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Motilal Oswal Home Finance Home Loan Highlights | |
Interest Rates | 11.75%-17.00% p.a. |
Loan Amount | Up to Rs 50 lakh |
Tenure | 5-25 years |
Processing Fee | Up to Rs 10,000 |
Note: Rates as of 1st October 2024
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Table of Contents
Motilal Oswal Home Finance Home Loan Interest Rates
Applicant Type | Interest Rate (p.a.) |
Salaried | 11.75%-16.00% |
Self-Employed | 12.75%-17.00% |
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Compare Home Loan Interest Rates for Top Banks & HFCs
Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh | |
SBI | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | Apply Now |
HDFC Bank Limited | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards | Apply Now |
LIC Housing Finance | 8.50% - 10.35% p.a. | 8.50% - 10.55% p.a. | 8.50% - 10.75% p.a. | Apply Now |
ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50%-11.45% p.a. | Apply Now |
Punjab National Bank | 8.45% - 10.25% p.a. | 8.40% - 10.15% p.a. | 8.40% - 10.15% p.a. | Apply Now |
Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. | Apply Now |
IDFC First Bank | 8.85% p.a. onwards | 8.85% p.a. onwards | 8.85% p.a. onwards | Apply Now |
L&T Finance Limited | 8.65% p.a. onwards | 8.65% p.a. onwards | 8.65% p.a. onwards | Apply Now |
Tata Capital Housing Finance | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards | Apply Now |
Axis Bank | 8.75%-13.30% p.a. | 8.75%-13.30% p.a. | 8.75%-9.65% p.a. | Apply Now |
Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Apply Now |
Home Loan Schemes Offered by Top Lenders Check Now
Motilal Oswal Home Finance Home Loan Fees and Charges
Processing Fee | Up to Rs 10,000 |
ECS/Cheque/NACH Dishonour Charges per transaction | Rs 500 |
Document Retrieval Charges | Rs 1,500 |
Late Payment Charges | 24% p.a. |
Charges for account statement/prepayment or foreclosure statement/Duplicate or No due Certificate | Rs 2,000 + GST (18%)= Rs 2,360 |
CERSAI Charges | CERSAI Creation/ CERSAI Modification:
· For Loan Amount up to Rs 5 lakh- Rs 50 · For Loan Amount more than Rs 5 lakh- Rs 100 CERSAI Discharge: NIL |
Sanction Revalidation Charges | Rs 1,500 |
Technical Visit Charges | First Disbursement Visit- Free
Subsequent Disbursement Visit- Rs 750 |
Collection Visit Charges | First Visit- Rs 250
Subsequent visits in the same month- Rs 250 over the previous visit charges, i.e. Rs 500, Rs 750, and so on |
Cancellation and Re-issuance of Disbursement Cheque | Rs 1,000 |
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Types of Motilal Oswal Home Finance Home Loan
Home Loan for Purchase
Purchase: For purchase of an under-construction/ready/construction of a new residential property on your own land
Loan Amount: Rs 5 lakh- Rs 50 lakh
Tenure:
- For Salaried: 5-25 years
- Self-Employed: 5-25 years
Home Loan Balance Transfer
Purpose: To transfer the existing loans from other banks/HFCs to Motilal Oswal Home Finance at lower interest rates.
Construction Loan
Purpose: To construct residential areas from a contractor or contractual builder on a freehold plot of non-agricultural use
Loan Amount: Up to 50 lakh
LTV Ratio: Up to 85% of construction cost
Tenure
- For Salaried Applicants: 5-25 years
- For Self-Employed Applicants: 5-25 years
(The tenure can extend beyond 70 years of age in case of self-employed and 60 years of age in case of salaried applicants)
Home Improvement Loan
Purpose: For home improvements including tiling, painting, roofing, flooring, furniture work, electrical work, plumbing, waterproofing, grilling, etc.
Loan Amount (LTV Ratio): 85% of the cost of improvement, maximum Rs 5 lakh
Tenure: 5-10 years (The tenure can extend beyond 70 years of age in case of self-employed and 60 years of age in case of salaried applicants)
Home Extension Loan
Purpose: For the extension of existing property such as the construction of extra rooms or floors.
Loan Amount: Up to Rs 25 lakh
LTV Ratio: 85% of construction cost
Tenure
- For Salaried Applicants: 5-25 years
- For Self-Employed Applicants: 5-25 years
(The tenure can extend beyond 70 years of age in case of self-employed and 60 years of age in case of salaried applicants)
Pradhan Mantri Awas Yojna (PMAY)
Purpose: For purchase of new/resale home, home construction loan for EWS/LIG/MIG, for improvement/extension of an existing home for EWS/LIG with subsidy benefits of up to Rs 2.67 lakh
Tenure: Up to 20 years
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Eligibility Criteria for Pradhan Mantri Awas Yojna (PMAY)
- The family of the beneficiary should not own a pucca house in his/her name or in the name of any family member
- If the applicant is a married couple, either of the partners or both together (in joint ownership) will be eligible for a single subsidy
- For LIG/EWS female property ownership is compulsory
- The family of the beneficiary shouldn’t have availed central assistance under any housing scheme from the Indian Government or any benefit under any scheme in PMAY
- The total tenure and loan amount can be higher but the subsidy will be limited to Rs 2.67 lakh for EWS and LIG applicants, Rs 2.35 lakh for MIG 1 applicants, and Rs 2.30 lakh for MIG 2 applicants
Documents Required for Motilal Oswal Home Finance Home Loan
KYC Documents
- Driving License (RP, ID)
- Recent Bank Statement
- Latest bills for telephone and electricity
- Ration card
- Passport (SV, ID, RP)
- Letter from the employer
- Affidavit (RP, ID)
- Aadhaar Card (ID, RP)
- Letter from society
- PAN Card (SV, ID)
- Processing Fee Cheque
For Salaried Applicants
- Last 3 months salary slip/salary certificate
- Recent Form-16
- Cheque of processing fee from a salary bank account
- Last 6 months bank statement showing salary credited
- If on probation, an appointment letter with CTC is required
- If the website is not available or the employer is not well-known, the employer company profile is required
For Self-Employed Applicants with Professional Income
- Income statement computation
- Balance sheet copy
- Copy of P&L account
- TDS Certificate
- IT acknowledgment copy for past 2 years duly certified by CA
- Audit report copy
- Copy of tax paid challans
- Business Profile in brief
- Bank Statement for past 1 year
- Processing fee cheque from a current bank account
- Copy of business license such as shop and establishment, etc.
- Copy of practice certificate or qualification certificate
Additional Documents for Self-Employed Applicants with Business Income
- Copy of partnership deed in case of partnership firm
- Copy of MOA
- If the applicant is a director/company, a list of directors and shareholders is required
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Motilal Oswal Home Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
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