At MHIL, we grant home loans for -

  • Salaried, Self-employed Professionals and Other Self-employed
  • Construction, Purchase, Improvement and Extension of Residential Properties
  • Plot Loan / Land Loan*
  • Takeover of home loans at reduced interest rate
 


We excel in providing a complete bouquet of services to customers to meet their Home Loan needs. Ease of applying for a loan with branches spread across India, robust service delivery model and mark to market credit & financial policies help customers build a long term relationship of trust and commitment. We offer following range of products based on nature of transaction to cater specific needs of valuable customers

Purchase of Home from Developers/Authority

This facility is available for the purchase of new / under construction home from Developers or Authority.

  • Loan amount:Upto Rs. 50 Lacs in Metros and Rs. 30 Lacs in Non-Metro Cities
  • Maximum Loan to Value:
    Loan Amount Maximum Loan to Value
    Upto Rs. 30,00,000 90% of property value
    From Rs. 30,00,001 to Rs. 50,00,000 80% of property value
  • Tenure:Up to 20 Years (However, the period shall not exceed beyond 60 years and 70 years of age of the borrower/co-borrower, respectively for Salaried and Self Employed borrowers / co borrowers)
  • Repayment:Equated Monthly Instalments (EMI) through Automated Clearing House (ACH).
  • Tax benefits:Tax deduction subject to a maximum limit of Rs 2 Lacs for interest payments and up to Rs 1.5 Lacs for principal repayment. Tax benefit can be shared between co-borrowers subject to certain conditions.

Purchase of Home in Resale

This facility is for purchase of ready built house from present owner.

  • Loan amount:Upto Rs. 50 Lacs in Metros and Rs. 30 Lacs in Non-Metro Cities
  • Maximum Loan to Value:
    Loan Amount Maximum Loan to Value
    Upto Rs. 30,00,000 90% of property value
    From Rs. 30,00,001 to Rs. 50,00,000 80% of property value
  • Tenure:Up to 20 Years (However, the period shall not exceed beyond 60 years and 70 years of age of the borrower/co-borrower, respectively for Salaried and Self Employed borrowers / co borrowers)
  • Repayment:Equated Monthly Instalments (EMI) through Automated Clearing House (ACH).
  • Tax benefits:Tax deduction subject to a maximum limit of Rs 2 Lacs for interest payments and up to Rs 1.5 Lacs for principal repayment. Tax benefit can be shared between co-borrowers subject to certain conditions.

Plot and Construction Loan (Composite Loan):

This facility is to provide finance for purchase of plot and construction of residential house thereon within specific time.

  • Loan amount:Upto Rs. 50 Lacs in Metros and Rs. 30 Lacs in Non-Metro Cities
  • Maximum Loan to Value:
    Loan Amount Maximum Loan to Value
    Upto Rs. 30,00,000 90% of property value
    From Rs. 30,00,001 to Rs. 50,00,000 80% of property value
  • Tenure:up to 20 Years (However, the period shall not exceed beyond 60 years and 70 years of age of the borrower/co-borrower, respectively for Salaried and Self Employed borrowers / co borrowers)
  • Repayment:Equated Monthly Instalments (EMI) through Automated Clearing House (ACH).
  • Tax benefits:Tax deduction subject to a maximum limit of Rs 2 Lacs for interest payments and up to Rs 1.5 Lacs for principal repayment. Tax benefit can be shared between co-borrowers subject to certain conditions.

Plot Purchase Loan:

  • Loan amount:Upto Rs. 50 Lacs in Metros and Rs. 30 Lacs in Non-Metro Cities
  • Maximum Loan to Value:
    Loan Amount Maximum Loan to Value
    Upto Rs. 30,00,000 90% of property value
    From Rs. 30,00,001 to Rs. 50,00,000 80% of property value
  • Tenure:up to 20 Years (However, the period shall not exceed beyond 60 years and 70 years of age of the borrower/co-borrower, respectively for Salaried and Self Employed borrowers / co borrowers)
  • Repayment:Equated Monthly Instalments (EMI) through Automated Clearing House (ACH).
  • Tax benefits:Tax deduction subject to a maximum limit of Rs 2 Lacs for interest payments and up to Rs 1.5 Lacs for principal repayment. Tax benefit can be shared between co-borrowers subject to certain conditions.

Construction Loan:

This facility is to provide financial assistance for construction of Residential House within the approved location limit as per estimate from Registered/Certified Engineers.

  • Loan amount:Upto Rs. 50 Lacs in Metros and Rs. 30 Lacs in Non-Metro Cities
  • Maximum Loan to Value:
    Loan Amount Maximum Loan to Value
    Upto Rs. 30,00,000 90% of property value
    From Rs. 30,00,001 to Rs. 50,00,000 80% of property value
  • Tenure:Upto 20 Years (However, the period shall not exceed beyond 60 years and 70 years of age of the borrower/co-borrower, respectively for Salaried and Self Employed borrowers / co borrowers)
  • Repayment:Equated Monthly Instalments (EMI) through Automated Clearing House (ACH).
  • Tax benefits:Tax deduction subject to a maximum limit of Rs 2 Lacs for interest payments and up to Rs 1.5 Lacs for principal repayment. Tax benefit can be shared between co-borrowers subject to certain conditions.

Improvement Loan:

The way your home looks from inside and outside reflects the lifestyle of the house owners. Hence, it is important for you to improve your home with the changing needs and time. We provide home loan for improving your existing home. Whether it is painting your house walls, concealing your plumbing and electrical works, building a compound wall around your home, grills for your balcony we have the solution for all your needs

  • Loan amount:Upto Rs. 50 Lacs in Metros and Rs. 30 Lacs in Non-Metro Cities
  • Maximum Loan to Value:
    Loan Amount Maximum Loan to Value
    Upto Rs. 30,00,000 90% of property value
    From Rs. 30,00,001 to Rs. 50,00,000 80% of property value
  • Tenure:Upto 15 Years (However, the period shall not exceed beyond 60 years and 70 years of age of the borrower/co-borrower, respectively for Salaried and Self Employed borrowers / co borrowers)
  • Repayment:Equated Monthly Instalments (EMI) through Automated Clearing House (ACH).
  • Tax benefits:Tax deduction subject to a maximum limit of Rs 2 Lacs for interest payments and up to Rs 1.5 Lacs for principal repayment. Tax benefit can be shared between co-borrowers subject to certain conditions.

Extension Loan:

If you want to add more space to your existing home for the future needs of your family, we have the solution for you. We provide home loans for extending your home. Extension to your home can be in the form of an additional bedroom, a reading room, a study room or anything that’s in your mind.

  • Loan amount:Upto Rs. 50 Lacs in Metros and Rs. 30 Lacs in Non-Metro Cities
  • Maximum Loan to Value:
    Loan Amount Maximum Loan to Value
    Upto Rs. 30,00,000 90% of property value
    From Rs. 30,00,001 to Rs. 50,00,000 80% of property value
  • Tenure:Upto 20 Years (However, the period shall not exceed beyond 60 years and 70 years of age of the borrower/co-borrower, respectively for Salaried and Self Employed borrowers / co borrowers)
  • Repayment:Equated Monthly Instalments (EMI) through Automated Clearing House (ACH).
  • Tax benefits:Tax deduction subject to a maximum limit of Rs 2 Lacs for interest payments and up to Rs 1.5 Lacs for principal repayment. Tax benefit can be shared between co-borrowers subject to certain conditions.

Balance Transfer (BT):

This facility allows the customer to transfer his existing Home loan from approved financial institution with or without additional top up.

  • Loan amount:Upto Rs. 50 Lacs in Metros and Rs. 30 Lacs in Non-Metro Cities
  • Maximum Loan to Value:
    Loan Amount Maximum Loan to Value
    Upto Rs. 30,00,000 90% of property value
    From Rs. 30,00,001 to Rs. 50,00,000 80% of property value
  • Tenure:Upto 20 Years (However, the period shall not exceed beyond 60 years and 70 years of age of the borrower/co-borrower, respectively for Salaried and Self Employed borrowers / co borrowers)
  • Repayment:Equated Monthly Instalments (EMI) through Automated Clearing House (ACH).
  • Tax benefits:Tax deduction subject to a maximum limit of Rs 2 Lacs for interest payments and up to Rs 1.5 Lacs for principal repayment. Tax benefit can be shared between co-borrowers subject to certain conditions.

Top up Loan:

With the help of this facility you can celebrate your personal or professional milestones such as marriage, a dream vacation, business expansion, debt consolidation etc. Existing Home loan customers or Home Loan BT Customers can opt for this facility

  • Loan amount:Upto Rs. 50 Lacs in Metros and Rs. 30 Lacs in Non-Metro Cities. The amount is combined loan amount for Existing Home Loan/ BT Loan and Top Up loan.
  • Maximum Loan to Value:Combined LTV of existing Home Loan / BT Loan along with eligible Top up loan, shall not exceed 80%.
  • Tenure:Upto 15 Years (However, the period shall not exceed beyond 60 years and 70 years of age of the borrower/co-borrower, respectively for Salaried and Self Employed borrowers / co borrowers)
  • Repayment:Equated Monthly Instalments (EMI) through Automated Clearing House (ACH).
 
  • Plot Loan / Land loan - Construction of house / residential unit should be completed within three years. Otherwise the loan should be closed forthwith or converted into Commercial Land Loan at applicable rate of interest. Only non-agricultural land will be considered.
  • Income of applicant and co-applicant can be considered for arriving at the repayment capacity. Major factors determining the repayment capacity are steady and stable source of income of applicant and co-applicant, age of borrowers, assets and liabilities etc.

KYC Documents:

  • Identity and Address Proof – Pan card, Passport, Voters ID card, Driving license, Aadhar card, Electricity bill, Telephone bill, Ration card etc
  • Income proof, Salary certificate, Copy of Income Tax Return for two years, Copy of Bank account statement, Copy of last two years’ balance sheet (other than salaried), Copy of educational qualification certificates, Copy of Professional Practice certificate etc.
  • For NRIs, additional documents like copy of Passport, Valid visa, Work contract, Copy of Overseas bank statement, NRE/NRO account statements for last six months, Power of Attorney (if applicant is not able to come to India for signing of documents).