Mahindra Home Finance Home Loan

The home loan interest rates are fixed for all customers other than the semi-urban salaried category for whom the interest rate will be variable depending on market conditions. The fixed rate of interest is also subject to revision once every 3 years dependent on the prevailing market conditions.

Features of Mahindra Home Finance

Mahindra Finance offers its customers a number of loan offerings, especially designed with the rural population in mind. This makes their loans unique as they provide a variety of home finance options to a generally neglected section of society. The features that set their home loans apart from their competitors are listed below:

1. Complete transparency in loan application and sanction process
2. No hidden costs or fees
3. Quick approval and disbursement process

Types of Mahindra Finance Loans:

MRHFL offers its customers a variety of loans to suit every budget and need when it comes to home finance. Given below are a list of its various offerings.

• Home Construction LoanLooking at building a home but don't have the money to fund it? The Home Construction loan from MRHFL will help you realise your dream by providing up to 75% of the total cost of the construction. The loan can be repaid over a 20 year period at very affordable interest rates.
• Home LoanA number of individuals wish to buy a home but put it off because they cannot afford to pay for it. With MRHFL's Home Loans, now everyone can buy a home, as they will receive up to 75% of the property's value as loan amount. The loan can also be repaid over a 20 year period at reasonable interest rates. The actual amount sanctioned would depend on the applicant's repayment capability, incomes, liabilities etc.
• Renovation LoanFor those looking at renovating or making improvements to their homes, the renovation loan will help finance the cost of these renovations/improvements up to a maximum of 75% of the total cost. The applicant can also pay the loan back in monthly instalments over a period of time instead of a lump sum amount.
• Home Extension LoanWish to extend your home by building an extra room or adding space overhead? You can avail a loan to finance the construction of an extension to your home, with MRHFL providing up to 75% of the total construction cost as a loan amount. This amount can be paid back over the tenure of the loan, up to a maximum of 20 years.
• Joint Liability Group LoanThose in the rural areas who find it difficult to fulfil the eligibility criteria for a loan individually can apply for a joint liability loan. This loan can be applied for by a group of not less than 3 and not more than 5 members, who would be collectively responsible for repaying the loan amount. Another advantage of this type of home loan is it is collateral-free, allowing groups such as artisans, landless laborers, and tenant farmers to apply for such a loan.

Mahindra Finance Home Loan Eligibility:

Applying for a home loan is now possible thanks to Mahindra's range of home loan options. However those wishing to apply for a loan have to check their eligibility first. The eligibility criteria are designed to ensure that applicants are able to repay the loan amount. Indian citizens who have attained majority can apply for a home loan.

Documentation Required for Mahindra Home Finance:

Once applicants have met the eligibility criteria for a home loan, they are required to submit documentation to the company based on which their loan will be sanctioned. This documentation includes a detailed history of their finances, as well as proof of identity and residence. The company verifies the documents and ascertains if the applicant would be capable of repaying the loan by scrutinizing his Credit Score, saving habits, income, liabilities and assets etc.

The list of documents to be provided to MRHFL is mentioned below:

KYC Documents:

1. Proof of identity (passport/voter's ID/driving license)
2. Proof of address/residence (ration card/utility bills/Aadhaar card)
3. Passport sized photographs
4. Proof of age
5. PAN Card

Property Documents:

1. Sales deed/sales agreement
2. Search report
3. Valuation or estimation report
4. Building permit
5. No Objection Certificate (NOC)
6. Most recent Corporation tax receipt

Income Proof:

1. Income tax statements
2. Balance sheets and profit and loss statements (for self-employed applicants)
3. Employment verification form (for salaried applicants)

Mahindra Finance EMI Calculator:

A home loan is essentially money loaned to an individual for a period of time which he has to pay back in instalments every month. Individuals who have applied for a home loan would need to consider how they would be repaying their loan amount so they do not default on it which would negatively affect their credit score. To do this, they would need to plan their finances and monthly budget to take into account this additional expense. MRHFL makes it easier for them to do this through its EMI calculator. This calculator computes the amount that has to be paid every month, and all applicants have to do is fill in their loan amount, the loan tenure and the rate of interest. The calculator will generate the monthly payable amount, thereby giving loan applicants an estimate of the amount they would be required to pay towards settling their loan. It should be noted, however, that the EMI calculator provides an estimated figure, and applicants should check with the company for the final amount to be paid.

HOUSING FINANCE SCHEMES

1. Shriram Housing Finance
2. LT Housing Finance
3. Repco Home Finance
4. Aadhar Housing Finance
5. Aditya Birla Housing Finance
6. HUDCO Home Loan
7. Magma Housing Finance
   
8. Reliance Home Finance
9. PNB Housing Finance
10. Aptus Value Housing Finance
11. Khush Housing Finance
12. IDFC First Bank
13. New Habitat Housing Finance
14. Kerala Housing Finance

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