At present, home buyers in Mumbai pay 43.3% of their income as EMI in comparison to 42.6% in 2015. Migration due to professional needs has not put an end to availing a housing loan in Mumbai.

Nevertheless, to receive instant approval for home loan certain set criteria should be considered.

Elaborated steps to avail a home loan approved in Mumbai

  • Age bracket and work experience - In the case of salaried applicants in the city, age should be between 23 to 62 years. He/she should have a minimum of 3 years’ experience.

Self-employed individuals should fall under the age bracket of 25 to 70 years to qualify for the loan. Business continuity for such an individual should be at least 5 years.

  • Income - Rs.50,000 per month is generally considered as the minimum amount to be eligible for availing home loan in Mumbai.
  • Maintain your CIBIL score - Clean credit history indicates that the borrowers will be able to repay their loan on time. A credit score of 750 is considered to be ideal for instant approval of the home loan.
  • Use the co-applicant feature - Availing the option of co-borrower increases the chances of your loan approval.

Even if your income does not qualify you as an eligible borrower, the addition of another applicant ensures the lender of your repayment capacity.

Fulfilling all these criteria mentioned above enables an applicant to have a home loan approved easily. Homebuyers should also know about the best projects in Mumbai to avail the ideal deal.