Mahindra Finance


Apply Mahindra Finance  Home Loan

About Mahindra Finance Home Loan

Mahindra Finance is a leading non-banking financial company serving Housing Finance needs of rural India for more than two decades. Headquartered in Mumbai, it offers flexible and cost-effective Home Loans to borrowers based out of the rural and semi-urban landscape. The loan approval is swift and hassle-free with minimal documentation requirement. Besides, competitive interest rates and ease of accessibility make Mahindra Finance a true financial service partner for fulfilling the housing dream of low income and middle-class borrowers residing in rural and semi-urban areas.

Mahindra Finance Home Loan Interest Rates in - June 2021

Interest rate


Loan tenure

10 Years

Loan turnaround period

8 - 15 days

Loan to value (LTV)

Get loan up to 85% of project cost

Who can apply?

Self-employed professionals

Salaried individuals

Indian residents


Up to 4 applicants are allowed as co-applicants

Lowest EMI

1406  Per Lakh

Why Mahindra Finance Home Loan?

Often, an ordinary man who depends on his monthly income for day-to-day expenses fails to produce a large amount of ready cash which is a mandate to fulfil the housing dream. In such scenarios, Mahindra Finance Home Loan helps you acquire Housing Finance with minimum loan eligibility criterion.

You can acquire easy Home Loans by Mahindra Finance for construction, renovation, or purchase of the house. The loans are offered as tailored financing deals.

A Mahindra Finance Home Loan provides flexible repayment options up to 20 years at reasonable interest rates. You can opt for loan amount, tenure and EMI according to your ease. An early redemption of the loan amount will be free of cost.

Features and Benefits of Mahindra Finance Home Loan

  • Personalised documentation assistance: Mahindra Finance ensures smooth processing of Home Loans through personalised documentation assistance for borrowers. This ensures successful accessibility of Home Loan to maximum customers.
  • Flexible Repayment options: The repayment tenure can be conveniently selected up to 20 years.
  • Wide Network: The extensive network of Mahindra Finance across the country makes it easier for borrowers to connect with the neighbouring branch.
  • Multiple modes of repayment: Repayment of loan can be processed through net banking, UPI assisted payments, Credit cards, debit cards, cheque, demand draft or cash.
  • Competitive interest rate: Mahindra Finance offers a floating interest rate of 11.50% onwards and a fixed interest rate- starting 16.5% onwards.
  • Flexible Interval of payment: Monthly, quarterly, or Half-yearly equated instalments are available.
  • Door-to-door service: A door-to-door service is provided to ensure maximum convenience.
  • Low processing fee: The processing fee for MFHL is low, starting from 1.75% of the sanction amount.
  • Not just construction Loan: The Mahindra Finance Home Loans are not only meant for construction of new houses; the finance is also available for renovating the existing property, buying a new home, and/or improving or extending the house.

Mahindra Finance Home Loan Interest Rate

Mahindra Finance Home Loans are designed to extend affordable Housing Finance to rural and semi urban customers. The affordable interest rate makes sure that the Home Loan is convenient for the masses.

Salaried semi-urban & urban class customers

Other than salaried semi-urban and urban customers

Floating rate of interest beginning 11.5% onwards.

The interest rates fluctuate as per the money market conditions and notified time to time.

Fixed rate during the loan tenure, subject to revision every 3 years depending on money market conditions.

Current fixed rate begins 16.5% per annum.

The rate is applicable as prevalent on the date of 1st disbursement.

Mahindra Finance Home Loan Processing Fees, Other Charges

  1. The following are the fees that Mahindra Finance charges on its Home Loan.

  2. Processing Fee: 1.75% - 3.5% of Sanction amount
  3. Document Fee: 500
  4. Delayed Payment Charges: 24% p.a. on the amount that is overdue

  5. Levy for Pre-closure: No levy for foreclosure

  6. Cheque Bounce charges: 500
  7. Document Retrieval Charges: 500
  8. Cheque Cancellation & re-issue charges: 500
  9. DD/ Pay order issuance charges: 150
  10. Reissuance of amortization schedule: 100
  11. Reissuance of Statement of Account: 250
  12. Final Pre-closure statement charges: 250
  13. Duplicate No objection certificate: 100

Types of Home Loans Offered by Mahindra Finance

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.

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.

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.

Renovation Loan:

It provides aid for renovation or improvement works of homes. Loan amount up to 75% of the total renovation cost can be obtained.

Mahindra Finance Home Loan Eligibility

Home Loans are generally meant for applicants with a steady income source for a secured period of time. However, Mahindra Finance considers your current income capacity as well as the future capacity to earn for assessing your loan eligibility. The list of Home Loan eligibility criteria is a short one, making Home Financing feasible for a great number of people. Let's quickly find out a basic eligibility checklist:

1. Mahindra Finance considers the following factors before approving the home loan:

  • Income of the applicant
  • Age of applicant at the time of maturity of the loan

  • Consistency and regularity in the income
  • Savings managed by the applicant
  • The family background of the applicant
  • Assets and other liabilities of the applicant
  • Other factors that could affect the home loan repayment ability of the applicant

The Mahindra Finance will provide a loan amount up to a maximum of 75% of the value of the property. The big ticket loans require not only high valued property but also a higher rate of income. The value of the property is assessed by considering factors such as location, square feet, room count and amenities.

2. The property in the file must be in a serviceable area of Mahindra Finance.

Regardless of the type of the property, the location adds important valuation points to the house. The supply and demand for land in that area can directly contribute to the value of the property and to the maximum amount of loan. Likewise, other factors that increase the value of the property add to the maximum amount of loan.

3. The ideal CIBIL score for a regular Home Loan is above 750. With a higher CIBIL score the applicants have more chance of acquiring the loan with a smaller rate of interest. The ones with lesser CIBIL score will have to pay a higher rate of interest and have a lesser probability for loan sanction. The CIBIL score illustrates your financial profile.

4. A Loan Guarantee is not a mandatory prerequisite to avail a Home Loan, but in some individual cases, the financing Major may suggest producing one. The type of mortgage will vary according to the documents of ownership (documents of title) being made available. Piloted by a preliminary examination of the papers produced by the applicant, the company's legal officers will propose the type of mortgage that will be required.

5. Once the application is approved and interest rates are fixed, the borrowers can choose between EMI, EQI, and EHI. In Equated Monthly Instalments (EMI) scheme, you have to pay an amount obtained by dividing the total debt by the repayment tenure every month. The Equated Quarterly Instalments (EQI) scheme is three times the EMI amount payable every 3 months. Equated Half-yearly Instalments (EHI) is six times the EMI amount payable every 6 months. This facilitates enough options for the borrower to make sure a struggle-free repayment schedule.

6. In the case of NACH, the borrower has to give his bank standing instruction to allow Mahindra Finance to auto-debit the EMI every month. In case of post-dated cheques, the borrower will have to sign a number of cheque leaves in advance so that Mahindra Finance can deposit them on the given payment dates. Sufficient funds must be maintained in the account to be able to opt for the post dated cheque facility. In case of absence of funds in the account, the cheques will bounce and hurt your credit score.

7. Mahindra Finance extends customised documentation assistance which eases the application process for the Home Loan. It usually takes a minimum of 5 working days to get approval on the application after proper documents are produced. However, the company will not promise disbursement in such a short period. It's entirely the discretion of the company to decide as to whether to process the applications this quick or not. The decision is based on the applicant's profile, and documentation submitted.

Documents Required for Mahindra Finance Home Loan

The following documents are required when a user applies for a Mahindra Finance Home Loan:

  Salaried Self-Employed


Pan Card, Driving License, Aadhaar Card, Voter's ID

Pan Card, Driving License, Aadhaar Card, Voter's ID

Other Liabilities & Debts

*Other EMIs you are paying
*Number of credit cards
*Credit limit you owe or use

*Other EMIs you are paying
*Number of credit cards
*Credit limit you owe or use

Age Proof

KYC Document (Aadhaar Card, Voter's ID or Pan Card)

KYC Document (Aadhaar Card, Voter's ID or Pan Card)

Income Proof

*Last 3 years' Payslips
*Salary Account's Bank Statement for last 6 months
*Latest year's Form 16

*Past 2 years' ITR

*Financial Documents (P & L account, Balance Sheet, & Tax Audit report)

*Company's primary Current Account Statement for last 6 months

Property Related Documents

Agreement of Sale, Ownership Deed, House Tax Receipt or Power of Attorney

Agreement of sale, Ownership deed, House tax receipt or Power of attorney


*Duly filled form
*Latest passport size photo

*Duly filled form
*Latest passport size photo

Other Products by Mahindra Finance

The loan offerings by Mahindra Finance are not limited to Home Loans only. The other products available from Mahindra Finance are discussed below:

Vehicle Loans

Mahindra Finance is the largest financer for tractors in rural India. Besides, you can also apply for Car Loans for new as well as pre-owned cars at lucrative rates from Mahindra Finance. Be it a Sedan, Hatchback, SUV, MUV or premium luxury car; you can conveniently finance your vehicle from Mahindra Finance.

Eligibility Criteria

  • A good credit score and CIBIL rating
  • The applicant must meet age and income eligibility.

Personal Loan

The Personal Loan from Mahindra Finance is available for the amount up to a maximum of 3 Lakh. With maximum loan tenure up to 3 years, easy EMI payment options such as cheque, ECS, mobile transfer, and cash at the branch, a customer acquires complete freedom while choosing a Mahindra Finance Personal Loan. The instant loan approval system ensures disbursement within 2 days of documentation completion.

Eligibility Criteria

  • The applicant must be an existing Mahindra Finance customer or Mahindra group employee.

  • The customer must exhibit a good repayment track record.

  • The Mahindra Group employees should have completed at least two years of service.

  • The age should be between 21 to 58 years.

Project Finance

Are you looking for money to start your ambitious new project? Mahindra Finance offers Project Financing up to 40 crore for expansion, diversification, modernization, balancing of equipment, quality certification or anything else you might need to ensure your projects are nothing short of success. The maximum tenure of the loan period is 5 years.

Eligibility Criteria

  • The company must be in business for at least 3 years with a profit in the last audited financial year.

  • In case of a Greenfield project, only established players can apply for loans.

Corporate Loan

The Corporate Loans by Mahindra Finance are for corporate lending that provides hassle-free fulfilling of working capital, general corporate and capital expansion needs. Offered up to 25 crore, they can be used to substitute other high-cost debts.

Eligibility Criteria

  • The company must be in business for at least 3 years with a profit in the last audited financial year.
  • In the case of a Greenfield project, only established players can apply for loans.

How to Calculate Mahindra Finance Home Loan EMI

The Mahindra Finance Home Loan EMI can be calculated using the MyMoneyMantra EMI Calculator. The EMI Calculator lets you set parameters such as the loan amount, tenure, and interest rates, and instantly calculate your monthly EMI Amount.

It is a one-step instant method to calculate your loan EMI.

The 3 factors influence the EMI amount calculation in the following ways:

Interest Rate: If you are looking for a huge loan amount, the interest rates will be low. The minimum interest rate for Mahindra Finance Home Loan is 11.50%, and it varies by up to 18% depending upon your eligibility and CIBIL Score.

Loan Tenure: The longer is your repayment duration, the lower your EMI amount becomes. The loan tenure you get approved for depends on your age. For the approval of a 20-year loan term, you must be young enough and eligible till the maturity of the loan. The older applicants get shorter loan tenure.

Loan Amount: The Mahindra Finance Home Loan EMIs increase with the loan amounts. For example, if the loan amount is 1 lakh and the loan tenure is 20 years at 11.5% interest rate, the EMIs would be 1,066. For 10 Lakh with the same parameters, the EMIs would be 10,664.

Why Apply for Mahindra Finance Home Loan On MyMoneyMantra?

At MyMoneyMantra, we are committed to making the process of acquiring a Home Loan from Mahindra Finance convenient and hassle-free. Not only do we guide you to the best-suited loan deal for your requirement and profile, but we also assist you in the application process. Our team of loan experts will help you complete your documentation process with complete ease. We hand-hold you through the Loan approval and disbursement process and ensure complete satisfaction.

You must apply for Mahindra Finance Home Loanthrough MyMoneyMantra for:

  • 100 % free Home Loan advice
  • Instant comparison of available deals
  • Pick choosing a low rate of interest
  • Loan documentation assistance
  • Flexible repayment mode and tenure
  • Easy credit to meet the requirements
  • Peace of mind

Being a Non-Banking Finance Company, Mahindra Finance understands the complications of paperwork among the rural communities and helps them to submit applications. They help customers with personalised services and provide education in loaning matters. With the "hire locally" policy, the customers of rural areas can communicate with the company staff more efficiently, and make the whole process more serviceable.

How to Apply for Mahindra Finance Home Loan on MyMoneyMantra?

At MyMoneyMantra, we work to simplify Home Loan application procedure. After visiting MyMoneyMantra website, you can select Home Loans under the Loans Section and complete the following steps:

  • Select your gender
  • Choose your city
  • State your purpose of the loan (Choose between residential plot, residential plot + construction, residential ready property, or home extension).

  • Choose city, where the property is situated.
  • Enter the estimated market value of the property.
  • Choose the type of employment you have.
  • Enter the loan amount required.
  • Fill in the few personal details.
  • Enter your email and phone number.
  • Verify the phone number through OTP (sent to you after completing the form).

After verification, you will be directed to the unique customer web-space that will lists the best loan offers according to your preferences. You can select Mahindra Home Finance and click to apply. We will contact you with all the necessary assistance. Our assistance will be available at every step of acquiring the loan.

Mahindra Finance Home Loan Customer Care

The Mahindra Finance customers can raise their complaints about Home Loan in writing, orally or by telephone. The customer can walk in or call at the branch and approach territory manager to register the complaint. Every branch of the company maintains a Customer Complaint Register. The customer can also hand over written complaints at the branch or send by post. The complaints will be attended within a week. If the reply is not satisfactory, the customer can approach the Regional Office. The address of Regional Office is available at branches. If the complaint is still not resolved, the customer may reach out to the head office.

You can write your complaint to:

The Nodal Officer,

Mahindra & Mahindra Financial Services Limited,

Mahindra Towers, 4th Floor,

P. G K. Kurne Chowk,

Worli, Mumbai- 400 018.
Direct Number: 022 6652 6185

In the case of no response from the company within a reasonable period or not satisfied with the reply from the company, you may approach Complaint Redressal Cell at National Housing Bank by lodging complaints online at the link or in offline mode by post in prescribed format available at the link to

Complaint Redressal Cell,

Department of Regulation & Supervision,

National Housing Bank,

4th Floor, Core 5A,

India Habitat Centre,

Lodhi Road,

New Delhi - 110 003.

Latest News Mahindra Finance

Mahindra & Mahindra Finance eyes 20% annual growth in disbursements

After posting strong numbers for the first quarter of the fiscal year 2019, Mahindra and Mahindra Financial Services, is looking for a 20% growth in disbursements said Ramesh Iyer, the Vice Chairman and Managing Director of the company. Net profit of the company rose 33.62% year-on-year to 269.05 crore in Q1 of FY19.

Mahindra Finance hikes term deposit rates

Mahindra Finance has revised interest rates on its term deposits with effect from August 23, 2018. The interest rate of deposits up to 12 months is now 8 per cent after a jump of 30 basis points. The interest rate for deposits for 18 months has been increased by 35 basis points to 8.10 per cent, while for the deposits up to 24 months the rates have been raised by 10 basis points to 8.35 per cent. 

Mahindra Finance offers 9% on select FD

Mahindra Finance is offering an opportunity to earn up to 8.75 per cent interest, which can give an effective yield of 9.71 per cent per annum. One of FD plan by Mahindra Finance can even give an effective yield in double digits, of over 10.07%.


What are the types of houses eligible for Mahindra Finance Home Loans?

The independent house, flat or apartment with a valid title, are eligible to apply for a Home Loan. The building approval from civic authority is mandatory. Residential properties which may be under construction or completed and ready to occupy with the above documents are also eligible for the loan.

What is the collateral required for the Home Loan?

A registered mortgage of the house being financed will perform as security for the loan. The company will recommend the type of mortgage after verifying the documents of title (ownership).

How can I repay the loan?

Depending upon your repayment capacity, you can choose from monthly, quarterly or half-yearly equated instalments. Repayment of the loan can be made by cheque/cash /demand draft at any of Mahindra Finance offices. Repayment can also be made at collection centres approved by the company.

What if I have to pay ahead of loan maturity?

You can repay your loan amount ahead of schedule. The company will not charge any amount for that.

What is the time required for loan processing?

The minimum time required for a neatly documented application is 5 working days. However, the company will not promise disbursement in such a short period. It is the company's discretion to decide as to whether process the applications this quick, based on the applicant's profile and other documentation provided.

What is the processing fee applicable for the Home Loan?

The Mahindra Finance Home Loans have a processing fee varying from 1.75% to 3.5% of the sanctioned amount. A document fee of 500 is payable at the time of receiving sanction letter.

I am a self-employed person. What are the documents required for my Home Loan application?

You are required to produce the following documents:

  • Latest passport size photo
  • Age Proof
  • KYC Documents (Aadhaar card, Voters ID or Pan Card)
  • Income Proof (Income tax report)
  • Property Related document (Agreement of sale, Ownership deed, House tax receipt or Power of attorney)

How can I calculate my EMI?

You can calculate your EMI using the EMI Calculator on MyMoneyMantra official website.

What is the Maximum Home Loan period?

Depending upon your financial profile, a maximum loan tenure up to 20 years is offered to the applicant.

What if an overdue occurs?

In case of overdue, an interest of 24% is charged on the overdue amount.

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