Unique features of MHFSL products
- Comprehensive Housing Loan Scheme with wide range of products
- Loans for both salaried individuals and self-employed
- Long loan tenure to facilitate easy repayment
- Speedy processing, maximum possible loan amount
- Personalised service in a customer-friendly environment, coupled with flexibility
- Personalised post-disbursement service
- Top-up loan and additional loan to existing customers
Purpose
If you seek to encash the present market value of your existing house, vacant site for any purpose, such as education of your son, marriage of your daughter, medical treatment or any other purpose, MHFSL can consider sanctioning loan against the security of the said house/vacant site.
Maximum Loan
Upto 60% of the value of the property.
Maximum Term
- Salaried Individuals: 20 Years or up to the age of retirement, whichever is earlier
- Self-employed: 20 Years or up to the attainment of 65 years of age, whichever is earlier
Rate of Interest
Rate of Interest will be on `floating basis’, linked to the PLR of the company and the rate will change in accordance with the change in the PLR. Please contact nearest branch for the details regarding the rate of interest prevailing at present.
Fees
Please contact the nearest branch for details of the processing fee and administrative fee.
Pre-Payment Charges
Please contact the nearest branch for the details regarding Pre-payment charges.
Documents Required
| SALARIED INDIVIDUALS | SELF-EMPLOYED |
|---|---|
| Application form duly filled-up with photograph affixed on the space provided for the purpose. | |
| Identity Proof (Aadhaar Card, PAN Card or Election Identity Card), age proof, residence proof. | |
| Copies of the Bank Account Statements for the last six months of all the Bank Accounts including loan accounts/OD Accounts, if any. | |
| Salary slips for the latest three months along with CTC letter. | Copies of the Income-tax Returns for the last 3 years along with financial statements, such as P&L Account and the Balance Sheet for the last three years with tax audit compliance report (wherever applicable) duly certified by the Chartered Accountants. |
| Form No 16 along with IT returns and computation for total income for the last three years. | Business Profile. |
Security
The property against which loan is sanctioned will be the `security’ by way of registered/equitable mortgage through deposit of title deeds. Collateral wherever required be obtained.
Repayment
- Pre-EMI: Pre-EMI interest is to be paid till the loan is fully disbursed
- EMI: EMI has to be paid after full disbursement of the loan
Mode of re-payment
- NACH
- Standing Instruction
- Salary deduction