OWN YOUR FIRST HOME WITH PRIDE
Purchasing a fresh property from a builder/housing board is something many people aspire to do for upgrading living standards.
You can take loan amounts varying from Rs 3 lakh to Rs 40 lakh.
The maximum loan you are eligible for is 80% of the value of your property
You can choose from tenures going up to 20 years.
We offer an installment calculator that is easy to use. It makes it easy for you to calculate the amount of your monthly installment.
The property you buy is mortgaged until you repay the loan amount in full.
You can take the home loan for purchasing a flat from a builder, or a house purchase from a Housing Board or a Development Authority
Indian citizens, both salaried or self-employed, can apply for a loan for home construction.
You need to be at least 21 years of age when applying for a home loan. You should be 65 years or less at the time of loan maturity.
The property or home you purchase should be in a city with an MHFL office and lie within the branch’s geo-limits.
You should have a bank account. All owners of the property being financed and all individuals whose income has been considered for the loan have to be co-applicants to the loan.
When taking a home loan, check out the documents you require and keep them ready. You will require to submit proof of identification and address. The contract with the builder or housing board for sale of property along with KYC and bank/ITR statements are also required.
You can take the loan as an individual or as a joint loan with a spouse, adult child or parent. If there is a co-owner of your first home, they should be co-applicants to the loan. Please get in touch with our customer care executive who can help you with the process of filling and submitting the loan application form without mistakes.
Like every other home loan, you need to consider your eligibility and repayment capacity when taking the first purchase from builder loan. Remember, if your current income is less, you can opt for a longer tenure for a smaller EMI.
If you are taking a home loan for a flat or house still under construction you sign the tripartite agreement. Since you cannot be the owner of the flat or home until construction is completed, the builder or society, the NBFC, and borrower are signees of the agreement.