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 2023

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

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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
  • 1st Disbursement Visit - Free
  • Subsequent Visits: Rs. 750
Cancellation and Re-issuance of Disbursement Cheque

Rs. 1,000

Collection Visit Fee
  • 1st Visit: Rs. 250
  • Subsequent Visits in the Same Month: Rs. 250 over the last visit charge
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
  • Loans Up to Rs. 5 lakh: Rs. 50
  • Loans Above Rs. 5 lakh: Rs. 100
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

Proof of Income
  • Salary Slip of the previous 3 months
  • Latest Form 16
  • Bank Statements of the previous 6 months
  • Latest Income Tax Return
Other Required Documents
  • 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

Proof of Income
  • 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
Other Required Documents
  • 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
  • AADHAAR Card
  • Voter ID
  • Aadhaar Card
  • PAN Card
Documents Related to Property
  • Allotment Letter
  • Sales Deed
  • Builder payment receipt
  • Permission for construction
  • Copy of the approved construction plan
  • NOC

Interest rates were last updated on 15 July 2023

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How to Apply for Motilal Oswal Home Loan?

MOHFL tries its best to ease out the home loan application procedure for interested applicant. The best and easiest way for Motilal Oswal apply loan is online by following the steps mentioned below:Apply for a Home Loan Through the BASIC Home Loan website

  • Visit the BASIC Home Loan website and click on the ‘APPLY NOW’ option
  • Fill in the form by entering your Name, Details and then ‘Submit’ the form
  • The BASIC Home Loan team will then contact you for assistance in applying for an MOHFL home loan

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.

Disclaimer:

We suggest you verify the latest updates on Motilal Oswal home loan interest rates, fees, or the required list of documents by visiting the official website of MOHFL.

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.