Motilal Oswal Home Loan Interest Rate
Committed to extending home loans to a wide range of individuals, Motilal Oswal is one of the finest NBFCs in the country. It offers customers fast home loan processing time and fair terms on availing of credit facilities. Motilal Oswal home loan interest rate starts at 11.75% per annum with a maximum tenure for loan repayment of 25 years. Motilal Oswal offers home loan schemes to meet varied customer needs.
Motilal Oswal Home Loan EMI Calculator
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Motilal Oswal Home Loan Key Highlights
| Amount of Loan | Up to Rs. 40 lakh |
|---|---|
| Rate of Interest | 11.75% p.a. onwards |
| Processing Fees |
Up to Rs. 5,000 |
| Max Tenure for Loan Repayment | Up to 25 years (for salaried applicants) | Up to 20 years (for self-employed applicants) |
Motilal Oswal Home Loan Interest Rates in 2024
Motilal Oswal home loan interest rate 2024 starts at 11.75% p.a. The NBFC offers home loan facilities to salaried and self-employed applicants. The table below lists the rates of interest applicable on home loans for both categories of borrowers:
| Loan Category | Rate of Interest on Home Loan |
|---|---|
| Salaried | 11.75% - 16% p.a. |
| Self-Employed | 12.75% - 17% p.a. |
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 |
|---|---|
| All Loans | 11.75% p.a. onwards |
Motilal Oswal Home Loan Interest Rates for Women
| Loan Slab | Rate of Interest on Home Loan |
|---|---|
| Women applicants | 11.75% p.a. onwards |
Top-Up Loan Interest Rates
| Loan Category | Rate of Interest on Home Loan |
|---|---|
| Top-Up for Existing Customers | 11.75% p.a. onwards |
Interest rates were last updated on 31st January 2024
Motilal Oswal Home Loan Interest Rates for All Schemes in India
Motilal Oswal offers home loan options for everyone. Whether it is building a new house or purchasing land for home construction, the NBFC enables all loan applicants to avail of the credit facility without any hassle. Given below are the interest rates on the various home loan schemes offered by the company:
| Motilal Oswal Home Loan Schemes | Rates of Interest for Each Plan |
|---|---|
| Home Construction Loan |
|
| Home Extension Loan |
|
| PMAY Home Loan |
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| Home Purchase Loan |
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| Home Improvement Loan |
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| Home Loan Balance Transfer |
|
Motilal Oswal Home Loan Interest Rates for Balance Transfer, Top Up, and Overdraft
Sometimes, the home loan amount availed can fall short of meeting any additional unforeseen expenses. This is where facilities such as balance transfer, top-up, and overdraft come in handy. Motilal Oswal offers these options to its home loan applicants. They are described below in detail.
Motilal Oswal Home Loan Balance Transfer
The NBFC offers this facility to customers of other banks and NBFCs in India, enabling them to transfer their outstanding balance loan amount (if any) to Motilal Oswal Home Loans at relatively lower interest rates than what they are paying currently. The interest rate for home loan balance transfer at Motilal Oswal is 11.75% - 16% p.a. for salaried applicants and 12.75% - 17% p.a. for self-employed applicants.
Motilal Oswal Home Loan Top-Up
A top-up loan by Motilal Oswal is an excellent source for emergencies. As the name suggests, the top-up home loan amount is offered by the NBFC over and above the existing home loan that is already sanctioned. This is generally done to enable the applicant to meet certain unforeseen additional expenses on the residential property - upgrades, repairs, or improvements. The home loan top-up interest rates Motilal Oswal offers start at 11.75% p.a.
Motilal Oswal Home Loan Overdraft Facility
With this feature, the customer is permitted by the NBFC to withdraw money from their loan account in case they have deposited any extra amount over some time. In other words, the additional amount remains in the loan account, and the customer can avail of the home loan overdraft facility to withdraw extra funds as required. Motilal Oswal home loan overdraft interest rate starts at 11.75% p.a.
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Compare Motilal Oswal Home Loan Interest Rate with Top Banks
Different banks and NBFCs in India offer home loans to customers at varying interest rates. With so many options vying for your attention, it is best to do a bit of homework and find the one lender that best suits your home loan needs and budget preferences. The table below enumerates the home loan interest rates and processing fees for Motilal Oswal Home Loans and 5 other top banks and NBFCs in India to help you make an informed decision:
| Bank/NBFC | Rate of Interest on Home Loan | Processing Fee |
|---|---|---|
| Motilal Oswal | 11.75% - 16% p.a. (salaried applicants) | 12.75% - 17% p.a. (self-employed applicants) | Up to Rs. 5,000 |
| SBI | 8.40% p.a. onwards | 0.35% of loan amount + GST |
| HDFC Bank | 8.50% p.a. onwards | Up to 1.50% of the loan amount |
| ICICI Bank | 8.75% p.a. onwards | 0.50% - 2% of the loan amount or Rs. 3,000 (whichever is higher) + GST |
| Bank of Baroda | 8.40% p.a. onwards | 0.50% of the loan amount (up to Rs. 50 lakh) |
| Kotak Mahindra | 8.70% p.a. onwards | 0.50% on sanctioned home loan amount |
Motilal Oswal Home Loan Balance Transfer Interest Rates
Home loan balance transfer is quite a beneficial feature offered by most leading banks and NBFCs in India, including Motilal Oswal Home Loans. The NBFC allows customers of other banks and NBFCs to transfer their balance home loan amount (unpaid and remaining) to Motilal Oswal to enjoy lower interest rates and other added facilities such as better customer service.
Motilal Oswal home loan balance transfer interest rate starts at 11.75% per annum for salaried home loan applicants. Self-employed applicants can take home loans from the company at interest rates starting from 12.75% p.a.
The simple process to apply for a home loan balance transfer with Motilal Oswal Home Loans is mentioned below:
- Visit the official portal of BASIC Home Loan and click on Repay Right
- You will be required to fill in a form with key details such as the outstanding loan amount on the current loan, existing loan repayment tenure, existing rate of interest per annum, existing EMI, and new rate of interest per annum.
- Click on ‘Next’ after duly filling out the form.
- On the next screen, you can see the total savings made with the Motilal Oswal Home Loan Balance Transfer feature.
- Alternatively, you may reach out to a BASIC Home Loan representative to help you with the process of Motilal Oswal home loan balance transfer.
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How to Calculate Motilal Oswal Home Loan Interest Rates?
Before applying for a home loan with Motilal Oswal, it is essential to understand the interest rate applicable basis which you can calculate the amount of EMI you would be required to pay regularly to the NBFC. The simple process to calculate the interest rate is by using a free online tool called Home Loan EMI Calculator, which is readily available at EMI. For your better understanding, the table below shares the interest rates on home loans availed from Motilal Oswal Home Loan and the total EMI payable on loans availed for 10, 20, and 30 years.
Motilal Oswal 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 lakhs | 11.75% p.a. onwards | Rs. 14,203 | Rs. 10,837 | Rs. 10,094 |
| Rs. 20 lakhs | 11.75% p.a. onwards | Rs. 28,406 | Rs. 21,674 | Rs. 20,188 |
| Rs. 30 lakhs | 11.75% p.a. onwards | Rs. 42,609 | Rs. 32,511 | Rs. 30,282 |
| Rs. 40 lakhs | 11.75% p.a. onwards | Rs. 56,812 | Rs. 43,348 | Rs. 40,376 |
| Rs. 50 lakhs | 11.75% p.a. onwards | Rs. 71,015 | Rs. 54,185 | Rs. 50,470 |
| Rs. 60 lakhs | 11.75% p.a. onwards | Rs 85,218 | Rs. 65,022 | Rs. 60,565 |
| Rs. 70 lakhs | 11.75% p.a. onwards | Rs. 99,421 | Rs. 75,859 | Rs. 70,659 |
| Rs. 80 lakhs | 11.75% p.a. onwards | Rs. 1,13,624 | Rs. 86,697 | Rs. 80,753 |
| Rs. 90 lakhs | 11.75% p.a. onwards | Rs. 1,27,827 | Rs. 97,534 | Rs. 90,847 |
| Rs. 1 crore | 11.75% p.a. onwards | Rs. 1,42,029 | Rs. 1,08,371 | Rs. 1,00,941 |
The table gives an approximate idea of the monthly EMI at 11.75% p.a. interest rate. The EMI is subject to variation depending on various factors such as loan tenure, interest rate, and repayment capacity of the borrower.
FAQ's
The NBFC offers home loans to salaried individuals at interest rates ranging between 11.75% and 16% p.a. Self-employed individuals can avail of the home loan facility at interest rates in the range of 12.75% - 17% p.a.
Yes, most banks and NBFCs allow you to repay your entire home loan amount early and in one go. You may need to pay a penalty, however, for full pre-payment of the loan amount before the end of the loan term. Do check with your bank/NBFC or a BASIC representative for more details.
The lock-in period in the case of Motilal Oswal home loan is 6 months from the date of IPO listing.
All Indian residents (salaried and self-employed) between the age group of 21 and 70 years are eligible to apply for home loans from Motilal Oswal NBFC.
The current MCLR, stable income of the applicant, market value of the property, CIBIL score of the applicant, and the home loan tenure are the key factors considered while determining the home loan interest rate for Motilal Oswal.
Some banks and NBFCs may be open to negotiation for lower interest rates in return for a fee. However, this may be subject to the bank/NBFC’s discretion. It is advised to check with Motilal Oswal Home Loan or a BASIC team representative for more information on this matter.
Motilal Oswal charges up to Rs. 5,000 as processing fees for its home loan applications. This is usually a one-time payment made upfront at the time of applying for the home loan.