Loan comparison of Mahindra & Mahindra Financial Services Limited Home Loan vs Muthoot Housing Finance Ltd Home Loan

Interest Rate

11.5% onwards per annum
12-19% per annum

Loan Amount

Up to 85% of project cost
Up to Rs. 75,000 to Rs. 25 Lakhs or Rs. 2 Lakhs to Rs. 30 Lakhs

Loan Tenure

Up to 10 to 20 Years
Up to 3 to 20 Years

Loan Processing fees

1.75% - 3.5% of Sanction amount
2.5% of the loan amount approved

EMI per Lakh

Rs. 1406 Per Lakh
Rs.1101 Per Lakh

Part Payment Charges

N/A
NIL

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.

PROOF OF RESIDENCE:

* Ration Card/Passport/Driving Licence/Voter's ID Card

* Bank Account Statement

* Current Telephone / Electricity / Gas Bill / Water Bill / Property Tax

PROOF OF IDENTITY:

* Passport/Driving Licence/Aadhar Card (UIDAI)

* Letter confirming identity from a commercial bank

* Employee ID Card issued by Central / State Government undertaking

* Voter’s ID Card/Pan Card

SALARIED INDIVIDUAL

* Salary Slip of last 3 months

* Bank Statement for the last 12 months

* ITR for last 2 years if available

BUSINESS INDIVIDUAL

* Business ownership proof documents like license, rent agreement of shop etc.

* Income documents like purchase bills, sales bills, sales register etc.

* Bank statement for last 12 months

* ITR for last 2 years if available


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