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
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|
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 :-
- Self employed individual
- Business owner
- Asset hiring class
- Salaried Individuals
Mahindra Rural Housing Finance Home Loan EMI Calculator
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.
- 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.