Mahindra Finance Home Loan - Eligibility, Rates February 2024, Apply, EMI

Mahindra Housing Finance Home Loan

About Mahindra Housing Finance Home Loan

Mahindra Rural Housing Finance extends Home loans designed specifically for rural masses who find it hard to secure loans from banks due to lack of proper documentation and income proof. Not only rural, even customers from semi-urban India have also the facility of obtaining home loans.

Mahindra Rural Housing Finance Ltd. offers cost-effective and flexible home loans, usually secured by the property financed and made available to the customer looking for construction or purchase of a new property or for repairs, modernization or extension of an existing home. Since inception in April 2007, MRHFL has commenced its operations in 9 states namely: Maharashtra, Gujarat, Rajasthan, Madhya Pradesh, Tamil Nadu, Andhra Pradesh, Karnataka, Kerala, and Bihar.

Home Loan

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    Mahindra Housing Finance Home Loan Interest Rates

    The rates offered on a home loan is decided by Mahindra Housing Finance on the basis of your income, age and property value. It is subject to change from time to time depending on the terms and conditions of the housing finance company.

    Mahindra Home Finance Eligibility Criteria

    Mahindra Finance provides home loan on the basis of the applicant/ co-applicants’ income, age, employment stability, regularity and consistency of income, savings, family background, assets, and liabilities, besides other factors likely to carry an impact on the loan repayment to ascertain the loan eligibility. In general, the eligibility criteria described below are:

    1. Agriculturist, Self Employed, Business Owner, Asset Hiring Class, Salaried Individuals are eligible to apply for home loan.

    2. The maximum tenure for a home loan for all applicants is 20 years.

    3. Loan amount available up to 75% of the cost of construction which excludes the cost of land.

    Mahindra Finance  Home Loan EMI Calculator

    Mahindra Finance Home Loan EMI Calculator is simple to calculate and for getting quick results. Just fill the details such as loan amount, the number of months and interest rate applicable on your loan and the result will be immediately visible to you.

    For example: You are an IT professional, working for a software company in Noida and wish to avail home loan of ₹25,00,000 to be payable after 25 years with an interest rate being 11.50%. Your last EMI payable towards your home loan would be ₹26,66; interest incurred would be₹38,98,578.

    Table showing EMI, interest outgo and total amount payable on your home loan

    Loan Amount(in ₹)Loan Tenure(in years) Interest Rate(% p.a.)EMI(in ₹)Total Interest Outgo(in ₹)Total Amount(EMI+Interest)(in ₹)
    25,00,000111.50% 2,21,538 1,58,452 26,58,452
    25,00,000211.50% 1,17,101 3,10,419 28,10,419
    25,00,000311.50%82440 4,67,841 29,67,841
    25,00,000411.50%65223 6,30,681 31,30,681
    25,00,000511.50%54982 7,98,891 32,98,891
    25,00,000611.50%48228 9,72,408 34,72,408
    25,00,000711.50%43466 11,51,157 36,51,157
    25,00,000811.50%39948 13,35,050 38,35,050
    25,00,000911.50%37259 15,23,988 40,23,988
    25,00,0001011.50%35149 17,17,863 42,17,863
    25,00,0001111.50%33459 19,16,556 44,16,556
    25,00,0001211.50%32083 21,19,940 46,19,940
    25,00,0001311.50%30948 23,27,879 48,27,879
    25,00,0001411.50%30001 25,40,233 50,40,233
    25,00,0001511.50%29205 27,56,854 52,56,854
    25,00,0001611.50%28529 29,77,592 54,77,592
    25,00,0001711.50%27952 32,02,291 57,02,291
    25,00,0001811.50%27457 34,30,794 59,30,794
    25,00,0001911.50%27030 36,62,943 61,62,943
    25,00,0002011.50%26661 38,98,578 63,98,578

    Amortization Table

    YearPrincipal(in ₹)Interest(in ₹)Balance Amount(in ₹)

    Documentation for Mahindra Finance Home Loan

    • Duly Completed Application Form
    • Latest Passport Size Photos
    • Age Proof
    • KYC Documents
    • Income Proof
    • Property Related Document.

    Features and Benefits of Mahindra Finance Home Loan

    • Personalized Documentation for Smooth processing of home loans
    •  Flexible repayment options of up to 20 years
    •  Both Fixed & floating rate of interest available subject to conditions.
    •  Loans Available for Construction, Renovations, improvement and purchase
    • Repayment of your home loan –  monthly, quarterly or half yearly equated installments by way of EMI/ EQI/ EHI comprising of principal and interest.
    • Pre-installment interest would be payable at the time you take your first disbursement and before the commencement of your Equated Installment.
    • Pre -EMI interest is chargeable at the same rate at which calculated and would be payable every month on the amount of loan disbursed.
    • Repayment of the loan can be made by cash/cheque/demand draft at any of MRHFLs offices.
    • Wide network across the country for you to contact.
    • Door-to-door servicing to ensure maximum convenience

    Mahindra Home Finance Branches

    Whether you want to know about the applicable interest rate, eligibility criteria, any other document to produce or the type of property which you want to mortgage? Reach out any Mahindra Home Finance Branches for your queries/grievances. You can also enter the name of your city and find the nearest branch of Mahindra Home Finance.

    Mumbai4th Floor, Mahindra Towers, Dr. G.M. Bhosale Marg, P.K. Kurne Chowk, Worli, Mumbai - 400018
    Ph : 022 – 66526000/022 - 66423800
    VasaiShop No. 5,6 & 7, Ground Floor, Tiberias Co. Op. Hsg. Scoi. Ltd., Village Barampur,Next to St. Augustin High School, Mumbai – 401202
    Thane : Ph : 250 – 2383132/ 250 - 2383133
    BorivaliShop No 1 to 5, Ground Floor, Mahananda Bluding, Vazira Naka, Off L T Road, Near Acharya Narendra SchoolMumbai – 400092Borivali WestPh :022 – 28989652/ 022 - 28982568

  • Home Loan Interest Rates February 2024
    Axis Bank8.75% - 9.15%
    Bank of Baroda8.50% - 10.60%
    Citibank8.75% - 9.15%
    HDFC8.50% - 9.40%
    ICICI Bank9.00% - 9.85%
    Indiabulls Housing Finance Limited8.65%
    Kotak Bank8.70%
    LIC Housing8.50% - 10.50%
    Piramal Capital & Housing Finance10.50%
    PNB Housing Finance8.50% - 10.95%
    Reliance Home Finance8.75% - 14.00%
    State Bank of India/SBI9.10% - 9.65%
    Tata Capital8.95% - 12.00%