Mahindra Home Loan Interest Rate

Transforming lives since its foundation in 2007, Mahindra Home Finance is the largest rural housing finance company offering easy financial services like home loans in rural India. The affordable Mahindra home loan interest rate, starting at 8.50% per annum, makes it the first choice for anyone applying for a housing loan. The maximum loan repayment period available at Mahindra Home Finance on housing loans is up to 20 years. The housing finance company also charges a processing fee ranging between 1% - 3.5% of the loan amount or a minimum of Rs. 1,000 on home loan applications.

 

Mahindra Home Loan EMI Calculator

Avoid confusion get it right with BASIC

1 Lac10 cr
0%20%
130

Break up of Total Payment

Your monthly EMI is

Total Amount Payable

  • Principal Amount

  • Total Interest

Appy for Mahindra Home loans at low interest rate
Apply Now

Mahindra Home Finance Home Loan Key Highlights

Amount of Loan Up to 75% of the construction cost (excluding the cost of the land)
Rate of Interest 8.50% p.a. onwards
Processing Fees

1% - 3.5% of the loan amount (Minimum of Rs. 1,000)

Max Tenure for Loan Repayment 20 years

Mahindra Home Loan Interest Rates in 2024

Mahindra Home Finance is a wide network offering door-to-door service for document collection and home loan application processing. The first offers fixed-rate plans to non-salaried applicants in urban as well as semi-urban classes. The lowest Mahindra Home Finance home loan interest rate starts at 8.50% per annum. We urge you to proceed further and understand the Mahindra Home loan interest rate 2024 for different categories by looking at the tables displayed below:

Loan Category Rate of Interest on Home Loan
Salaried Applicants( Bank Salaried) 8.50% per annum onwards 
Salaried Applicants(Cash Salaried) 12.50% per annum onwards 
Self-Employed Applicants 9.00% per annum onwards 
Appy for Mahindra Home loans at low interest rate
Apply Now

Standard Home Loan Rates of Interest for Salaried and Self-Employed Applicants

Repo Linked Lending Rate (RLLR)

Loan Category Rate of Interest on Home Loan (p.a.)
All Loan 8.50% per annum onwards 

Mahindra New Purchase Home Loan Interest Rates

Loan Slab Rate of Interest on Home Loan (p.a.)
All Loans 8.50% per annum onwards 

Top-Up Loans Interest Rates

Loan Category Rate of Interest on Home Loan (p.a.)
Top-Up for Existing Customers 8.50% per annum onwards 

Interest rates were last updated on 24th January 2024

Mahindra Home Loan Interest Rates for All Schemes in India

Not everyone wants a home loan to buy a home; some are interested in getting financial help just to renovate an already existing home. Mahindra Home Finance Ltd. doesn't disappoint anyone and offers all types of housing loan schemes. The table below will now acquaint you with the different home loan schemes available at Mahindra Home Finance Ltd. 

Mahindra Home Finance Home Loan Schemes Rates of Interest for Each Plan
Mahindra Construction Home Loan

8.50% per annum onwards

 
Mahindra Renovation Home Loan

8.50% per annum onwards

 
Mahindra Extension Home Loan

8.50% per annum onwards

 
Mahindra New Purchase Home Loan

8.50% per annum onwards

 
Mahindra Balance Transfer Home Loan

8.50% per annum onwards

 
Mahindra Top-Up Home Loan

8.50% per annum onwards

 

Mahindra Home Loan Interest Rates for Balance Transfer, Top Up and Overdraft

Customers can club home loans with three types of exciting facilities offered by Mahindra Home Finance. We are now describing these three home loan facilities for your reference:

Mahindra Home Finance Home Loan Balance Transfer

The first smart home loan facility offered by Mahindra Finance is the Mahindra Balance Transfer Home Loan Scheme. As the name suggests, this scheme allows existing home loan customers to transfer the balance of their home loan amount to MHFL so that they can enjoy better rates of interest and loan benefits. The interest rate for the Mahindra Home Finance balance transfer housing loan starts at 8.50% per annum.

Mahindra Home Finance Home Loan Top-Up

Do not miss out on the benefit of getting a top-up on the basic loan amount with Mahindra Top-Up Home Loans. It allows the customers to flexibly get more funds other than the loan amount without wasting time on filling out new documents. The Mahindra Home Finance home loan top-up interest rate starts at 8.50% per annum. 

Mahindra Home Finance Home Loan Overdraft Option

The Mahindra overdraft facility is the third interesting home loan facility that comes from the house of MHFL. It is the easiest way to get more money for financial requirements apart from the loan amount without facing the hassles of reapplying for another loan. The Mahindra Home Finance overdraft facility starts at 8.50% per annum and can be availed by self-employed and salaried people. 

Appy for Mahindra Home loans at low interest rate
Apply Now

Recent Post

post1
post1
post1
post1
post1
reach

Get a Free Consultation from BASIC Home Loan

reach

Tell us about your requirements

Compare Mahindra Home Loan Interest Rate with Top Banks

Mahindra Home Finance offers affordable home loans, but having said that, if you are still unsure and want to be 100% satisfied with your decision to choose this company as a home loan lender for yourself, then make some comparison. We are ready to help you in this regard by showing you a comparison table between Mahindra and the other 5 top banks and NBFCs in terms of rate of interest and processing fee:

Bank/NBFC Rate of Interest on Home Loan Processing Fee
Mahindra Home Finance 8.50% p.a. onwards 1% - 3.5% of the loan amount (Minimum of Rs. 1,000)
LIC HFC 8.50% p.a. onwards Up to 0.25% (Maximum Rs. 25,000)
Standard Chartered 8.75% p.a. onwards 0.5% - 1% of the approved loan amount
PNB Housing 8.75% - 11.45% p.a. Up to 0.50% (Maximum Rs. 10,000)
Tata Capital Ltd. 8.95% - 12.00% p.a. Up to 0.25% (Maximum Rs. 3,540)
ICICI Home Loan 9.25% p.a. onwards 0.50% of loan amount + applicable taxes

Mahindra Home Loan Balance Transfer Interest Rates

With its commitment to offering affordable housing loans to everyone, be it in urban or rural India, MHFL offers a flexible Mahindra Home Loan Balance Transfer. This scheme is designed solely to allow existing home loan borrowers to avail better home loan interest rates and benefits from MHFL.

At present, Mahindra Home Finance Balance Transfer interest rate starts at 8.50% per annum. However, it is subject to change at the discretion of the NBFC. You can easily switch to  MHFL home loans through a balance transfer scheme by following these steps:

  1. Access the Repay Right section on the official website of BASIC Home Loan - Repay Right
  2. Proceed by filling out the details asked in the online form
  3. Move on by clicking ‘Next’ to go to the next page
  4. Check out the total savings you will  make by opting for the Mahindra Home Finance Home Loan Balance Transfer option 
  5. The other way is to simply reach out to the BASIC Home Loan team for assistance in transferring your remaining loan amount to MHFL

reach reach reach reach
reach

Get Home Loan Starting at 8.5% Interest Rate from BASIC Home Loan

How to Calculate Mahindra Home Loan Interest Rates?

We understand you might be concerned about how to calculate the interest rate or what monthly EMI you will be expected to pay on a Mahindra home loan. So, we suggest you use the online EMI calculator available at EMI. Here is your chance to understand the monthly EMI payable for different tenures, including 10, 20, and 30 years, through the given table:

Mahindra Home Finance Home Loan EMI Calculator 2024

Loan Amount Rate of Interest EMI for 10-Year Loan Tenure EMI for 20-Year Loan Tenure EMI for 30-Year Loan Tenure
Rs. 10 lakh 8.50% p.a. Rs. 12,399 Rs. 8,678 Rs. 7,689
Rs. 20 lakh 8.50% p.a. Rs. 24,797 Rs. 17,356 Rs. 15,378
Rs. 30 lakh 8.50% p.a. Rs. 37,196 Rs. 26,035 Rs. 23,067
Rs. 40 lakh 8.50% p.a. Rs. 49,594 Rs. 34,713 Rs. 30,757
Rs. 50 lakh 8.50% p.a. Rs. 61,993 Rs. 43,391 Rs. 38,446
Rs. 60 lakh 8.50% p.a. Rs. 74,391 Rs. 52,069 Rs. 46,135
Rs. 70 lakh 8.50% p.a. Rs. 86,790 Rs. 60,748 Rs. 53,824
Rs. 80 lakh 8.50% p.a. Rs. 99,189 Rs. 69,426 Rs. 61,513
Rs. 90 lakh 8.50% p.a. Rs. 1,11,587 Rs. 78,104 Rs. 69,202
Rs. 1 crore 8.50% p.a. Rs. 1,23,986 Rs. 86,782 Rs. 76,891
Disclaimer:

The table displayed above revealed monthly EMI payable at an interest rate of 8.50% p.a. offered by Mahindra Home Finance. These EMI figures may vary from lender to lender, so please verify the same before applying for a home loan.

FAQ's

The Mahindra Home Finance home loan interest rate 2024 starts at 8.50% per annum onwards and may vary depending on whether the applicant is salaried or self-employed. 

Yes, Mahindra Home Finance Ltd. offers a fixed interest rate on home loans.

The easiest way to apply for a home loan with Mahindra Home Finance is by contacting the BASIC Home Loan team. Alternatively, you may visit their nearest branch or fill out the home loan application online.

Applicants can feel free to choose from a plethora of home loan schemes offered by Mahindra, such as:

  • Home Purchase Loan
  • Home Construction Loan
  • Home Extension Loan
  • Home Renovation Loan
  • Balance Transfer Loan
  • Top Up Home Loan

Like any other lender, Mahindra also allows borrowers to prepay the home loan after a certain period of time. However, unlike several other lenders who charge a prepayment fee, Mahindra Finance doesn’t charge any prepayment or foreclosure fee.

To calculate the home loan, Mahindra Finance takes into consideration certain parameters such as the current rate of interest, repayment capacity of the borrower, tenure chosen, loan amount, and type of rate package (fixed/ floater).

The interest rate in the repayment table is slightly higher during the initial months of the loan because the interest is calculated on the principal amount, which is higher during the initial period of the loan. Gradually, the principal amount decreases, and so does the interest on it.