Mahindra Finance is an NBFC whose target audience is the rural and semi-urban population. B is a loan product introduced mainly to enable the rural and semi-urban population to fulfil the dream of owning a home. The Company has been in the financial business for over 20 years, with its headquarters in Mumbai. The Mahindra Finance Home Loan is easily accessible with the least eligibility criteria.
With attractive interest rates as well as flexible repayment options, Mahindra Finance Home Loan is the easiest way of fulfilling the dream of the low-income and middle-income groups to own a home that otherwise would be impossible.
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Mahindra Finance Home Loan is the right choice for the following reasons.
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Also Check - 50 Lakh Home Loan EMI Interest Rate
There are different types of loans under Mahindra Home Loan Finance. The rate of interest for the Mahindra Home Loan will be either a floating rate starting at 11.50% p.a.or a fixed rate of interest starting at 16.50% p.a.
Home Construction Loan: This loan will be provided for the construction of a dream house as per individual design. The overall credit goes to the creativity of the borrower in designing the house instead of going in for a ready built house. A loan up to 75% of the total value of construction will be provided and can be repaid within a maximum period of 20 years.
Home Purchase Loan: Mahindra Finance Housing Loan for the purchase of a residential property is a simple and hassle-free loan. A loan up to 75% of the value of the property will be provided, and a tenure up to 20 years can be opted for to repay the loan in easy instalments.
Home Renovation Loan: If your existing home needs a facelifting and you are short of funds, you can approach Mahindra Finance for the funding. Mahindra Finance Home Loan for renovation can be availed up to 75% of the total cost of renovation and can be repaid in easy instalments for 20 years.
Home Extension Loan: If you intend to make some extensions to the structure of the existing house, you can approach Mahindra Finance for the required funds. Finance up to 75% of the total cost of such extension will be provided. The tenure available for the repayment of the loan will be 20 years maximum.
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To be eligible for Mahindra Finance Home Loan, you should have a steady income for a stipulated period. Your income is the key to your repayment capacity. Besides this, there are several other simple eligibility criteria that a large number of applicants will be able to satisfy.
If the norms are satisfied, an amount of up to 75% of the project cost or the value of the property will be provided depending on the income of the applicant. A high income will fetch a higher amount.
The location of the property is the most important factor to assess the value of the property. If the property is situated at a prime location where the demand is high, then the value of the property will be assessed likewise.
If the credit score is higher than the required level, the applicant will be able to avail of the loan at a lower interest rate.
Also Check - How to Calculate Home Loan Eligibility on Your Own?
The three major sets of documents required for Mahindra Finance Housing Loan are:
Address Proof: (anyone)
Photo ID Proof
Income Proof for salaried individuals
Income Proof for the self-employed
Apart from this, details of the existing liabilities of the applicant are also required, i.e.,
Property Documents: (copies of the documents with originals for verification)
The above documents have to be submitted along with the duly filled home loan application and two passport size photographs.
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You can calculate the EMI by just providing the three variables, i.e., the loan amount, the rate of interest and tenure. You can try several variations till you arrive at the affordable EMI by changing the loan amount and tenure.
You should understand that the rate of interest varies between 11.50% to 18% p.a.and the interest will be decided on a case to case basis depending on the loan amount, credit score, past dealings and the tenure chosen.
Other than the rate of interest, even the loan amount and tenure affect the EMI. The higher the loan amount, the higher will be the EMI and the lower the loan amount, the lower will be the EMI. Also, the EMI is inversely proportionate to tenure. The higher the tenure, the lower will be the EMI and the lower the tenure, the higher will be the EMI.
Check for 25 lakh home loan EMI and apply easily on MyMoneyMantra.
To apply for Mahindra Finance Home Loan through MyMoneyMantra, you should follow some simple steps. The whole process is made very simple, and all you have to do is to access the MyMoneyMantra website, choose home loans under the loans option and provide the following details when directed to the page with the application form.
Once the OTP is verified, you will be directed to the list of best deals, depending on the information provided. You can choose Mahindra Finance Home Loan out of the list. The representatives of MyMoneyMantra will give you uninterrupted assistance throughout the loan process till the disbursement of the loan. All the services rendered by MyMoneyMantra will be free of cost.
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The mortgage of the asset created out of the finance will be the security for the Mahindra Finance Home Loan. The type of mortgage, i.e., EMT or Registered Mortgage, will depend on the title deeds of the property submitted.
You can avail of Mahindra Finance Home Loans for the purchase of a ready house/apartment with the marketable title. The loan will be provided even for an under-construction house/flat or for the construction of a house according to individual design. Whatever is the nature of the residential property, a building approval from competent authority should be made available.
The different types of Mahindra Home Loan:
The minimum time required for the processing of the loan application is five working days. The turnaround time again depends on the submission of the required documents. If all the necessary documents are provided in one go, then the turnaround time could be lesser. However, the Company does not commit to any timeline as it all depends on the customer’s profile, the nature of the asset to be created and the individual requirement of the applicant,
The maximum period provided for the repayment of the Mahindra Housing Loan is 20 years.
Yes. A good credit score is one of the eligibility criteria stipulated for Mahindra Housing Loan. The minimum score required to qualify for the loan is 750 and above.
Yes. Collateral security is mandatory for a home loan. The asset created out of the Mahindra Housing Finance has to be mortgaged to the Company. The type of mortgage depends on the title deeds submitted to the Company.
Mahindra Home Loan Finance is provided either at a floating rate of interest or a fixed rate of interest. The floating rate starts at 11.50% p.a. and the fixed-rate starts at 16.50% p.a. The rate of interest will be set on a case to case basis. It depends on the CIBIL score, income, loan amount and the relationship of the applicant with the Company.
Mahindra home loan finance can be repaid within a maximum period of 20 years. You can opt for an equated monthly instalment, equated quarterly instalment or equated half-yearly instalment as per your convenience.