A dream home is among the most important requirements of a person and his/ her family. The most frequently faced problem in building your own house or buying a property is the amount of building, buying or renovating the property. A property in Mumbai, India in not only a symbol of prestige, but a convenient step towards a better life tailor-made with all the modern day comfort and convenience. The page on Home loans in Mumbai helps you out in finding out organizations and banks that offer home loans in Mumbai at an easy rate of EMI, and cheaper price. ICICI, HSBC, HDFC are among banks that offer home loans in Mumbai for buying or renovation of property in the city.
The amount of loan to be issued is in accordance with the amount that can be repaid by the recipient. The capacity of repayment of loan is considered by having a look at the age, qualifications, income, number of dependents, income of the spouse, spouse’s assets, savings history and to top it all, the stability and continuity of occupation of the individual. There are two schemes available for home loans in Mumbai, viz.
Fixed Rate Home Loans and Adjustable Rate Home Loans. As far the Fixed Rate Home Loans are concerned, the rate of interest applicable on the date of disbursement is kept fixed through out the duration of the home loan.
The EMI facility of repayment of home loans has made it easier for the applicants to repay the loan. The loan can be repaid in Equated Monthly Installments or EMIs that includes both the principal and interest. Repayment through EMI starts from the next month of the month in which the full disbursement is taken.
The property to be financed can be mortgaged as the security for loan. Usually the deeds and/or some other collateral security are deposited as the security of the loan. Apart from that some other interim security may be needed, in case the property against which loan is being taken is under construction. Even life insurance policies can be the interim security for taking such loans, provided the value of the policies equals that of the property. Moreover, guarantees from sound and solvent guarantors will be needed during the process of taking loans.
There must not be any other existing mortgage, loan or litigation that can affect the title to the property. In case you repay the loan after the scheduled date, you have to pay an early redemption charge that can vary from time to time and according to the scheme you have opted for. Home loans in Mumbai offered by different banks and other private organizations make sure that you can buy or build your property after getting required amount of loan at a really cheap cost and in a hassle-free process.