Micro Housing Finance Home Loans

About Micro Housing Finance Home Loans

Micro Housing Finance Corporation Limited offers housing finance to lower income households, mostly in the informal sector in urban India. Micro Housing Loans are provided by the company specifically to address the gap which exists between the lack of finance available from lower income households(preferably those without documentation to justify incomes) for instilling confidence in them that they too, can own their homes.

Home Loan

Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Comfortable Tenure

    Almost done, few more details required.

    To apply for Micro Housing Loan, an applicant has to meet the following criteria:

    • You need to be a resident of India and should be of age 21 and above.
    • You should earn an annual income in compliance with MHFC’s terms and conditions regarding the same.
    • You need to submit copies of identity proof, residential proof and required income papers.

    ParticularsDescription
    Interest Rates12% and 13% (floating and will change when the PLR is revised from time to time, in line with market conditions).
    Loan AmountRs. 15 lakhs (maximum)
    TenureMax. 15 years
    Processing Fees2.0% on applied loan amount ( if paid by Debit Card/Demand Draft)
    2.5% on applied loan amount (if paid by Cheque, exclusive of Service Tax).
    Additional Rs. 4000 for customers in Maharashtra for registration of notification of charge.
    Pre-paymentNil
    Loan to ValueMaximum 85%, along with the margin of 15% min of the value of the house.

    Micro Housing Loan Loan EMI Calculator

    An applicant should assess his/her eligibility before applying for the home loans. The most suitable method for checking the eligibility is through Micro Housing Finance Home Loan EMI Calculator. By filling few basic details, one can know about the eligible amount, interest repayable against home loan which helps them in taking wise decisions accordingly.

    For example: An auto rickshaw puller earning ₹25000 per month, living in slums of Delhi wants to buy a LIG flat in Dwarka, North Delhi, costing ₹34 lakhs out of which he can meet the expenses of ₹19 lakhs from his own accumulated savings. He applies for the sanction of home loan amount ₹15 lakhs from Micro Housing Finance Corporation payable after 15 years at varying interest rates 12%-13% p.a. He wants to know the total equated monthly installments along with the interest amount that goes towards home loan. Accordingly, fixed interest rate would be decided so far. The calculation for EMI, interest payment and the total amount (EMI+interest) is described as follows:

    Table Showing EMI, Interest Outgo, and Total Repayment Amount

    Loan AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
    ₹ 15,00,00012%1₹ 1,33,273₹ 99,278₹ 15,99,278
    ₹ 15,00,00012%2₹ 70,610₹ 1,94,645₹ 16,94,645
    ₹ 15,00,00012%3₹ 49,821₹ 2,93,573₹ 17,93,573
    ₹ 15,00,00012%4₹ 39,501₹ 3,96,036₹ 18,96,036
    ₹ 15,00,00012%5₹ 33,367₹ 5,02,000₹ 20,02,000
    ₹ 15,00,00012%6₹ 29,325₹ 6,11,421₹ 21,11,421
    ₹ 15,00,00012%7₹ 26,479₹ 7,24,244₹ 22,24,244
    ₹ 15,00,00012%8₹ 24,379₹ 8,40,409₹ 23,40,409
    ₹ 15,00,00012%9₹ 22,776₹ 9,59,846₹ 24,59,846
    ₹ 15,00,00012%10₹ 21,521₹ 10,82,477₹ 25,82,477
    ₹ 15,00,00012%11₹ 20,517₹ 12,08,220₹ 27,08,220
    ₹ 15,00,00012%12₹ 19,701₹ 13,36,985₹ 28,36,985
    ₹ 15,00,00012%13₹ 19,030₹ 14,68,679₹ 29,68,679
    ₹ 15,00,00012%14₹ 18,471₹ 16,03,202₹ 31,03,202
    ₹ 15,00,00012%15₹ 18,003₹ 17,40,454₹ 32,40,454

    EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

    YearPrincipalInterestBalance Amount
    1₹ 38,079₹ 1,77,951₹ 14,61,920
    2₹ 42,908₹ 1,73,121₹ 14,19,011
    3₹ 48,350₹ 1,67,679₹ 13,70,660
    4₹ 54,482₹ 1,61,547₹ 13,16,177
    5₹ 61,392₹ 1,54,638₹ 12,54,785
    6₹ 69,178₹ 1,46,851₹ 11,85,606
    7₹ 77,952₹ 1,38,078₹ 11,07,653
    8₹ 87,838₹ 1,28,191₹ 10,19,814
    9₹ 98,978₹ 1,17,051₹ 9,20,836
    10₹ 1,11,531₹ 1,04,498₹ 8,09,304
    11₹ 1,25,677₹ 90,353₹ 6,83,627
    12₹ 1,41,616₹ 74,414₹ 5,42,011
    13₹ 1,59,576₹ 56,454₹ 3,82,434
    14₹ 1,79,814₹ 36,215₹ 2,02,619
    15₹ 2,02,798₹ 13,410₹ 0

    Documentation for Micro Housing Loan

    1. Identity proof(Any One)

    • PAN Card
    • Aadhar Card
    • Driving License
    • Voter ID

    2. Address Proof(Any One)

    • Bank passbook
    • Driving License
    • Voter ID
    • Aadhar Card

    3. Updated Bank Statements/Passbooks

    4. Property documents

    • Allotment Letter
    • Agreement for Sale
    • Receipt for payments made

    5. Cheque for processing fee in favor of MHFC/ATM Card

    Features and Benefits of Micro Housing Loan

    • Minimum Documentation
    • No prepayment charges
    • Quick and easy processing of loan applications
    • Maximum loan amount up to 85% of cost of the house
    • Loans for buying house in MHFC approved projects only

    Micro Housing Loan Customer Care Number

    If you are interesting in obtaining loan from Micro Housing Finance Company, contact an experienced customer care representative of Micro Housing Loan on 1800 1234 427/ 022 2266 0427

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