हिंदी में पढ़े
Disclaimer: Mahindra Home Finance is not a Paisabazaar partner and all content herein is strictly informative in nature. Paisabazaar is not affiliated with, sponsored by or in any way connected to Mahindra Home Finance for home loans. No offers/services from Mahindra Home Finance are being provided by Paisabazaar for home loans. For further information about Mahindra Home Finance for home loans, users are required to reach out directly to Mahindra Home Finance.
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Mahindra Home Finance Home Loan Highlights |
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| Interest Rate | 8.50% p.a. onwards |
| Loan Amount | Up to 75% of the cost of construction (excluding the cost of land) |
| Loan Tenure | Up to 25 years |
| Processing Fees | Up to 2.25 % of the sanctioned amount |
Note: Rates as of 6 November 2024
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Table of Contents
Mahindra Home Finance Interest Rates
Interest Rates for Affordable Housing:
| Particulars | Interest Rates (p.a.) |
| Bank Salaried | 8.50% onwards |
| Self Employed | 9.30% onwards |
| Cash Salaried/Partnership/Proprietorship employee |
12.80% onwards |
Interest Rates for Bharat Housing:
| Particulars | Interest Rates (p.a.) |
| Bank Salaried | 11.00% onwards |
| Self EmployedProfessional/Self Employed Non- Professional |
11.00% onwards |
| Cash Salaried/ Bank salaried – proprietor/Bank salaried partnership firm |
11.00% onwards |
Compare Interest Rates on Home Loans for Top Banks & HFCs
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh | |
| SBI | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | Check Eligibility |
| HDFC Bank Limited | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| LIC Housing Finance | 8.50% - 11.25% p.a. | 8.50% - 10.55% p.a. | 8.50% - 10.75% p.a. | Check Eligibility |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50%-11.45% p.a. | Check Eligibility |
| Punjab National Bank | 8.45% - 10.25% p.a. | 8.40% - 10.15% p.a. | 8.40% - 10.15% p.a. | Check Eligibility |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. | Check Eligibility |
| IDFC First Bank | 8.85% p.a. onwards | 8.85% p.a. onwards | 8.85% p.a. onwards | Check Eligibility |
| L&T Finance Limited | 8.65% p.a. onwards | 8.65% p.a. onwards | 8.65% p.a. onwards | Check Eligibility |
| Tata Capital Housing Finance | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards | Check Eligibility |
| Axis Bank | 8.75%-13.30% p.a. | 8.75%-13.30% p.a. | 8.75%-9.65% p.a. | Check Eligibility |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Check Eligibility |
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Mahindra Finance Home Loan Amount
Mahindra Housing Finance claims to offer loans to a maximum of 75% of the cost of construction (excluding the cost of land). However, according to the RBI guidelines, the LTV ratio of the home loan can go up to 90% of property value for loans up to Rs 30 lakh, 80% for loans between Rs 30 lakh and Rs 75 lakh, and 75% for loans above Rs 75 lakh.
The lender can only fund up to 90% of the property value and hence prospective home loan borrowers have to arrange for the remaining loan component through a down payment or margin contribution.
Mahindra Finance Home Loan Fees and Charges
Part Payment/Prepayment Charges
| Particulars | Charges |
| For floating rate loans sanctioned for business purposes to individuals | 4% on full/part principal outstanding being prepaid |
| For fixed rate loans repaid through means other than ‘Own Sources’ | 3% on full/part principal outstanding being prepaid |
Processing Fees and Other Charges
| Processing Fee | Up to 2.25 % of the sanctioned amount |
| Document Fee | Rs 7,500 |
| Penal Charges | On Delayed instalments |
| Cheque Bounce charges | Rs. 500 |
| Document Retrieval Charges | Rs. 500 |
| Cheque Cancellation & re-issue charges | Rs. 500 |
| DD/ Pay order issuance charges | Rs 150 |
| Reissuance of amortization schedule | Rs 100 |
| Reissuance of Statement of Account | Rs 250 |
| Final Pre-closure statement charges | Rs 250 |
| Duplicate No objection certificate | Rs 100 per instance |
| Custody Charges/ Custodial Fees for property documents in closed loans | Rs. 500 per month (post 60 Days from Loan Closure Date) |
| Cheque/ACH Swapping charges | Rs 500 per instance |
| Technical visit charges | Rs 1,000 |
| Switch over Charges | 3% of the principal outstanding or Rs 10,000, whichever is higher |
Types of Mahindra Finance Home Loans
- Construction on own plot
- Plot and Construction on a plot
- Home Extension/ Renovation
- Builder/ New Purchase
- Balance Transfer
- Resale Purchase
Eligibility Criteria for Mahindra Finance Home Loan
Mahindra Rural Housing Finance Ltd. has relatively relaxed eligibility criteria for offering home loans. It is open to offer home loans as long as the applicant resides in its list of serviceable locations. As far as income eligibility is concerned, over 70% of home loan applicants have had an annual income of less than Rs 2 lakh during the time of loan application. As Mahindra Home Finance primarily focuses on underserved individuals and segments of society, it claims to sit with home loan applicants and help assess their income to improve their chances of home loan approval.
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Documents Required for Availing Mahindra Home Loans
- Duly Filled Application Form
- Latest Passport Size Photos
- Age Proof
- KYC Documents – Either one of Aadhaar card, Voter ID or PAN Card
- Income Proof
- Property Related Document. – Namuna 8 and 7/12 (Might vary depending on your location)
- Latest 6 months bank statement
Check home loan interest rates by top banks & HFC’s
Mahindra Home Finance EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
FAQs on Mahindra Home Finance
1: How will MRHFL decide your home loan eligibility?
Ans: MRHFL considers an applicant’s repayment capacity, existing obligations, age, assets, number of dependants, stability & continuity of occupation, household income, and type of property while evaluating his/her home loan eligibility.
2: Who can be a co-applicant in Mahindra Home Finance?
Ans: Mahindra Finance Home allows select relationships like father/son, husband/wife, etc to become co-applicant(s) for availing home loan.
3: What are the repayment period options in Mahindra Home Finance?
Ans: Mahindra Housing Finance offers home loan for up to 25 years.
4: What are the applicable charges for loan repayment in Mahindra Home Finance?
Ans: Mahindra Home Finance does not levy any charges for loan repayment. However, if the Home Loan EMIs are not paid within due date, lender levy penal charges of up to 24% p.a. on the installments due.