Loan Amount     Maximum Rs 15 lakhs, but will be decided based on customer need, repayment capacity and our internal policies.
Tenor max 15 years.
Interest Rate MHFC's home loan rate is currently between 12% and 13% (floating and will change when the PLR is revised from time to time, in line with market conditions).
Annual Percentage Rate (APR) 12.88% to 13.62%
Processing Fee 2.0% on applied loan amount if paid by Debit Card/Demand Draft (2.5% if paid by Cheque)(Exclusive of Service Tax). Additional Rs. 4000 for customers in Maharashtra for registration of notification of charge.
Prepayment Charges Nil.
Cheque Bounce Charges Rs 250 per event (Inclusive of Service Tax).
Statement Charges Nil.
Late Payment Charges 2 % per month on the amount due.
Document Retrieval Charges Rs 500 per document or Rs 1000 for all documents (Inclusive of Service Tax).
Incidental Charges for recovery of delayed payments Nil.
Cheque Handling Charges Rs 150 per transaction (Inclusive of Service Tax).
Cash Handling Charges Rs 300 per transaction (Inclusive of Service Tax).
Loan to Value Maximum 85%, which means that the borrower will need to provide a margin of 15% min of the value of the house.
Security Mortgage of the house being financed.
Repayment Through customer's electronic standing instructions for all the equal monthly installments (“EMIs”).
MITC MHFC will adhere to the Most Important Terms and Conditions ("MITC") on all loans as prescribed by the National Housing Bank; details on this Policy can be found here: English Version / Hindi Version.
Other Conditions We would expect the borrower/s to have a bank account, and also to take out life insurance (MHFC will help facilitate the bank account and the insurance - currently insurance is provided free to the main earning member / applicant).List of KYC requirements can be found here: KYC Requirement