Best Home Loan In Mumbai | 2025
Buying a home in Mumbai is now easier than ever in 2025. With interest rates starting from just 8.30% p.a. and loan amounts going up to ₹5 crore, you can secure the best home loan in Mumbai that fits your budget. Whether you’re salaried, self-employed, or an NRI, get fast approvals, flexible EMIs, and expert assistance—100% digitally through NoBroker. Compare top lenders and start your journey toward owning your dream home today.
Best Home Loan In Mumbai | 2025
Mumbai, often called the “City of Dreams” and the “Heart of India”, is India’s largest city and the financial capital of the country. If you want to settle down amidst the city’s thriving economic landscape, a home loan in Mumbai is the best option to finance the purchase of your desired property.
Looking for the best home loan in Mumbai? Banks and financial institutions are offering home loans in Mumbai over Rs. 1-5 crores at home loan interest rates in Mumbai as low as 8.30% p.a., securing your way to homeownership. Go through all of the currently available options and find the right loan for your needs.
Best Home Loan Providers in Mumbai (with Branch Addresses)
Here are some of the best banks and financial institutions offering the best home loan in Mumbai, along with their branch addresses for quick assistance. If you’re unsure where to start, a home loan agent in Mumbai can help you compare these lenders easily.
| Bank/NBFC | Branch Location (Mumbai) |
| State Bank of India | SBI Fort Branch, Horniman Circle, Fort – 400001 |
| HDFC Ltd. | Ramon House, HDFC Ltd, Churchgate – 400020 |
| ICICI Bank | ICICI Bank Tower, Bandra-Kurla Complex – 400051 |
| Axis Bank | Axis House, Wadia International Centre, Worli – 400025 |
| LIC Housing Finance | Maker Towers, Cuffe Parade, Colaba – 400005 |
| PNB Housing Finance | Andheri East Branch, MIDC, Mumbai – 400093 |
| Canara Bank | Canara Bank, D N Road, Fort – 400023 |
| Bank of Baroda | BoB Nariman Point Branch, Mumbai – 400021 |
Why Choose a Home Loan in Mumbai?
Mumbai isn’t just India’s financial capital—it’s also one of the best places to invest in real estate, thanks to rising property values, strong job markets, and easy access to affordable home loans.
- Robust Real Estate Growth- Mumbai’s property values are consistently increasing, offering highly advantageous ROI, time after time.
- Leading Employment Hub- The presence of growth in challenging and demanding professions in Mumbai within Finance, IT, Media, and Manufacturing has a flourishing demand for real estate.
- Flexible Loan Availability- Both banks and NBFCs have a wide spectrum of home loan options that are adaptable and competitive.
- Rampant Connectivity- There is already expansive accessibility to traveling to and from Mumbai is projected to grow with increasing metro lines, works on coastal roads, and unemployment of new flyovers.
- Tax Benefits – You have the potential to receive tax deductions of almost $3.5 lakhs a year ( Rs. 2 lakhs on interest + Rs. 1.5 lakhs on principal reduction)
- Benefits of NoBroker- NoBroker mitigates the extra costs associated with and expedites the home loan process with advantageous loan disbursement and fast approvals at 100% digital processing.
Features and Benefits of Home Loan in Mumbai
Owning your dream home in Mumbai is easier than ever with the attractive repayment terms offered by the city’s top lenders. Here are the important features and benefits of the best home loans in Mumbai:
| Feature/Benefit | Description |
| Substantial Loan Amount | Loan amounts above ₹1 crore; up to 90% of the property value financed. |
| Effortless Online Application | Apply online with digital document verification and sanction. |
| Quick Processing and Disbursal | Fast approval and disbursal—some within a few days. |
| Competitive Interest Rates | Starting from 8.3% p.a., lower than unsecured loans. |
| Top-Up Home Loan | Additional funds for renovation, furnishing, or personal needs; lower cost than personal loans. |
| Home Loan Balance Transfer | Transfer the existing loan to another lender for better rates and terms. |
| Flexible Repayment Tenure | Loan tenure up to 30 years (some lenders offer 40 years). |
| Hassle-Free Foreclosure/Prepayment | No charges on prepayment or foreclosure of floating-rate loans. |
Eligibility For Home Loan In Mumbai
To be eligible for a home loan in Mumbai, applicants need to meet the following criteria:
- Age: The minimum age for the applicant must be 21 years, and the maximum age limit should not exceed 65 years at the time of loan maturity.
- Income: The minimum annual income should be Rs. 2-3 lakh, depending on the bank or financial institution providing the home loan in Mumbai.
- Employment stability: The applicant should be employed for a minimum of 2-3 years, depending on the lender.
- Credit score: A credit score of 750 or above is preferred by most lenders for a home loan in Mumbai.
- Property valuation. The property should be legally approved, and its valuation should meet the bank’s criteria.
Note that the exact eligibility requirements may differ from one lender to another.
You can also check your eligibility for a home loan with the NoBroker Home Loan Eligibility Calculator.
Documents Required to Get the Best Home Loan in Mumbai
You will need the following documents to apply for a home loan in Mumbai:
| DOCUMENT TYPE | DOCUMENT |
| KYC Documents | Aadhaar card, PAN card, passport, and voter ID card |
| Proof of Income | Salary slips, income tax returns, Form 16, and bank statements |
| Property-related Documents | Property registration papers, property tax receipts, and NOC from the builder or society |
| Proof of Employment | Offer letter, appointment letter, and employment contract |
| Others | Passport-size photographs, a loan application form, and a declaration of assets and liabilities |
It is important to note that the exact documents required may vary depending on the lender and the loan amount when applying for the best home loan in Mumbai.
How to Avail a Home Loan in Mumbai?
Here are some of the steps to avail of a home loan in Mumbai through Nobroker:
| Step | What to Do |
| 1. Apply Online | Visit the NoBroker Home Loan page and register. |
| 2. Check Eligibility | Use the eligibility & EMI calculator to find suitable loan options. |
| 3. Fill Form | Choose a lender and enter personal and financial details. |
| 4. Upload Docs | Submit ID, income, and property documents online. |
| 5. Verification | Lender verifies your details; may call or visit. |
| 6. Sign & Disburse | Sign the final loan agreement; funds are disbursed to the seller/builder. |
Comparing Home Loan Rates in Mumbai
Take a look at the home loan interest rates in Mumbai, loan amounts, tenures, and other terms of the leading banks and financial institutions in Mumbai:
| Lender | Home Loan Interest Rates In Mumbai | Processing Fees & Charges | Maximum Loan Amount | Maximum Loan Tenure |
| Aavas Financier Limited Home Loan | 8% | 2% | – | 30 Years |
| Aditya Birla Capital Home Loan | 9% – 12.50% | 1% | 10 Crores | 30 Years |
| Andhra Bank Home Loan | 8.15% – 9.20% | 0.50% or ₹15000 + GST (whichever is lower) | – | 30 Years |
| Axis Bank Home Loan | 8.75% – 14% | 1% | 10 Crores | 30 Years |
| Bank of Baroda Home Loan | 8.50% – 10.60% | 0.25%- 0.50% | 10 Crores | 30 Years |
| Bank of India Home Loan | 7.80% – 9.65% | – | 7.50 Crores | 30 Years |
| Bank of Maharashtra Home Loan | 8.40% | 0.25% or 25,000 (whichever is lower) | 1 Crore | 30 Years |
| Canara Bank Home Loan | 8.85%- 11.25% | ₹1,500 – ₹10,000 | 3 Crores | 30 Years |
| Central Bank of India Home Loan | 8.45% – 9.20% | 0.50% or ₹20,000 + GST (whichever of lower) | 75 Lakhs | 30 Years |
| DBS Home Loan | 8.25% – 9.75% | – | 5 Crores | 25 Years |
| Dena Bank Home Loan | 8.25% – 8.35% | 0.50% | 1.5 Crores | 30 Years |
| Dhanalakshmi Bank Home Loan | 7.2% | 1% or ₹10,00 + GST (whichever is higher) | 1 Crore | 30 Years |
| DHFL Home Loan | 8.75% | – | 5 Crore | 30 Years |
| Federal Bank Home Loan | 10.15% – 10.30% | – | 15 Crores | 30 Years |
| HDFC Ltd. Home Loan | 8.50% – 9.60% | 0.50% or ₹3000 (whichever is higher) | 10 Crores | 30 Years |
| IDBI Bank Home Loan | 8.75% – 11.45% | – | 10 Crore | 30 Years |
| IDFC First Bank Home Loan | 8% – 14% | 3% | 10 Crores | 30 Years |
| Indiabulls Home Loan | 8.75% | 1% | 2 Crores | 30 Years |
| Indian Overseas Bank Home Loan | 9.55% | – | – | 30 Years |
| India Shelter Finance Corporation Home Loan | 13% – 20% | 2% – 3% + GST | 50 Lakhs | 20 Years |
| Jammu and Kashmir Bank Home Loan | 8% | 0.25% + GST | 50 Lakhs | 30 Years |
| Karnataka Bank Home Loan | 9.08% – 10.38% | 0.50% – 2% | 5 Crores | 30 Years |
| Karur Vysya Bank Home Loan | 9.23% – 12.13% | ₹2500 – ₹7500 + GST | – | 25 Years |
| Kotak Mahindra Bank Home Loan | 8.85% – 9.40% | 0.50% | 10 Crores | 20 Years |
| LIC HFL Home Loan | 8.70% | 0.30% onwards | 10 Crores | 30 Years |
| PNB Housing Home Loan | 8.50% – 10.85% | – | 2 Crores | 30 Years |
| Reliance Home Finance Limited Home Loan | 9.35% – 13% | 0.50% – 1.50% | – | 20 Years |
| South Indian Bank Home Loan | 7.95% – 9.60% | 0.50% + GST | 15 Crores | 30 Years |
| State Bank of India Home Loan | 9.55% | ₹2000 – ₹10000 + GST | 5 Crores | 30 Years |
| Sundaram Home Finance Ltd Home Loan | 6.95% – 8.30% | 0.50% | 4 Crores | 25 Years |
| Tamilnad Mercantile Bank Home Loan | 9.10% – 9.60% | 0.50% | 5 Crores | 30 Years |
| Tata Capital Limited Home Loan | 8.95% | 2% | 5 Crores | 30 Years |
| Union Bank Home Loan | 8.75% | 0.50% or ₹15000 + GST (whichever is lower) | – | 30 Years |
| Yes Bank Home Loan | 9.15% – 11.25% | 1.5% – ₹10000 (whichever is higher) | 10 crores | 35 Years |
This comparison helps in finding the best home loan rates in Mumbai from trusted lenders, enabling better financial planning.
Check out this page: Home Loan Interest Rates-February’ 2025
Things to Consider Before Availing a Home Loan in Mumbai
Before you choose the best home loan in Mumbai, consider the following essential factors:
- Eligibility: Check age, income, and job stability criteria set by the lender.
- Interest Rate: Compare fixed vs. floating rates across lenders; read terms carefully.
- Loan Amount: Ensure the sanctioned amount covers your property value (check LTV ratio).
- Tenure: Opt for a longer tenure for lower EMIs or a shorter tenure for reduced interest outgo.
- Additional Costs: Factor in processing, admin fees, stamp duty, and prepayment charges.
- Loan Types: Understand fixed, floating, and hybrid loan options before choosing.
Top 5 Locations To Buy Homes In Mumbai
Here are the leading locations in Mumbai for home purchases, along with some supporting information:
- Bandra: This upscale neighborhood is a favorite among young professionals and celebrities alike. It offers a mix of old-world charm and modern amenities, with trendy restaurants, boutiques, and cafes. Excellent connectivity and vibrant nightlife make it a highly desirable zone to secure a home loan in Mumbai and invest confidently.
- Andheri: Andheri is one of the most sought-after residential areas in Mumbai. It is home to some of the city’s largest malls, entertainment centers, and corporate offices. Andheri has excellent connectivity to other parts of the city via road, rail, and metro. Real estate here qualifies easily for home loans in Mumbai with competitive home loan interest rates in Mumbai.
- Powai: This is a picturesque suburban neighborhood located on the banks of Powai Lake. It has excellent infrastructure, including reputed educational institutions, hospitals, and shopping centers. Powai also has a thriving startup ecosystem and is home to some of the best restaurants and cafes in Mumbai. With growing demand, many banks offer the best home loan rates in Mumbai for properties in this locality.
- Chembur: Chembur is a well-connected residential neighborhood in Mumbai. It is known for its green cover and offers excellent connectivity to other parts of the city. Chembur has a mix of old and new buildings, and the real estate prices are relatively affordable compared to other upscale areas. It’s perfect for buyers comparing home loan rates in Mumbai to choose the most suitable lender for their needs.
- Thane: Thane is a rapidly developing suburb of Mumbai, located just outside the city limits. It offers a peaceful living environment and a wide range of housing options. Thane is well-connected to Mumbai via the Eastern Express Highway and the Central Railway line. It has excellent social infrastructure, including reputed schools, hospitals, and shopping centers.
Tax Benefits On Home Loan Rates In Mumbai
Home loans offer a number of tax benefits to the borrower. Here are the key tax benefits of home loans in Mumbai:
1. Tax deduction on interest payment:
Under Section 24 of the Income Tax Act, 1961, borrowers can claim a deduction of up to Rs. 2 lakh on the interest paid on a home loan for a self-occupied property. For a property that is rented out, there is no upper limit on the amount of interest that can be claimed as a deduction.
2. Tax deduction on principal repayment:
Under Section 80C of the Income Tax Act, 1961, borrowers can claim a deduction of up to Rs. 1.5 lakh on the principal repayment of a home loan.
3. Tax benefits on joint home loans:
In case of joint home loans, each borrower is eligible for tax benefits on the interest payment and principal repayment, based on their share of the loan.
4. Tax benefits on pre-construction interest:
Borrowers can claim a tax deduction on the interest paid during the pre-construction period, in five equal installments, starting from the year in which construction is completed.
5. Tax benefits on stamp duty and registration charges:
Borrowers can claim a deduction on stamp duty and registration charges paid during the purchase of a house, subject to a maximum limit of Rs. 1.5 lakh under Section 80C.
NOTE: Tax benefits are subject to changes in tax laws and regulations. Borrowers are advised to consult a tax expert for detailed information on the tax benefits of home loans.
Conclusion:
Taking a home loan in Mumbai in 2025 is a very smart financial decision due to low rates, high-value assets, and tax savings. With world-class infrastructure, increasing property prices, and flexible repayment options, making home ownership in Mumbai a reality is now feasible. NoBroker further makes your home ownership dreams a reality by providing 100% digital support, fast approvals, and no brokerage fees for everyone, including NRIs, salaried individuals, and business owners.