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Disclaimer: Motilal Oswal Home Finance Limited 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 Motilal Oswal Home Finance Limited for home loans. No offers/services from Motilal Oswal Home Finance Limited are being provided by Paisabazaar for home loans. For further information about Motilal Oswal Home Finance Limited for home loans, users are required to reach out directly to Motilal Oswal Home Finance Limited.
| Motilal Oswal Home Finance Home Loan Highlights | |
| Interest Rates | 11.75%-17.00% p.a. |
| Loan Amount | Up to Rs 50 lakh |
| Tenure | 5-25 years |
| Processing Fee | Up to Rs 10,000 |
Note: Rates as of 22nd November 2024
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Table of Contents
Motilal Oswal Home Finance Home Loan Interest Rates
| Applicant Type | Interest Rate (p.a.) |
| Salaried | 11.75%-16.00% |
| Self-Employed | 12.75%-17.00% |
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Compare Home Loan Interest Rates 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. | Apply Now |
| HDFC Bank Limited | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| LIC Housing Finance | 8.50% - 10.35% p.a. | 8.50% - 10.55% p.a. | 8.50% - 10.75% p.a. | Apply Now |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50%-11.45% p.a. | Apply Now |
| Punjab National Bank | 8.45% - 10.25% p.a. | 8.40% - 10.15% p.a. | 8.40% - 10.15% p.a. | Apply Now |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. | Apply Now |
| IDFC First Bank | 8.85% p.a. onwards | 8.85% p.a. onwards | 8.85% p.a. onwards | Apply Now |
| L&T Finance Limited | 8.65% p.a. onwards | 8.65% p.a. onwards | 8.65% p.a. onwards | Apply Now |
| Tata Capital Housing Finance | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards | Apply Now |
| Axis Bank | 8.75%-13.30% p.a. | 8.75%-13.30% p.a. | 8.75%-9.65% p.a. | Apply Now |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Apply Now |
Home Loan Schemes Offered by Top Lenders Check Now
Motilal Oswal Home Finance Home Loan Fees and Charges
| Processing Fee | Up to Rs 10,000 |
| ECS/Cheque/NACH Dishonour Charges per transaction | Rs 500 |
| Document Retrieval Charges | Rs 1,500 |
| Late Payment Charges | 24% p.a. |
| Charges for account statement/prepayment or foreclosure statement/Duplicate or No due Certificate | Rs 2,000 + GST (18%)= Rs 2,360 |
| CERSAI Charges | CERSAI Creation/ CERSAI Modification:
· For Loan Amount up to Rs 5 lakh- Rs 50 · For Loan Amount more than Rs 5 lakh- Rs 100 CERSAI Discharge: NIL |
| Sanction Revalidation Charges | Rs 1,500 |
| Technical Visit Charges | First Disbursement Visit- Free
Subsequent Disbursement Visit- Rs 750 |
| Collection Visit Charges | First Visit- Rs 250
Subsequent visits in the same month- Rs 250 over the previous visit charges, i.e. Rs 500, Rs 750, and so on |
| Cancellation and Re-issuance of Disbursement Cheque | Rs 1,000 |
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Types of Motilal Oswal Home Finance Home Loan
Home Loan for Purchase
Purchase: For purchase of an under-construction/ready/construction of a new residential property on your own land
Loan Amount: Rs 5 lakh- Rs 50 lakh
Tenure:
- For Salaried: 5-25 years
- Self-Employed: 5-25 years
Home Loan Balance Transfer
Purpose: To transfer the existing loans from other banks/HFCs to Motilal Oswal Home Finance at lower interest rates.
Construction Loan
Purpose: To construct residential areas from a contractor or contractual builder on a freehold plot of non-agricultural use
Loan Amount: Up to 50 lakh
LTV Ratio: Up to 85% of construction cost
Tenure
- For Salaried Applicants: 5-25 years
- For Self-Employed Applicants: 5-25 years
(The tenure can extend beyond 70 years of age in case of self-employed and 60 years of age in case of salaried applicants)
Home Improvement Loan
Purpose: For home improvements including tiling, painting, roofing, flooring, furniture work, electrical work, plumbing, waterproofing, grilling, etc.
Loan Amount (LTV Ratio): 85% of the cost of improvement, maximum Rs 5 lakh
Tenure: 5-10 years (The tenure can extend beyond 70 years of age in case of self-employed and 60 years of age in case of salaried applicants)
Home Extension Loan
Purpose: For the extension of existing property such as the construction of extra rooms or floors.
Loan Amount: Up to Rs 25 lakh
LTV Ratio: 85% of construction cost
Tenure
- For Salaried Applicants: 5-25 years
- For Self-Employed Applicants: 5-25 years
(The tenure can extend beyond 70 years of age in case of self-employed and 60 years of age in case of salaried applicants)
Pradhan Mantri Awas Yojna (PMAY)
Purpose: For purchase of new/resale home, home construction loan for EWS/LIG/MIG, for improvement/extension of an existing home for EWS/LIG with subsidy benefits of up to Rs 2.67 lakh
Tenure: Up to 20 years
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Eligibility Criteria for Pradhan Mantri Awas Yojna (PMAY)
- The family of the beneficiary should not own a pucca house in his/her name or in the name of any family member
- If the applicant is a married couple, either of the partners or both together (in joint ownership) will be eligible for a single subsidy
- For LIG/EWS female property ownership is compulsory
- The family of the beneficiary shouldn’t have availed central assistance under any housing scheme from the Indian Government or any benefit under any scheme in PMAY
- The total tenure and loan amount can be higher but the subsidy will be limited to Rs 2.67 lakh for EWS and LIG applicants, Rs 2.35 lakh for MIG 1 applicants, and Rs 2.30 lakh for MIG 2 applicants
Documents Required for Motilal Oswal Home Finance Home Loan
KYC Documents
- Driving License (RP, ID)
- Recent Bank Statement
- Latest bills for telephone and electricity
- Ration card
- Passport (SV, ID, RP)
- Letter from the employer
- Affidavit (RP, ID)
- Aadhaar Card (ID, RP)
- Letter from society
- PAN Card (SV, ID)
- Processing Fee Cheque
For Salaried Applicants
- Last 3 months salary slip/salary certificate
- Recent Form-16
- Cheque of processing fee from a salary bank account
- Last 6 months bank statement showing salary credited
- If on probation, an appointment letter with CTC is required
- If the website is not available or the employer is not well-known, the employer company profile is required
For Self-Employed Applicants with Professional Income
- Income statement computation
- Balance sheet copy
- Copy of P&L account
- TDS Certificate
- IT acknowledgment copy for past 2 years duly certified by CA
- Audit report copy
- Copy of tax paid challans
- Business Profile in brief
- Bank Statement for past 1 year
- Processing fee cheque from a current bank account
- Copy of business license such as shop and establishment, etc.
- Copy of practice certificate or qualification certificate
Additional Documents for Self-Employed Applicants with Business Income
- Copy of partnership deed in case of partnership firm
- Copy of MOA
- If the applicant is a director/company, a list of directors and shareholders is required
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Motilal Oswal Home Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
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