loan rates of the top banks. We understand you and your requirement and therefore provide you with the best housing loan in Mumbai.
Loanfasttrack is the trustable name for home loan in Mumbai India which provides you with the assured low home loan rates in Mumbai.
It is the best online platform that helps you to compare home loan interest rates in Mumbai, check your home loan eligibility & apply online for home loan in Mumbai just at a single click. It ends your worries of “Which bank gives lowest interest rates for home loan in Mumbai” by providing you with best and the lowest Housing loan interest rates in Mumbai. Apply with us today for your joint home loan, home mortgage loans, home improvement loans, home renovation loans & bank loan for house with lowest home loan interest rates in Mumbai.

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Longer Repayment Tenure Upto 30 Years.

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Home Loan

TAX BENIFTS

You can use the home loans for tax savings only when the construction is completed. The tax benefit on home loan is divided into two sections as mentioned below:

Repayment of the principal amount- It is considered under Income Tax Section 80C with a maximum tax deduction of Rs, 1, 50,000.

Repayment of the interest rate on home loan- Under Section 24 of Income Tax Act. you can avail the tax benefit on the amount to interest paid on home loan to a maximum limit of Rs. 2 Lakhs.

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Tax Savings on pre-EMI

Pre-EMI is paid while the house is under construction. So, you cannot use the pre-EMI as the tax deduction source. Once the construction is completed, the total pre-EMI interest paid is shown in the five equal instalments in the subsequent years.

NOTE: -
Pre-EMI is only the interest paid during the period. If you have paid any principal amount, that is not eligible for the tax deduction. That is lost forever.

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Eligibility Criteria

The eligibility criteria are related to your age, income, past repayment history and the cost of the property. It also considers your work experience, number of dependents, spouse's income, stability of income and employment, assets, liabilities, etc. Banks normally lend up to 3-4 times the annual gross income as a home loan subject to your obligations if any.As all banks and financial institutions have different criteria or specifications, work experience, number of dependents, spouse's income, stability of income and employment, assets, liabilities, etc.

A Person Aging Only above 21 Years and having a regular Source of income.
If the person is salaried; the age limit should be between 21 to 60 years.
If the person is self employed; the age limit should be between 21 to 65 Years

Documentation

Salaried

Age Proof (PAN Card, Passport, Any other Certificate from Statutory Authority).
Residence Proof (Passport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory Authority).
Latest Salary-slips for 4 months.
Form 16 for last 2 years.
Last 6 months Bank Statements(salary account).
Processing Fee Cheque in favour of bank.
Photocopy of Title Documents of the Property, Approved Plan Copy etc.
Any other documents as requested for by the respective Financial Institution.

Self Employed/Professionals

Age Proof (PAN Card, Passport, Any other Certificate from Statutory Authority).
Residence Proof (Passport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory Authority).
Certificate & Proof of Home existence along with Home Profile.
Last 3 years Income Tax returns (self and Home) with Profit & Loss Account & Balance Sheets duly certified/audited by a Chartered Accountant.
Last 12 months Bank Account Statements (self & Home).
Processing Fee Cheque in favour of bank.
Photocopy of Title Documents of the Property, Approved Plan Copy etc.
Any other documents as requested for by the respective Financial Institution.

Charges Schedule

Processing Fees
Service Tax
Stamp Duty
Intimation to Mortgage Charges
Any Other charge which differs from banks to banks

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