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.

Loan Amount

You can take loan amounts varying from Rs 3 lakhs to Rs 25 lakhs.

Loan To Value (LTV)

The maximum loan you are eligible for is 80% of the value of your property

Tenure

You can choose from tenures going up to 20 years.

Installment Calculator

We offer an installment calculator that is easy to use. It makes it easy for you to calculate the amount of your monthly installment.

Mortgage

The property you buy is mortgaged until you repay the loan amount in full.

Property

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

Employment

Indian citizens, both salaried or self-employed, can apply for a loan for home construction.

Age

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.

Location of Property

The property or home you purchase should be in a city with an MHFL office and lie within the branch’s geo-limits.

Others

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.

Provide the Documents

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.

Complete the Loan Application Process

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.

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Frequently Asked Questions

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.