Mahindra Finance Home Loan

Proud to be the largest home finance company serving rural India, Mahindra Finance Home Loan Ltd. has helped in building over 12 lakh homes. Unlike the traditional home loan procedures that require excessive documentation, MRHFL offers quick processing and affordable home loans starting at an interest rate of 8.50% per annum. The processing fee for a Mahindra Home Loan ranges between 1% - 3.5% of the loan amount, subject to a minimum of Rs. 1,000. Eligible applicants can seek home loans from Mahindra Home Loan Finance for up to 20 years of repayment tenure. Salaried and self-employed borrowers can apply for a Mahindra home loan to purchase or construct a new home, renovate or extend an existing home, and also to transfer their existing home loan to MRHFL at affordable rates and with flexible repayment modes. 

Mahindra Finance Home Loan EMI Calculator

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Mahindra Finance Home Loan Key Highlights

Get the lowest interest rates with Mahindra Finance

Loan Amount Up to 75% of the construction cost (excluding the cost of land)
Rate of Interest Starts at 8.75% per annum
RPLR
Processing Fee

1.25% to 2.25%

Maximum Tenure for Repayment 30 years
Penal Rate of Interest
Rate Packages Floater/ Fixed
Charges for Prepayment/Foreclosure N/A

Mahindra Finance Home Loan Interest Rates in 2024

MRHFL offers home loans at an affordable interest rate, starting at 8.75% per annum. These rates may vary depending on the employment status of the borrower. The NBFC primarily offers home loans on a floater basis, but it also offers fixed-rate packages that are subject to revision every 3 years depending on the current market conditions.

Loan Slab Interest Rate for Home Loan
Floater Plan (For Salaried) Bank Salaried: Starts at 8.50% per annum  
Floater Plan (For Self Employed) Starts at 8.50% per annum  
Floater Plan (For Salaried) Cash Salaried: Starts at 11.00% per annum 
Floater Plan (For Self Employed) Starts at 8.50% per annum  
Floater Plan (For Salaried) Agriculturist: Starts at 14.50% per annum 
Floater Plan (For Self Employed) Starts at 8.50% per annum 

Interest rates were last updated on 6th May 2024

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Mahindra Home Loan Eligibility Criteria

Mahindra Home Finance offers easy home loans to aspiring homeowners who are able to prove their eligibility for the same. The NBFC doesn't ask much to qualify for housing loan schemes; all it requires is a specified age eligibility, nationality, and minimum income of a borrower. 

Eligibility Parameters For Salaried Individuals For Self-Employed Individuals
Age Range (in years) 21 - 58 21 - 58
Nationality Indian Resident Indian Resident
Minimum Income Earned Rs. 10,000 per month Rs. 10,000 per month

Mahindra Finance Housing Loan Processing Fee and Charges

Mahindra Housing Finance charges a nominal fee for home loan processing, which is 1% - 3.5% of the loan amount. This popular NBFC also charges some other fees for documentation, and other processes conducted by the officials to offer you hassle-free home loans.

Processing Fee

1% - 3.5% of the loan amount (subject to a minimum of Rs. 1,000)

Document Fee

Up to Rs. 1,500

Duplicate No Objection Certificate

Up to Rs. 100

Document Retrieval Charges

Up to Rs. 500
Cheque Cancellation/ Re-Issue Charges

Up to Rs. 500

Cheque Bounce Charges

Up to Rs. 500

Additional Interest Payment

Up to 24% per annum on the installments due

Reissuance of Statement of Account

Up to Rs. 250
Reissuance of Amortization Schedule

Up to Rs. 100

DD/ Pay Order Issuance Charges

Up to Rs. 150

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Mahindra Finance Home Finance Schemes and Top Plans

Mahindra Home Finance understands the varied needs of aspiring homeowners. Keeping this in mind, the NBFC offers a wide range of home loan schemes that are listed below:

1. Construction Home Loans

  • Affordable home loan scheme to help get funds to construct a home on a plot
  • Maximum loan amount is up to 75% of the construction cost
  • Maximum loan repayment tenure is up to 20 years

2. Home Renovation Loans

  • Ideal for improving or renovating an existing home
  • Maximum loan amount up to 75% of the construction cost
  • Maximum loan repayment tenure of up to 20 year

3. Home Extension Loans

  • Best home loan scheme for extending an existing home
  • Maximum loan amount up to 75% of the construction cost
  • Maximum loan repayment tenure of up to 20 years

4. New Purchase Home Loans

  • Best home loan scheme to purchase a new home at an affordable rate of interest
  • Maximum loan amount up to 75% of the property value
  • Maximum loan repayment tenure of up to 20 years

5. Balance Transfer Home Loans

  • Flexible balance transfer of an existing home loan to MRHFL
  • Affordable rate of interest
  • Additional top-ups available

Note: All of the above home loan plans are made available to applicants solely at the discretion of Mahindra Finance, taking into consideration the earning and repayment capacity of the applicant.

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Documents Required For Mahindra Finance Home Loan

MRHFL offers quick home loans with minimum documentation. Have a look at the list of required Mahindra Finance home loan documents. These are general KYC documents with some variations in requirements from salaried and self-employed applicants:

Documents Required for Salaried Applicants

Proof of Income
  • Salary slips for the last 3 months
  • Latest ITR
  • Bank statements for the last 6 months
Other Required Documents
  • Duly filled and signed application form with a passport-size photograph
  • A processing fee cheque in favor of Mahindra Housing Finance Ltd. 

Documents Required for Self-Employed Applicants

Proof of Income
  • Business License
  • Business Address Proof
  • Latest ITR
Other Required Documents
  • Duly filled and signed application form with a passport-size photograph
  • A processing fee cheque in favor of Mahindra Housing Finance Ltd. 
  • Bank Statements for the last 6 months showing repayment of the loan

Common Documents Required from Both Salaried and Self-Employed Applicants

Type of Document Documents Required
Identity & Address Proof

Voter ID, Driving License, Aadhaar Card, Copy of Passport, PAN Card

Documents Related to Property
  • Sale Deed, Allotment Letter
  • Certificate of Occupancy
  • Payment receipts for payments made to the builder
  • Permission to construct
  • Copy of approved plan
  • Registered Development Agreement of the builder
  • NOC (No Object Certificate from the builder or the housing society)
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How to Apply for a Mahindra Finance Home Loan?

Interested borrowers may proceed with the Mahindra Finance home loan apply procedure in the following manner:

  • Proceed to the APPLY NOW section on the website - BASIC Home Loan 
  • Fill in the form by entering your Name and contact details and submit the form
  • The team from BASIC Home Loan will reach out to you to initiate a hassle-free Home Loan application process

Find Mahindra Finance Offices Near You

If you are planning to visit one of the offices of Mahindra Finance Home Loan near you to understand the Mahindra Finance Home Loan Offer in detail and apply for the Home Loan, you can simply fill in the Free Consultation form and the team of BASIC Home Loan will reach out to you for needful assistance in the process.

Disclaimer:

Interest rates and fees on home loans vary based on eligibility and lender criteria. All applicable fees and charges are subject to relevant taxes and can change at the lender’s discretion. For the most current information on home loan interest rates, processing fees, other applicable charges, and updates on eligibility criteria and loan offers, please visit the official website of the bank.

FAQs

The interest rate of Mahindra home loans starts at 8.50% per annum. However, we suggest you confirm the same from the official website of the NBFC. 

To apply for a Mahindra Finance home loan online, visit its official website and fill out the application form. Alternatively, you can contact the BASIChomeloan team for assistance in the procedure. 

Mahindra Finance offers loan amounts up to a maximum of 75% of the construction cost of a property. 

The processing fee charges for a Mahindra home loan range between 1% - 3.5% of the sanctioned loan amount and is subject to a minimum of Rs. 1000.

No, MRHFL doesn’t levy any prepayment charges for home loans from borrowers. 

Mahindra Home Finance Ltd. offers home loans with a maximum repayment tenure of up to 20 years. 

Yes, you can easily transfer your existing home loan to Mahindra Home Loan through the Balance Transfer Scheme. 

Yes, there is a provision to take a joint home loan from Mahindra Home Loan Finance Ltd. However, all co-applicants should be the co-owners of the property.