If you can dream it, you can own it! Everything you need to know to avail of a home loan is right here. You can be assured of fair terms, total transparency and flexibility. We believe that when it comes to owning a home, nothing should come in the way.
- Loans for construction on a freehold / lease hold plot or on a plot allotted by a Development Authority.
- Avail a Home Loan of up to 80% of the cost of property or 80% of market value, whichever is lower Minimum loan amount shall be Rs.5,00,000/-
Tenure & Term
- The tenure of your Home Loan ranges from 1 to 25 years. The term however does not extend beyond the retirement age.
Applicant and Co-Applicant
- Home Loans can be applied by an individual. The loan amount can be further enhanced by including an earning co-applicant.
- Attractive Interest Rates
- Easy Documentation
- Quick Approval
- No hidden costs
Adjustable Rate Home Loan
A Home Loan under the Adjustable Rate is linked to MHFC's Retail Prime Lending Rate (RPLR). If there is a change in our RPLR, the interest rate on your loan will be revised once in three months depending on the date of your first disbursement with or without a change in EMI. If the interest rate increases, the interest component in an EMI will increase and the principal component will reduce resulting usually in an extension of term of the loan, and vice versa when the interest rate decreases.
Fixed Rate Home Loan – 2 Year Fixed Rate Variant
A Fixed Rate Home Loan offers you a part fixed rate term and a part adjustable rate term. Under this variant of the Fixed Rate Home Loan, you can avail of a fixed rate for a maximum term of 2 years, post which the loan will automatically convert to an adjustable rate, adding up to a total term of 20 years.
Fixed Rate Home Loan – 5 Year Fixed Rate Variant
A Fixed Rate Home Loan offers you a part fixed rate term and a part adjustable rate term. Under this variant of the Fixed Rate Home Loan, you can avail of a fixed rate for a maximum term of 5 years, post which the loan will automatically convert to an adjustable rate, adding up to a total term of 20 years.
You can avail a Home Loan of up to 80% of the construction estimate. The loan amount can be further enhanced by including an earning co-applicant.
The actual Home Loan amount is determined taking into various account factors such as:
- Repayment Capacity
- Educational qualifications
- Stability and continuity of income
- Number of dependents
- Co-applicant's income
- Saving habits and more
- Proof of Identity: PAN card/ Voter id/ Passport/ Aadhaar card/ Driving license/ Employee id/ photo id issued by state / central / statutory / regulatory / bar council / ministries / MNC.
- Proof of Residence: Voter id / Passport / Aadhaar card / Ration card / Gas connection or Electricity book / Telephone bill / Bank statement / Postal passbook / Demat statement / Rental or Lease agreement / Title deed copy / Movement or Transfer order or House allotment letter for Defence personnel.
- Salaried: 3 months' payslips, Form-16 and IT returns, 6 months bank statement, Passport size photograph of all the applicants / co-applicants to be affixed on the Application Form and signed across. Cheque for processing fee favouring 'Mamta housing finance company pvt Ltd'. If there is change in employment in last 3 years, then Appointment letter of new employer, Relieving letter from last employer, and Resume.
- Self-employed: PAN, TAN Card. Income Tax Returns along with computation of income for the last 3 Assessment Years. Last 3 years' Balance Sheet and Profit & Loss A/c Statements, with Annexures/Schedules (Points 2 & 3 should be of both the individual and the business entity and attested by a CA). Last 6 months' Current A/c Statements of the business entity and Savings Account Statements of the individual. Business Profile. Latest Form 26 AS. List of Directors and Shareholders with their individual shareholding certified by a CA / CS in case of the business entity being a company. Memorandum and Articles of Association of the Company. Partnership Deed in case of the business entity being a partnership firm. Details of ongoing loans of the individual and the business entity including the outstanding amount, instalments, security, purpose, balance loan term, etc. Passport size photograph of all the applicants / co-applicants to be affixed on the Application Form and signed across. Cheque for processing fee favouring 'Mamta housing finance company pvt Ltd.'
- Property related documents: Receipt/(s) of initial payment/(s) made to the seller. Copy of the agreement to sell (if already executed).
- Legal documents: Title Deeds including the previous chain of the property documents. Encumbrance certificate from 1.1.1987 to till date. Construction plan approval from local authorities. Layout plan approval from local authorities. House tax receipt-latest.
All documents to be self-attested. The above list is indicative in nature and additional documents can be asked for.