Home Loan Rates 2018 854 views
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About Mentor Home Loans
Millions of people have hopes of buying their own home, which is one of their most cherished dreams. Most people accomplish this dream by availing home loans—which is one of the most crucial financial obligations they will make in their life. Priority sector consisting of the lower class people who aspire to own a home, fail to accomplish due to unavailability of insufficient resources. Keeping in view, Mentor India Ltd. have come into existence for making home ownership, a realistic option for everyone. Based on your present circumstances, credibility and requirements, Mentor follows a straightforward procedure of making home loans available to you as per your convenience.
Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Comfortable Tenure
Mentor Housing Finance Home Loan Eligibility Criteria
- Mentor Home loans are available upto ₹2000000-/ but not exceeding 80% of the cost of property / estimate. The actual loan amount is ascertained taking into consideration factors such as repayment capacity, educational qualifications, stability and continuity of income, the number of dependents, co-applicant’s income, assets, liabilities and saving habits etc.
- Fixed Interest rate is decided upon prevailing rates applicable at the time of sanctioning of home loans, also keeping in view the eligibility criteria and period of the loan covered of the applicant concerned.
- The tenure of your Home Loan ranges from 1 to 10 years. However, the tenure does not go beyond 75 years of age of the customer.
- The individuals are allowed to apply for Mentor Home Loans. The loan amount can be further strengthened by including an earning co-applicant.
Securities required for the loan:
- Title deed of property financed in favour of the mentor by creating a 1st mortgage.
- Collateral securities guarantee from 1 or 2 people, LIP, the deposit of shares and units or other securities.
Mentor Home Loan EMI Calculator
Use Mentor Home Loan EMI Calculator which is designed to give you immediate results with an approximate value of the monthly EMI on your Home Loan. Just enter the following details:
- Loan amount
- Interest rate
- Loan tenure
Get the actual results for your EMI along with a break-up component which tells you the principal loan amount and interest which you need to pay as against your home loan.
Suppose, you are employed as a bank employee, earning ₹2 lakh per month. You wish to construct your own house at a property in Noida you have seen, costing ₹90 lakhs. You have applied for a home loan of ₹30 lakhs payable after 10 years at an interest rate of 10.5 % p.a.
Depending on your eligibility criteria, following calculations have been made in the following table.
Table Showing EMI, Interest Outgo, and Total Repayment Amount EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Total Interest Amount
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Documentation for Mentor Home Loan
Following documents are required from a salaried employee:
- Last 3 months salary slip
- Last 6 months bank statements
- Form 16 of the last two years
- Passport size photograph
- Employment contract
- Bank statements showing Ongoing home loans(if any)
Following documents are required from a self-employed person:
- Last 3 years Balance sheet
- Passport size photograph
- Statement of Profit & loss account
- Computation of income & IT returns attested by CA.
- Certificate of practice (if applicable)
- Latest one-year bank statement
Business Profile Property Documents:
- All original title deeds of the property.
- Proof of no encumbrances on the property.
- An estimate of the proposed Work from
- Architect / Civil Engineer.
- Own Contribution Proof.
Features and Benefits of Mentor Home Loan
- Loans ranging from ₹1 lakhs to ₹20 lakhs
- Short tenure for earliest repayments.
- Upto 60% of the property value
- Fast & easy processing
- Minimum formalities
- Small EMI as compared to the Personal Loans
Mentor Housing Finance Customer Care Contact Number
Want to inquire about your eligibility criteria for availing sanctioned home loan, unavailability of the document to produce as evidence or want to know about the prevailing interest rate? An experienced customer care representative of Mentor Housing Finance is here to answer all your queries. Call on +91 141 261 1999 or write an email at the email address displayed on the website.