A co-applicant is/are the co-owners of the property which is being offered as collateral/security to the loan. However all co-applicants need not be co-owners. Co-applicants to the loan are generally husband/wife, father/son, etc.
A Guarantor is a person who guarantees to pay for someone else's obligations if he or she should default on it.
EMI (Equated Monthly Instalment) is the amount payable to the lending institution every month, till the loan is paid back in full. It consists of a portion of the interest as well as the principal.
Pre-EMI is the interest you pay on the portion of the loan disbursed pending complete disbursement. Pre-EMI interest is payable every month from the date of each disbursement up to the date of commencement of EMI. Date of EMI commencement is the same as the date of complete disbursement.
In EMI, some portion of your payment goes towards Principal repayment and some portion goes towards Interest repayment unlike Pre-EMI where your entire payment goes only towards Interest and no Principal is reduced.
CIBIL stands for Credit Information Bureau India Limited. CIBIL's aim is to fulfil the need of credit granting institutions for comprehensive credit information by collecting, collating and disseminating credit information pertaining to both commercial and consumer borrowers, to a closed user group of members. Banks, Financial Institutions, Non-Banking Financial Companies, Housing Finance Companies and Credit Card Companies use CIBIL's services. Data sharing is based on the Principle of Reciprocity, which means that only Members who have submitted all their credit data may access Credit Information Reports from CIBIL. Customers are required to have a good CIBIL score to get the best of the product being offered. CIBIL plays a major role in establishing eligibility of the customer for the loan being applied for.
ACH stands for Automated Clearing House, which is a network used for electronic payments and money transfers. ACH is a way to move money without using paper checks, wire transfers, credit card networks, or cash. Customers are encouraged to request for ACH mandate form during loan application so that they can ensure hassle free EMI Payments.
e-NACH and e-Mandate are easier ways for merchants and their buyers to handle all recurring payments. ACH is an offline process where physical documents have to be filed and checked manually, while e-NACH is a paperless online process. This reduces the processing time from 21 to just 2 working days, in most cases.
Mahindra Home Finance assesses the customer's repayment capacity based on their household income, age, number of dependents, assets, existing obligations, stability and the continuity of occupation, savings history, and type of property.
You can apply for a home loan with Mahindra Home Finance in any of the following ways:
Rate of Interest varies depending upon the customer’s CIBIL score, product, loan amount, profile type and property identified. For detailed information about our Home Loan, Interest Rates, and Processing Fee charges, click here
Click here to know about all fees and applicable charges.
Home loan repayment period option ranges from 2 to 25 years at Mahindra Home Finance depending on the case.
The maximum tenure the home loan can be extended is up to 25 years.
Additional charges (if any) are applicable in case you are:
There are no foreclosure charges applicable
There are no prepayment charges applicable
Mahindra Home Finance has the following modes of payments:
a. UPI
b. ACH
c. BBPS
d. QR Code
e. Visiting your nearest branch
Please check for a refund in your bank statement and if the issue persists, you can write to Mahindra home finance customer care team on or call mrhfl.cc@mahindra.com on 1800 233 5333 (Toll Free number)
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