Tag Archives: Mahindra Rural Housing Finance Home Loan

Mahindra Rural Housing Finance Ltd – Home Loan Eligibility, Interest Rate, EMI Calculator

Mahindra Rural Housing Finance – Apply & Get Lowest Interest Rate on Home Loan Eligibility. Check MRHFL Monthly EMI Calculator, Documents Required & Processing Fee. 

Mahindra Housing Rural Housing Finance – Get Quick Home Loan Quotes Online

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Disclaimer: We do not provide Home Loans but help you to connect with banks to get best deals.
All loans are on sole discretion on the respective banks

Mahindra Rural Finance is a subsidiary of the leading mahindra & mahindra financial services limited which aims at providing home loan specifically in rural areas.

MRHFL operates through 9 states namely : Maharashtra, Gujarat, Rajasthan, Madhya Pradesh, Tamil Nadu, Andhra Pradesh, Karnataka, Kerala, Bihar.

If you belong to a rural area & unable to avail a loan from bank or any other financial institution due to lack of documents & income proof, then, MRHFL is the best option that you can choose.

The company started operating in 2009 which provides Loan for :-

  • Construction of dwelling units
  • Purchase of a new property or under construction house / flat
  • Improvement or Renovation of existing house
  • Extension of existing dwelling units
  • Joint liability group loans.

Mahindra Rural Housing Finance Interest Rate 

RATE OF INTEREST
Housing Loans Floating @ 11.50% p.a. onwards*
Fixed @ 18% p.a onwards*
Non – Housing Loans 17% p.a onwards*
*Terms & conditions applied

Eligibility

Applicants should come under the eligible norms laid by the company. Loan will be provided only after considering various factors such as income, age, employment stability, savings, assets & liabilities & family background.

Following is the list of segments who can apply :-

  • Agriculturist
  • Self employed individual
  • Business owner
  • Asset hiring class
  • Salaried Individuals

Mahindra Rural Housing Finance Home Loan EMI Calculator 

Loan Amount
Interest Rate (Reducing) % Per Annum
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Monthly EMI
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Flat Interest Rate PA
Flat Interest Rate PM
Total Interest Amount
Yearly Interest Amount

Features & Benefits of MRHFL Home Loan

  • The maximum loan tenure is 20 years which can be repaid in monthly, quarterly or half yearly equated installments by way of EMI/ EQI/ EHI comprising of principal and interest.
  • Loan amount Up to 75% of cost of construction excluding cost of land will be sanctioned.
  • Pre installment interest would be payable during the period after you take your first disbursement and before commencement of your Equated Installment.
  • Pre EMI interest would be charged at the same rate at which EMI is calculated and would be payable every month on the amount of loan disbursed.
  • Repayment of the loan can be made by cash / cheque/demand draft at any of MRHFLs offices.
  • MRHFL also accepts post dated cheques for repayment. Repayment can also be made at Collection Centers approved by MRHFL.
  • Life insurance of the applicant and house facility can be availed but before loan disbursement.

Documents Required

  • Duly filled application form.
  • Latest passport sized photograph.
  • Age proof – Passport, PAN card, Driving License, Birth certificate, Voter ID / Election card, School leaving certificate, Life insurance policy, Employee ID or Aadhaar card (Any one).
  • KYC documents – Aadhaar card, Driving License, PAN card.
  • Address proof – Passport, Driving License, Voter ID, Ration card, Electricity bill, Telephone bill or Rent agreement.
  • Valid Income proof.
  • 13 years record of ownership of property & an original agreement is required in case of property documents.
  • Field investigation required

Fee & other Charges 

FEE & CHARGES
Processing fee 1.75% – 3.5% of sanction amount
Document fee ₹ 500/-
Delayed payment charges 24% p.a on the instalment due
Cheque bounce charges ₹ 500/-
Document retrieval charges ₹ 500/-
Cheque cancellation & re – issue charges ₹ 500/-
DD/ Pay order issuance charges ₹ 150/-
Reissuance of amortization schedule ₹ 100/-
Reissuance of statement of account ₹ 250/-
Final pre – closure statement charges ₹ 250/-
Duplicate No objection certificate ₹ 100/-

Latest News on Mahindra Rural HF

1) Mahindra Rural Housing Finance (MRHFL) is planning to diversify into higher-ticket affordable segment which is ₹ 5 lakhs to ₹ 10 lakhs. . The diversification in higher-ticket affordable segment is expected to reduce operating cost as well as reduce negligence. MRHFL is already in ‘Work on Progress’ for the same.