Before applying for a loan

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  1. Construction on own plot
  2. Plot and Construction on a plot
  3. Home Extension/ Renovation
  4. Builder/ New Purchase
  5. Balance Transfer
  6. Resale Purchase
These loans are offered across two segments: Rural and Affordable Housing

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 husband/wife, father/son, etc.

A Guarantor is a person who guarantees to pay for someone else's obligations if he or she should default on it.

EMI (Equated Monthly Instalment) is the amount payable to the lending institution every month, till the loan is paid back in full. It consists of a portion of the interest as well as the principal.

Pre-EMI is the interest you pay on the portion of the loan disbursed pending complete disbursement. Pre-EMI interest is payable every month from the date of each disbursement up to the date of commencement of EMI. Date of EMI commencement is the same as the date of complete disbursement.

In EMI, some portion of your payment goes towards Principal repayment and some portion goes towards Interest repayment unlike Pre-EMI where your entire payment goes only towards Interest and no Principal is reduced.

CIBIL stands for Credit Information Bureau India Limited. CIBIL's aim is to fulfil the need of credit granting institutions for comprehensive credit information by collecting, collating and disseminating credit information pertaining to both commercial and consumer borrowers, to a closed user group of members. Banks, Financial Institutions, Non-Banking Financial Companies, Housing Finance Companies and Credit Card Companies use CIBIL's services. Data sharing is based on the Principle of Reciprocity, which means that only Members who have submitted all their credit data may access Credit Information Reports from CIBIL. Customers are required to have a good CIBIL score to get the best of the product being offered. CIBIL plays a major role in establishing eligibility of the customer for the loan being applied for.

ACH stands for Automated Clearing House, which is a network used for electronic payments and money transfers. ACH is a way to move money without using paper checks, wire transfers, credit card networks, or cash. Customers are encouraged to request for ACH mandate form during loan application so that they can ensure hassle free EMI Payments.

e-NACH and e-Mandate are easier ways for merchants and their buyers to handle all recurring payments. ACH is an offline process where physical documents have to be filed and checked manually, while e-NACH is a paperless online process. This reduces the processing time from 21 to just 2 working days, in most cases.

  • KYC Proof
  • Age Proof
  • Photo ID Proof
  • Residence Address Proof
  • Income Proof
  • Other documents are needed depending on profile and loan product being opted for

MRHFL assesses the customer's repayment capacity based on household income, age, number of dependants, assets, existing obligations, stability and continuity of occupation, savings history, and type of property.

Rate of Interest varies depending on Product, Customer Profile and Property identified.

List of all fees and applicable charges

Loan approval time is completely dependent on the time that customer takes to submit all documents in the format which is mandated by the credit team of the respective branch at which the customer has applied.

The property to be purchased/constructed, itself becomes the security and is mortgaged to MRHFL till the entire loan is repaid.

  1. Processing Fees
  2. Fire Insurance
  3. Life Insurance
  4. Broker Retainer Fees

For your queries related to Home Loans, please visit the nearest Branch. You can also call our Toll Free Number 1800-233-5333 from Monday to Saturday from 9am-6pm

Loan amount is can be collected either in form of cheque or will be done through NEFT in the borrower’s account depending on the type of product.

Loan disbursement is done either in single shot or in parts depending on the type of product. Part disbursement is done based on the stage of construction.

Repayment period options range generally from 5 to 20 years

EMI can be paid directly on our website using Credit Card, Debit Card, Net Banking, Wallet and UPI. We encourage all our customers to visit our nearest the branch and submit their request for ACH mandate wherein, the pending EMI amount would automatically be debited from the customer account. You can visit our branch to make your monthly payments. Apart from this you can use Fino and CSC centres to make your EMI payments.

The additional charges (if any) are applicable in case you default or do not pay your EMI on time. You can use your account to check overdue charges. Bouncing charges are applicable in case of Cheque bouncing or ACH bouncing as is the case.

There are no foreclosure charges applicable

There are no prepayment charges applicable

Existing customers can visit the branch and submit duly filled PMAY form and Customer Affidavit on notarised stamp paper (as per state norms) which will help us apply for CLSS if not done already. Basis the criteria defined by Government of India and eligibility decided by National Housing Bank subsidy will be credited to the customer loan account.

PMAY Form:Link

Customer Affidavit:Link

The subsidy will be credit linked and transferred into loan account of the customer

Type Income Max Carpet Area(sqm) Interest Subsidy Max Loan Purpose Woman Ownership
EWS <3L 60 sqm 6.50% 6L Purchase/Self Construction/Extension Mandatory for purchase
LIG 3L-6L 60 sqm 6.50% 6L Purchase/Self Construction/Extension Mandatory for purchase
MIG 1 ** 6L-12L 90 sqm 4.00% 9L Purchase/Self Construction Not Mandatory
MIG 2 ** 12L-18L 110 sqm 3.00% 12L Purchase/Self Construction Not Mandatory

For further information please visit: http://mohua.gov.in/cms/pradhan-mantri-awas-yojana.php

  • The applicant’s family must not own a house in any part of the country.
  • The applicant’s family must not have availed the benefit of any housing-related schemes set up by the Government of India.
  • Women ownership either single or joint is mandatory for EWS/LIG
  • Applicant must fall in any one of the stated income categories

UPI is a payment system that allows money transfer between any two bank accounts by using a smartphone. UPI allows a customer to pay his/her EMI directly from his/her bank account to MRHFL’s account, both online and offline, without the hassle of typing debit/credit card details, IFSC code, or net banking/wallet password

BHIM (Bharat Interface for Money) app is be available on the Google Play Store and App Store to download. It is a mobile app developed by National Payments Corporation of India (NPCI), based on the Unified Payment Interface (UPI). It is an initiative to enable fast, secure, reliable cashless payments through your mobile phone

The daily limit for BHIM app transaction is ₹40,000 with a per transaction limit of ₹20,000. However, other UPI apps have a higher limit on transaction. Tez, Paytm, Phonepe, SBI Pay permits the transaction of up to ₹1 lakh per day. It is applicable to one transaction as well. Most of the apps have permitted the transaction up to this limit. But, BHIM has a lower limit.

With smartphone Without smartphone
Step 1 Download BHIM app/ Tez app/ Your bank’s UPI App Dial *99#
Step 2 Select your bank from the options Select your bank from the options (Follow instructions)
Step 3 Enter the last 4 digits of your ATM card and expiry date Enter the last 4 digits of your ATM card and expiry date
Step 4 Create a PASSWORD Create a PASSWORD
With smartphone Without smartphone
Step 1 Download BHIM app/ Tez app/ Your bank’s UPI App Dial *99#
Step 2 Click on make payment Follow instructions to dial the number to "Transfer money"
Step 3 Enter address MRHFL"ContractID"@HSBC Enter address MRHFL"ContractID"@HSBC
Eg: If my Contract number is 123456, I will send money to MRHFL123456@HSBC
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