Mahindra Home Finance - 8.50% for Home Loan - New Purchase Home Loan

Mahindra Home Finance Home Loan:

Mahindra Home Finance offers home loans starting at 8.50% p.a. onwards * for tenures of up to 20 years.

The HFC offers loan amount of up to 75% of the cost of construction (excluding the cost of land) This HFC focuses on providing finance for affordable and basic housing units.

It aims to service individuals and segments of the society underserved by banks and other financial institutions

Interest Rate	8.50% p.a. onwards *
Processing Fee	1-3.5% of sanctioned amount +GST
Loan Tenure	5 to 20 years
Loan Amount	As per loan amount

 

Mahindra Home Finance Home Loan Interest Rates:

Particulars	Interest Rates (p.a.)
Bank Salaried	8.50% onwards
Self Employed	9.50% onwards
Cash Salaried	11.00% onwards
Agriculturist	14.50% onwards

 

Key Features of Mahindra Home Finance Home Loan:

1. Attractive home loan options.

2. Balance transfer facility.

3. Simplified documentation.

4. Doorstep service with the fastest process.

5. No hidden charges

 

Mahindra Home Finance Interest Depends Upon:

1. Your Salary:

Income helps you in identifying your rate of interest.

Bank's rate varies with your monthly income.

Higher the income, lesser will be the rate

 

2. Type of loan opted for:

Mahindra Home Finance also offers differential rates for women borrowers and also under their fixed and floating rate schemes.

The rate of interest may be higher or lower under their special or popular loan product offers.

 

3. Existing bank customers:

Mahindra Home Finance offers one of the lowest home loan rates to its existing bank account customers in view of their past relationship with the bank.

 

Mahindra Home Finance Home Loan Documents:

 

For Salaried employees:

1. Filled up loan application form.

2. Two Passport Size Photo.

3. ITR of last 2 years.

4. Identity Proof - Passport/ Driving License/ Voter ID/ PAN.

5. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport.

6. Income Documents – 6 months’ pay slip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit.

7. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension.

 

For Self-Employed:

1. Filled up loan application form.

2. Two Passport Size Photo.

3. Identity Proof - Passport/ Driving License/ Voter ID/ PAN.

4. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport.

5. Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of

business existence and business profile.

6. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension.

 

Mahindra Home Finance Home Loan Schemes:

1. Home Loan:

Mahindra Finance Home Loans are hassle-free home finance available to buy a residential property.

The applicants can apply for a loan amount equal to 75% of the value of their property.

The loan can be paid out in easy instalments for 20 years.

 

2. Home Construction Loan:

The Home Construction Loans are extended to help borrowers seeking credit for building their house of dreams.

The loan can be raised for amount up to 75% of the total cost of construction.

The loan can be raised for up to 20 years.

 

3. Home Extension Loan:

Home Extension loans are meant for those who seek to extend their home by building extra rooms or adding another floor.

You can apply for loans up to 75% of the total construction cost.

Tenure of the Home Extension Loan can be up to a maximum of 20 years.

 

4. Renovation Loan:

It provides aid for the renovation or improvement works of homes.

Loan amount up to 75% of the total renovation cost can be obtained.

 

Frequently Asked Questions:

Q. Who can be a co-applicant for my housing loan?

Ans. Any immediate family member – your parents, spouse, earning children, or siblings – is permitted to be a co-applicant for a loan.

Adding a co-applicant will increase your loan eligibility as the income of the co-applicants will also be considered while determining the eligible loan amount.

 

Q. Can I avail the home loan under the Double plus scheme for speculative activities?

Ans. No, you can’t avail the home loan for that.

 

Q. On what basis are the legal and documentation charges charged?

Ans. The legal and documentation charges are charged on actual basis by the bank.

 

Q. How do I increase my eligibility for the loan?

Ans. You can increase your eligibility by any one or more of the following ways: adding a co-applicant, declaring other sources of income, repaying all your existing loans, or even by opting for a longer tenure.