1. Home Loan Basics

A home loan is the most common way to fund a property purchase. Banks and NBFCs offer loans up to 75–90% of the property value, depending on your eligibility.

Key factors they evaluate:

• Monthly income

• Credit score (700+ is ideal)

• Existing EMIs or loans

Pro tip: Check pre-approved offers from multiple lenders before committing.

2. Save for the Down Payment

Lenders require a 10–25% down payment, which means you’ll need a sizable amount ready.

Tips to plan it:

• Start saving early

• Use fixed deposits or liquid mutual funds

• Tap into bonuses or incentives wisely

For example, if you're buying a ₹1 Cr 2BHK in Chembur, you might need ₹15–20 lakhs upfront.

3. Check for Government Subsidies

If you’re a first-time buyer and fall under the eligible income groups, you could benefit from:

PMAY (Pradhan Mantri Awas Yojana):

• Interest subsidy up to ₹2.67 lakhs

• Applicable to select properties & developers

Make sure the project is RERA-registered and qualifies for the subsidy.

4. Understand EMIs & Tenure

Use online EMI calculators to get clarity on monthly payouts. For a ₹75 lakh loan at 8.5% interest:

• 20-year tenure = ₹65,000/month approx.

Make sure your EMI doesn’t exceed 40–50% of your monthly income.

5. Factor in Additional Costs

Besides your loan and down payment, account for:

• Stamp Duty & Registration (5–6%)

• Maintenance Deposits

• Society Charges

• Brokerage (if applicable)

Having a buffer for these costs avoids last-minute surprises.

6. Documentation You’ll Need

• PAN Card & Aadhaar

• Income Proof (salary slips/ITR)

• Bank statements (last 6 months)

• Property documents & agreement

Your real estate advisor and banker will guide you through this.

Conclusion

Financing your first home in Mumbai, whether in Chembur, Sion, or suburbs like Ghatkopar, requires a mix of planning, discipline, and the right guidance.

At Chembur Property, we not only help you find the right property but also connect you with trusted home loan advisors who simplify the financing process.

Your dream home is closer than you think. Let’s unlock the door, together.