The loan can be paid ahead of schedule and MRHFL will not levy early redemption charges.
How do I repay a home loan?
Based on your repayment capacity, the loan can be repaid in monthly, quarterly or half-yearly equated instalments by way of EMI/EQI/EHI comprising of principal and interest.
Repayment of the loan can be made by cash/cheque/demand draft at any of MRHFLs offices. Repayment can also be made at collection centres approved by MRHFL.
What are the ‘rate of interest’ options for home loans?
Fixed for all customers other than salaried semi-urban class customers: The rates will be fixed during the tenure of the loan and applicable as prevalent on the date of 1st disbursement, subject to revision every 3 years depending on the money market conditions.
Variable for salaried semi-urban and urban class customers: The rates will fluctuate as per the money market conditions and will be notified from time to time.
What is the security required for home loans?
The security required for a loan would be an equitable or simple registered mortgage of the house being financed. The type of mortgage to be created will depend on the documents of title (ownership) being submitted/made available. After a preliminary examination of the papers submitted by an applicant, our legal officers will advise the type of mortgage that would be required.
What types of houses are financed by home loans?
Independent houses and flats/apartments of a permanent nature having a valid title are applicable. They need to have building approvals from civic authorities and also house properties which may be under construction or completed and ready to occupy.