SBI Mortgage loan in Mumbai

Mumbai, a cosmopolitan city and commercial capital of India, is the largest city of India and with that perspective the people seeking for Mortgage loans and other issues may be at large. In Mumbai, the people who own a home are always ready to utilize their home for the progress by taking Mortgage Loans for several liabilities of life so that they can complement those urgent works.

State Bank of India, the largest provider of Mortgage loan in the country always welcome people from the whole country to avail their loan services and with the lowest rate, it is the most preferred loan provider.

Eligibility for SBI mortgage loan in Mumbai

For the people looking for Mortgage Loans in the Commercial City of India, Mumbai, the requirements are same as that for the people of other cities. The requirements of the people for State Bank of India Mortgage Loans in Mumbai are :

The same age limit of a minimum of 18 years and maximum of 60 years
A person residing in the city of Mumbai must be self employed or may be employed, both
Minimum loan amount is Rs. 25000 while maximum is 2 crore and should be 60% of market value of property with subject to the net monthly income at most 50% with a ceiling
The net monthly income in case of salaried people should be more than Rs. 25000 for salaried or in case of self employed the annual income should be more than Rs. 3 lacs
Depending on Many other factors the final decision of whether to sanction Mortgage Loan to the person is being made

In fact, it is being said that the SBI mortgage loan in Mumbai is among the lowest in the country. The documentation in the form of ID Proof and proof of residence is needed. The processing fee is also required in the process of sanction of Mortgage Loan in Mumbai. The Bank Statement of last 6 months along with the signed application with photo attached to it is also the part of the documents required. For the salaried people, the salary slip of last 3 months and form 16 or Income Tax return is needed. However, for the self employed person, the educational qualification certificate with the proof of residence along with the last 3 years of income tax returns based on Income computation and audited balance sheet and profit/loss account are required.

Interest Rate for Mortgage loan in Mumbai

The interest rate for Mortgage loan in the city of Mumbai as latest update is around 12.5%. The processing fee for the loan sanction is 1.01%, which is in fact at maximum Rs. 50933. The Maximum Loan Tenure is 10 years and pre-closure charge is zero. Also remember that the any advance EMI recovery at the time of disbursement of Loan is zero.

Enjoy the Mortgage Loan facility through State Bank of India to avoid any chaos and  live a happy and relaxed life!

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