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FAQ

What makes Mamta Housing Finance company Pvt Ltd. my best choice?
  • Lowest Interest Rates
  • Quick approvals
  • Easy documentation
  • Insurance - linked security
  • No Hidden Costs
What are the eligibility conditions for a home loan?

To qualify for a home loan with MHFC, you must be:

  • An Indian resident
  • Above 21 years of age at the commencement of the loan
  • Below 65 when the loan matures
  • Either salaried or self employed
How do I make a loan application?

You could collect an application form from front office or simply download it from our website and submit it yourself along with the supporting documents and the processing fee cheque at MHFC office located in 41, HTC Towers, GST Road, Guindy, Chennai-600032.

What does an EMI mean?

EMI refers to the 'Equated Monthly Installment' which is the amount you will pay to us on a specific date each month till the loan is repaid in full. The EMI comprises of the principal and interest components which are structured in a way that in the initial years of your loan, the interest component is much larger than the principal component, while towards the latter half of the loan, the principal component is much larger.

Do I get tax benefits on the loan?

Yes. You are eligible for tax benefits on the principal and interest components of your Home Loan under the Income Tax Act, 1961. As the benefits could vary each year, please do check with our Loan Counselor about the tax benefits which you could avail on your loan.

When do I start repaying the principal amount?

Repayment of the principal commences from the month following the month in which you avail full disbursement of your loan. Pending final disbursement, you pay interest on the portion of the loan disbursed. This interest is called pre-EMI interest. Pre-EMI interest is payable every month from the date of each disbursement up to the date of commencement of EMI.

In the case of under construction properties, MHFC also offers you a unique 'Tranching' facility wherein you can choose the installments you wish to pay till the time the property is ready for possession. Any amount over and above the interest which is paid by you goes towards principal repayment, thus helping you repay the loan faster. This is especially useful in case your disbursements are likely to be spread over a longer period of time.

How do I repay the loan?

For your convenience, MHFC offers various modes for repayment of the loan. You may issue standing instructions to your banker to pay the installments through ECS (Electronic Clearing System), opt for direct deduction of monthly installments by your employer or issue post-dated cheques from your salary account. For details on penalty for delayed payments and cheque bounce charges, please refer to the information on our specific product pages.

Who can be a co-applicant?

A co-applicant is / are the co-owners of the property which is being offered as collateral / security to the loan. However all co-applicants need not be co-owners. Co-applicants to the loan are generally family members like husband / wife, father / son, etc.

What is meant by Floating & Fixed Rate of Interest?

When the loan is under Floating Rate of Interest, the Rate of Interest are at present reviewed every three months (January, April, July, October) based on the prevailing market conditions as judged by the Company and RPLR. The revised Floating Rate of Interest could increase, decrease or remain the same.

Fixed rate of interest means the rate of interest remains unchanged for the entire duration of the loan. This means you do not benefit even if home loan interest rates drop in the market during the course of your loan.

Does the property have to be insured?

Yes, you will have to ensure that your property is duly and properly insured for fire and other appropriate hazards during the pendency of the loan. You will also have to produce evidence thereof to MHFC, each year and/or whenever called upon to do so. MHFC should be the beneficiary of the insurance policy.

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MHFC Retail Prime Lending Rate (RPLR) is 16.70% w.e.f. 1st October 2018

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