Mamta Housing Finance

Mamta Housing Finance Company Home Loan Interest Rates 2023

MHF interest rates on home loans start from 8.40% p.a. There are three interest rate packages that you can choose from for your home loan:

• Adjustable Rate Home Loan – The interest rates are linked to the finance company’s RPLR (Retail Prime Lending Rate) and will be revised every 3 months from your disbursement date. Your EMIs may or may not change.
• Fixed Rate Home Loan (2 Year Fixed Rate Variant) – This is a mix of fixed and adjustable interest rate where a maximum of 2 years will carry a fixed rate followed by adjustable interest rates.
• Fixed Rate Home Loan (5 Year Fixed Rate Variant) – A maximum of 5 years from the commencement of your home loan will carry a fixed interest rate, post which the loan will automatically change to adjustable rates.

Salaried employees, self-employed professionals and non-professionals, and NRIs (non-resident Indians) can apply for a home loan from MHFC.

Compare: home loan Interest Rate for all Banks

Mamta Housing Finance Company Home Loan Schemes

You can choose from 6 home loan schemes as per your needs:

1. New Purchase:

• Applicable for purchase of flat/row house/bungalow from private developers of approved projects and properties from development authorities.
• Minimum loan amount of Rs.5 lakh with maximum of 80% financing.
• Loan tenures from 1 year to 25 years.
• No hidden costs and minimal processing fees.
• Co-applicants can be added to the application.

2. Resale:

• Applicable for purchase of property in existing Development Authority settlements, Apartment Owners’ Association, or Co-operative Housing Society.
• Also applicable on purchase of property from previous owners/privately built houses.
• Maximum funding of 80% of market value or cost of property with minimum loan amount of Rs.5 lakh.
• Maximum tenure of 25 years, up to retirement age.
• Joint applications are allowed.

3. Construction:

• Applicable for constructing on Development Authority-allotted plot, leasehold, or freehold plot.
• Loan amount starting from Rs.5 lakh with up to 80% financing.
• Loan tenures up to 25 years, before reaching retirement age.
• No hidden costs, simple documentation, and fast approval.
• Can apply alone or with a co-applicant.

4. Balance Transfer:

• Applicable for transferring existing home loan outstanding amount from a bank/financial institution to MHFC.
• Comes with an additional Top Up Loan and a low processing fee of 0.50% of loan amount or Rs.5,000 plus additional taxes/levies/charges.
• Maximum tenure of 25 years, not exceeding retirement age.
• Offers low interest rates, simple documentation, and fast approval.
• No hidden charges.

5. Home Improvement Loan:

• Applicable for making home improvements such as tiling, flooring, internal and external plaster, painting, etc.
• Both new and existing customers are eligible to apply.
• Apply as a single applicant or with a joint applicant to enhance your loan amount.
• No hidden charges, simple documentation process, and fast approval of loan.
• Loan tenures starting from 1 year.

6.Home Extension Loan:

• Applicable when you need to extend your house/add space such as an additional room.
• Applicable to new and existing customers.
• Option to apply with a co-applicant to increase loan amount eligibility.
• Nominal processing fees charged.
• No hidden fees and charges, fast approval of loan amount.

Mamta Housing Finance Company EMI Calculator

To know what the loan will cost you and to get an estimate of your Equated Monthly Instalments (EMI), you can use the BankBazaar Home Loan Calculator. You will have to enter details such as your desired loan amount, tenure, interest rate, and processing fee.

The result will include your EMI, the total interest payable on the loan, and the overall cost of the loan. You will also get a detailed amortisation table that gives you a month-by-month and year-by-year break-up of the portion of your EMI that goes towards servicing the principal and interest amounts.

Additionally, you can also add any prepayments you are planning to make during the course of your loan to see how your loan tenure decreases and how much interest you will save on the loan by making prepayments.

Mamta Housing Finance Company Eligibility Criteria

Get Free Quote: Check Home Loan Eligibility

Documents Required to Apply for MHFC Home Loans

Various factors will be taken into consideration to assess your eligibility for a home loan. For these factors, certain documents need to be submitted:

*All documents to be self-attested. Additional documents may be requested.

Document Check List: Home Loan Document Required