Mahindra Housing Finance Home Loan
Last Updated : May 4, 2017, 3:57 p.m.
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.
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 ₹) |
|---|---|---|---|---|---|
| 25,00,000 | 1 | 11.50% | 2,21,538 | 1,58,452 | 26,58,452 |
| 25,00,000 | 2 | 11.50% | 1,17,101 | 3,10,419 | 28,10,419 |
| 25,00,000 | 3 | 11.50% | 82440 | 4,67,841 | 29,67,841 |
| 25,00,000 | 4 | 11.50% | 65223 | 6,30,681 | 31,30,681 |
| 25,00,000 | 5 | 11.50% | 54982 | 7,98,891 | 32,98,891 |
| 25,00,000 | 6 | 11.50% | 48228 | 9,72,408 | 34,72,408 |
| 25,00,000 | 7 | 11.50% | 43466 | 11,51,157 | 36,51,157 |
| 25,00,000 | 8 | 11.50% | 39948 | 13,35,050 | 38,35,050 |
| 25,00,000 | 9 | 11.50% | 37259 | 15,23,988 | 40,23,988 |
| 25,00,000 | 10 | 11.50% | 35149 | 17,17,863 | 42,17,863 |
| 25,00,000 | 11 | 11.50% | 33459 | 19,16,556 | 44,16,556 |
| 25,00,000 | 12 | 11.50% | 32083 | 21,19,940 | 46,19,940 |
| 25,00,000 | 13 | 11.50% | 30948 | 23,27,879 | 48,27,879 |
| 25,00,000 | 14 | 11.50% | 30001 | 25,40,233 | 50,40,233 |
| 25,00,000 | 15 | 11.50% | 29205 | 27,56,854 | 52,56,854 |
| 25,00,000 | 16 | 11.50% | 28529 | 29,77,592 | 54,77,592 |
| 25,00,000 | 17 | 11.50% | 27952 | 32,02,291 | 57,02,291 |
| 25,00,000 | 18 | 11.50% | 27457 | 34,30,794 | 59,30,794 |
| 25,00,000 | 19 | 11.50% | 27030 | 36,62,943 | 61,62,943 |
| 25,00,000 | 20 | 11.50% | 26661 | 38,98,578 | 63,98,578 |
Amortization Table
| Year | Principal(in ₹) | Interest(in ₹) | Balance Amount(in ₹) |
|---|---|---|---|
| 1 | 34199 | 285733 | 2465801 |
| 2 | 38344 | 281588 | 2427457 |
| 3 | 42992 | 276940 | 2384465 |
| 4 | 48205 | 271727 | 2336260 |
| 5 | 54052 | 265880 | 2282208 |
| 6 | 60608 | 259324 | 2221600 |
| 7 | 67957 | 251975 | 2153643 |
| 8 | 76198 | 243734 | 2077445 |
| 9 | 85436 | 234496 | 1992009 |
| 10 | 95797 | 224135 | 1896212 |
| 11 | 107411 | 212521 | 1788801 |
| 12 | 120437 | 199495 | 1668364 |
| 13 | 135042 | 184890 | 1533322 |
| 14 | 151414 | 168518 | 1381908 |
| 15 | 169775 | 150157 | 1212133 |
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.
| City/State | Address | ||||
|---|---|---|---|---|---|
| Mumbai | 4th Floor, Mahindra Towers, Dr. G.M. Bhosale Marg, P.K. Kurne Chowk, Worli, Mumbai - 400018 Ph : 022 – 66526000/022 - 66423800 | ||||
| Vasai | Shop 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 | ||||
| Borivali | Shop No 1 to 5, Ground Floor, Mahananda Bluding, Vazira Naka, Off L T Road, Near Acharya Narendra School Mumbai – 400092 Borivali West Ph : 022 – 28989652/ 022 - 28982568 |
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