Motilal Oswal Housing Loan
Motilal Oswal Housing Finance Limited (MOHFL) is an emerging Non-Banking Financial Company registered with the National Housing Bank (NHB). The NBFC has a strong presence in 12 major states in Southern, Western, and North-Central India. Motilal Oswal home loan rate of interest starts at 11.75% p.a. The NBFC charges a nominal processing fee of up to Rs. 5,000 on home loan applications from each applicant. The maximum loan repayment tenure for salaried applicants applying for a home loan from Motilal Oswal Housing Finance is up to 25 years, and for self-employed applicants, it is up to 20 years. Motilal Oswal Home Finance Limited offers exciting housing loan schemes to help people purchase, extend, improve, or construct homes with minimum documentation.
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Motilal Oswal Housing Finance Home Loan Highlights
Get the lowest interest rates with Motilal Oswal Housing Bank Home Loan
| Loan Amount | Up to Rs. 40 lakh |
|---|---|
| Rate of Interest | 11.75% per annum |
| RPLR | |
| Processing Fee |
Up to Rs. 5,000 |
| Maximum Tenure for Repayment | Salaried Applicants: 25 years | Self-employed Applicants: 20 years |
| Penal Rate of Interest | |
| Rate Packages | Fixed/ Floater |
| Charges for Prepayment/Foreclosure | Up to 4% + GST |
Motilal Oswal Home Loan Interest Rates in 2024
Motilal Oswal Housing's interest rate starting at 11.75% per annum helps many potential home buyers buy or extend their homes. Whether the applicant wants to purchase or construct a house or renovate or extend an existing home, a suitable home loan is available at MOHFL with minimum documentation.
The table will enlighten you with the Motilal Oswal Housing Finance Housing Loan interest rates 2023 for different housing loan schemes offered by the NBFC:
| Loan Slab | Interest Rate for Home Loan |
|---|---|
| Home Purchase Loan | Salaried: 11.75% - 16.00% per annum | Self-Employed: 12.75% - 17.00% per annum |
| Home Construction Loan | Salaried: 11.75% - 16.00% per annum | Self-Employed: 12.75% - 17.00% per |
| Home Improvement Loan | Salaried: 11.75% - 16.00% per annum | Self-Employed: 12.75% - 17.00% per annum |
| Home Extension Loan | Salaried: 11.75% - 16.00% per annum | Self-Employed: 12.75% - 17.00% per annum |
| Balance Transfer Home Loan | Salaried: 11.75% - 16.00% per annum | Self-Employed: 12.75% - 17.00% per annum |
| PMAY Home Loan | Salaried: 11.75% - 16.00% per annum | Self-Employed: 12.75% - 17.00% per annum |
Interest rates were last updated on 1st December 2023
Motilal Oswal Home Loan Eligibility Criteria
Motilal Oswal Housing Finance grants home loans to eligible applicants, who can be either salaried or self-employed individuals. Besides this employment status, the NBFC also takes into consideration some other general factors as eligibility criteria.
The table below talks about the Motilal Oswal home loan eligibility criteria for your reference:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 21 - 7021 - 70 | 21 - 70 |
| Nationality | Indian Residents | Indian Residents |
| Minimum Income Earned | Nothing Specific | Nothing Specific |
Motilal Oswal Housing Loan Processing Fee and Charges
Motilal Oswal Housing Finance charges a processing fee of up to Rs. 5000 for processing home loan applications from applicants. This fee helps the NBFC recover the cost for various operations conducted to process these applications. Besides, the processing fee, the MOHFL also charges some other fees for housing loan schemes.
The table below highlights the updated Motilal Oswal home loan processing fee and charges for 2023:
| Processing Fee | Up to Rs. 5,000 |
|---|---|
| Document Retrieval Charges | Rs. 1,500 |
| Late Payment Charges | 24% p.a. |
| Technical Visit Fee |
|
| Cancellation and Re-issuance of Disbursement Cheque | Rs. 1,000 |
| Collection Visit Fee |
|
| Sanction Revalidation Fee | Rs. 1,500 |
| Prepayment/ Foreclosure Charges | Up to 4% + GST |
| Foreclosure Statement Charges | Rs. 2,000 + GST (18%) = Rs. 2,360 |
| CERSAI Charges |
|
| Cheque Dishonor Fee | Rs. 500 |
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Motilal Oswal Home Finance Schemes and Top Plans
Motilal Oswal Housing Finance Ltd. offers a wide range of housing loan schemes for eligible applicants in India. These can be availed for up to 25 years of repayment period. Have a look at the main features of the popular home loan schemes offered by the NBFC:
Home Purchase Loans
- Best housing loan scheme to buy a new home
- Loan amount ranges between Rs. 5 lakh - Rs. 40 lakh
- Maximum loan tenure for salaried applicants is between 5 to 25 years, and for self-employed applicants is between 5 to 20 years
Home Construction Loans
- Ideal home loan for constructing a residential home in a non-agricultural area
- The maximum loan amount is up to Rs. 40 lakh
- Loan to Value Ratio is up to 85% of the construction cost
Home Improvement Loans
- Suitable for those keen to improve their home by painting, flooring, roofing, or similar services
- Loan to Value Ratio is Rs. 5 lakh or up to 85% of the cost of improvement (whichever is cheaper)
- Maximum loan tenure ranges between 5 to 10 years
Home Extension Loans
- Perfect home loan for those keen to extend an existing home by adding an extra floor or room
- Loan amount ranges between Rs. 5 lakh - Rs. 25 lakh
- Loan to Value Ratio is up to 85% of the construction cost
Balance Transfer Home Loans
- Flexible way to transfer the outstanding loan amount from another bank or NBFC to MOHFL
- Lower interest rates
- Up to Rs. 40 lakh loan amount
Pradhan Mantri Awas Yojana (PMAY) Home Loan
- Affordable housing loan schemes for EWS/ LIG/ MIG sections of the society
- Subsidy benefits of up to Rs. 2.67 lakh
- The maximum loan repayment period is up to 20 years
Note: All of the above home loan plans are made available to applicants solely at the discretion of Motilal Oswal Housing Finance, taking into consideration the earning and repayment capacity of the applicant.
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Documents Required For Motilal Oswal Home Loan
The required list of Motilal Oswal home loan documents is shared below for your reference so that you don't miss out on getting loan approvals due to incomplete document submission. These documents may vary slightly depending on whether the applicant is a salaried or a self-employed individual.
Documents Required for Salaried Applicants
- Salary Slip of the previous 3 months
- Latest Form 16
- Bank Statements of the previous 6 months
- Latest Income Tax Return
- Duly filled home loan application form
- Recent passport-size photographs
- Cheque for processing fee in favor of Motilal Oswal Housing Finance
Documents Required for Self-Employed Applicants
- Copy of Business License
- Copy of Certificate to practice
- Copy of Audit Report
- P&L Account Statements
- Bank Statements for the previous 6 months
- Income Tax Returns of the previous 2 years
- Duly filled home loan application form
- Recent passport-size photographs
- Cheque for processing fee in favor of Motilal Oswal Housing Finance
Common Documents Required from Both Salaried and Self-Employed Applicants
| Type of Document | Documents Required |
|---|---|
| Identity & Address Proof |
|
| Documents Related to Property |
|
Find Motilal Oswal Housing Finance Home Loan Offices Near You
So, have you made up your mind to apply for a home from MOHFL and want to locate the nearest Motilal Oswal Housing Finance Home Loan office? Then, all you need to do is fill in the Free Consultation Form available at the official website of BASICHomeloan, and you will get the required assistance and information regarding the same.
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 price for Motilal Oswal Home Finance Unlisted Share is Rs. 14 per Equity Share.
Yes, Motilal Oswal Home Finance Limited is a Non-Banking Financial Company (NBFC) providing many financial services like easily accessible home loans to eligible applicants.
The current interest rate of Motilal Oswal's home loan starts at 11.75% per annum. However, we strongly recommend you check the same from the official sources of the NBFC.
Motilal Oswal Housing Finance Ltd. was established in the year 1987 in Mumbai by just two people as a small sub-broking unit.
Motilal Oswal Bank home loans are open to salaried as well as self-employed applicants residing in India with a minimum age of 21 years and having a decent CIBIL score and repayment capacity.
You can easily check your home loan status in Motilal Oswal Bank through the official website or by visiting the nearest branch office.
Factors like the market value of the property, current MCLR, credit score of the applicant, income stability, and home loan tenure are taken into consideration to determine the MOHFL home loan interest rate.