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Mahindra Finance Home Loan Eligibility Calculator

Mahindra Finance offers home loans to eligible customers at affordable interest rates starting at 8.50% p.a., with a repayment period of up to 30 years. However, you will get a loan only if the bank deems you eligible.

Here’s how to check your Mahindra Finance Bank home loan eligibility.

₹10,000₹1.0 Cr.

Do you have Co-Applicant?

%
1 %30 %
Yr
2 Yr30 Yr
₹0₹1.5 Lacs.
Remaining SalaryOther EMIsHome Loan EMI
Remaining Salary
₹75,000
Other EMIs
₹20,000
Home Loan EMI
₹55,000
Eligible Amount
₹63,37,696

Eligible Amount

₹ 63,37,696

Home Loan EMI

₹ 55,000

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Mahindra Finance Home Loan Eligibility Checklist

Mahindra Rural Housing Finance Ltd. offers home loans with relaxed eligibility criteria, focusing on underserved segments. Loans are available if the applicant resides in serviceable locations.

Over 70% of applicants have an annual income below ₹2 lakh. MRHFL works closely with applicants to assess their income and boost approval chances.

Eligibility is based on factors like income, age, employment stability, savings, family background, and assets, provided the home is within their serviceable area.


Factors Affecting Mahindra Finance Home Loan Eligibility

Several factors affect your eligibility for a Mahindra Finance housing loan, including:

FactorImpact on Eligibility
Age of the applicantYounger applicants get longer repayment tenures
Financial positionStrong financials improve eligibility
Repayment recordAlso good repayment history boosts eligibility
Credit scoreHigher scores increase chances of approval
Existing liabilitiesHigher liabilities reduce eligibility
Applicant’s profileStable profiles are favored
Property specificationsNewer, well-located properties have better eligibility
Loan guarantor statusBeing a guarantor to another loan can affect eligibility

Eligibility Based on Age

The eligibility for a home loan is often determined by the applicant’s age, which directly impacts the maximum loan tenure.

Younger applicants can enjoy longer repayment periods, while older applicants may have shorter tenures based on their age. Here’s a breakdown:

Applicant AgeMaximum Eligible Tenure
23 – 45 years30 years
46 years29 years
47  years28 years
48  years27 years
49 years26 years
50 years25 years
51 years24 years
52 years23 years
53 years22 years
54 years21 years

Eligibility Based on Property Value

The value of your property also influences your loan eligibility. Here’s how:

Property ValueLTV Ratio
Up to Rs.30 lakh90.00% of the property cost
From Rs.30 lakh to Rs.75 lakh80.00% of the property cost
Above Rs.75 lakh80.00% of the property cost

Eligibility Based on Credit Score

Your credit score is a crucial factor in determining your eligibility.

RatingCredit Score
Good750 and above
Average600 – 750
PoorBelow 600

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Eligibility for Women

Mahindra Finance is dedicated to empowering women on their path to homeownership by offering equal eligibility criteria for all applicants. In addition, women benefit from a special advantage:

  • Interest Rate Concession: Women applicants are eligible for a 0.05% interest rate concession on the home loan. This concession not only reduces the overall cost of the loan but also makes monthly EMIs more affordable, easing the financial burden and promoting financial independence among women.

Tips to Improve Mahindra Finance Home Loan Eligibility

  1. Maintain a High Credit Score: Ensure timely repayment of existing debts and keep credit utilization low to boost your credit score.
  2. Reduce Existing EMIs: Paying off existing loans or reducing their tenure can free up more of your income for the new home loan.
  3. Choose a Longer Tenure: While tenure may increase the total interest payable, it can lower your monthly EMIs, enhancing affordability.
  4. Opt for a Co-applicant: Including a co-applicant with a stable income can increase your eligibility amount.

Conclusion

The Mahindra Finance Home Loan Eligibility Calculator helps you assess your borrowing capacity instantly, making home loan planning easier and more informed.

For expert assistance, Credit Dharma is here to guide you through every step of the process. Enjoy the convenience of managing your entire home loan journey online, from application to disbursement. Book a FREE call with Credit Dharma for a seamless and hassle-free home loan


Frequently Asked Questions

What is home loan eligibility?

Home loan eligibility is the maximum loan amount a borrower can avail from a lender based on factors like income, age, credit score, and employment status. Lenders use this information to assess the borrower’s repayment capacity and determine the amount they can sanction.

How is home loan eligibility calculated for salary?

Lenders typically calculate home loan eligibility for salaried individuals based on their monthly income, existing liabilities, and loan tenure.

How to calculate home loan eligibility for self-employed?

For self-employed individuals, home loan eligibility is calculated based on their annual income, profit earned, existing liabilities, and tax returns. Lenders may consider the average income from the past two or three years to determine the eligible loan amount. .

What is the home loan eligibility for ₹50,000 salary?

If your monthly salary is ₹50,000, your home loan eligibility will depend on various factors, including current liabilities and loan tenure. Assuming no other loans, you may be eligible for a loan of approximately ₹25 to ₹35 lakhs, with the exact amount varying based on the interest rate and loan tenure. Lenders usually cap the EMI at around 50% of your salary, which would be ₹25,000 per month.