Loan comparison of Mahindra & Mahindra Financial Services Limited Home Loan vs IIFL Finance Home Loan

Interest Rate

11.5% onwards per annum
8.20% - 8.70 onwards per annum

Loan Amount

Up to 85% of project cost
Up to 2 to 5 Cr

Loan Tenure

Up to 10 to 20 Years
Up to 25-30 Years

Loan Processing fees

1.75% - 3.5% of Sanction amount
Up to 1.25 of the loan amount + GST

EMI per Lakh

Rs. 1406 Per Lakh
Rs. 748 Per Lakh

Part Payment Charges

N/A
5% within the first year of disbursement and 1% after the first year of the last disbursement

Minimum Income

Consistency and regularity in the income; Rs. 10,000- Rs. 25,000 per month and above
Rs. 25,000 per month and above

Documents

* Duly filled application form

* Passport size photographs

* Proof of Identity such as PAN Card, Aadhaar Card, Passport, Voter’s ID Card, Driving License, Voter’s ID Card, etc.

* Proof of Residence such as Aadhaar Card, Passport, Voter’s ID Card, Driving License, Utility Bills, Voter’s ID Card, etc.

* Property Documents such as Agreement of Sale, Ownership Deed, House Tax Receipt, Power of Attorney, etc.

* PAN/Passport/Driving license/Election /Voters ID card/Aadhaar Card

* Job card issued by NREGA duly signed by the officer of the State Government/ Letter issued by the National Population Register containing details of name and address

* Copy of complete chain documents of the property

* Copy of approved plan (if available) 

* Proof of Income                  


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