Home is where the heart is. A place you can call your own, where you can raise a family and make memories. But buying a home is no small feat – it’s probably one of the biggest purchases you’ll ever make. That’s why it’s important to do your research before taking the plunge and to know all your options when it comes to home loans.
In this article, we’ll take a look at Motilal Oswal home loan offerings, including interest rates, features, Eligibility and an EMI calculator.
Motilal Oswal Home Loan Highlights
|Interest Rates||11.25% p.a. onwards|
|Loan Amount||Up to Rs 50 lakh|
|Tenure||Up to 25 years|
|Processing Fee||Up to Rs 5,000|
Motilal Oswal Home Loan
Motilal Oswal is a leading home finance company in India that provides a wide range of home loan products to suit the needs of every customer. Motilal Oswal Home Finance offers home loan interest rates starting from 11.25%. You can take a home loan of Rs 5 lakh to Rs 40 lakh for a maximum tenure of up to 25 years.
Features of Motilal Oswal Home Loan
The Motilal Oswal Home Loan is a competitively priced home loan product that offers several features and benefits to borrowers. Some of the key features of the Motilal Oswal Home Loan include:
- Quick and easy approval process: The Motilal Oswal Home Loan has a quick and easy approval process. This means that borrowers can get their loan approved quickly and without any hassle.
- Competitive interest rates: The Motilal Oswal Home Loan offers some of the most competitive interest rates in the market. This makes it an attractive option for borrowers looking for a home loan.
- Flexible repayment options: The Motilal Oswal Home Loan offers borrowers flexible repayment options. This means that borrowers can choose a repayment schedule that suits their needs and financial circumstances.
Motilal Oswal Home Loan Interest Rate
When it comes to home loans, interest rates are one of the most important factors to consider. And when you’re looking for a good interest rate, Motilal Oswal Home Finance is a great option.
|Applicant Type||Interest Rate|
|Salaried||11.25% to 14.50% p.a.|
|Self-Employed||12.50% to 15.25% p.a.|
Motilal Oswal Home Loans offer fixed and variable interest rate options, so you can choose the product that best suits your needs. The company also offers a range of value-added services to make the home loan process more convenient for you.
- Fixed Interest Rate Home Loan: The interest rate on this type of loan is fixed for the entire tenure of the loan, so you know exactly how much you need to repay each month. This makes budgeting for your loan repayment easy and predictable.
- Variable Interest Rate Home Loan: With a variable interest rate loan, your monthly repayments may go up or down depending on changes in market conditions. This type of loan can offer some flexibility in your budget, as you may be able to make lower repayments if interest rates fall.
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Motilal Oswal Home Loan EMI Calculator
If you’re looking to calculate your monthly home loan EMI, then you’ll want to check out the Home Loan EMI Calculator. This easy-to-use online tool can help you determine your monthly EMI in just a few simple steps.
First, you’ll need to enter some basic information about your loan, including the loan amount, interest rate, and repayment tenure. Then, you’ll be able to see your estimated EMI based on this information. Home Loan EMI Calculator also allows you to see how your EMI would change if you were to make prepayments on your loan.
Types of Motilal Oswal Home Loan
There are many different types of home loans available from Motilal Oswal Home Finance, each with its own unique benefits. Whether you’re a first-time home buyer or looking to refinance your existing home loan, we can help you find the right loan for your needs.
Here are just a few of the different types of home loans offered by Motilal Oswal Home Finance:
1. Home Improvement Loan
Looking to make some home improvements? Motilal Oswal Home Finance can help you finance your project. They offer loans for a variety of home improvement projects, including tiling, painting, furniture work, electrical work, plumbing, waterproofing and more.
- Loan Amount: Up to 85% of the estimated cost of improvement (Maximum Rs.5 Lakhs)
- Tenure: 5 to 10 years
2. Home Loan for Purchase
Looking to finance the purchase of an under-construction/ready/construction of a new residential property on your own land? Motilal Oswal Home Finance can help make your dream home a reality.
- Loan Amount: Minimum Rs.5 Lakhs & Maximum Rs.50 Lakhs
- Tenure: 5 to 25 years
3. Construction Loan
Are you planning to construct a residential area on a freehold plot of non-agricultural use? If yes, then you can avail the home finance services offered by Motilal Oswal. This finance company provides construction finance to individuals as well as builders & developers for the construction of residential areas.
- Loan Amount: Up to 85% of the construction cost Maximum Rs.50 Lakhs
- Tenure: 5 to 25 years
4. Home Extension Loan
Motilal Oswal Home Finance offers home loan for the extension of your existing property.
- Loan Amount: Up to 85% of the Home Extension cost (Maximum Rs. 25 Lakhs)
- Tenure: 5 to 25 years
5. Home Loan Balance Transfer
If you’re looking to save on your home loan interest payments, transferring your loan from another bank or housing finance company (HFC) to Motilal Oswal Home Finance could be a smart move.
6. Pradhan Mantri Awas Yojna (PMAY)
The Pradhan Mantri Awas Yojana (PMAY) is a flagship scheme of the Government of India that aims to provide housing for all by the year 2022. The scheme provides financial assistance for the purchase of new/resale homes, home construction loans for EWS/LIG/MIG, and for improvement/extension of existing homes for EWS/LIG with subsidy benefits of up to Rs 2.67 lakh.
Motilal Oswal Home Finance Home Loan Eligibility
You can apply for a Motilal Oswal home loan if you are an Indian resident and above the age of 21. You should also have a regular source of income and a good credit history. The loan amount that you can avail of depends on your income and repayment capacity.
Motilal Oswal Home Loan Documents Required
When applying for a home loan with Motilal Oswal, you will need to submit a few documents in order to get the process started. These documents include:
- A completed and signed application form.
- Identity Proof: Passport, PAN Card, Voter ID Card, Aadhar Card, Driving License.
- Address Proof: Passport, Electricity Bill, Telephone Bill, Rental Agreement.
- Income Proof: Last 3 months’ payslips, Form 16/Income Tax Returns.
- Bank statements: You bank account statements for the last 6 months.
- Property Documents: Sale Deed, Title Deed, Latest Property Tax Receipt.
How to Apply for Motilal Oswal Home Loan?
If you are looking for a hassle-free home loan experience, then Motilal Oswal is the right choice for you. With a simple and convenient online application process, you can get your home loan in no time. Here’s how you can apply for a Motilal Oswal home loan:
- Visit the official website of Motilal Oswal and click on the ‘Apply Now’ button on the home page.
- Fill in the online application form with all the required details such as your personal, financial and property information.
- Once you have submitted the form, one of our representatives will get in touch with you to discuss your loan options.
- After that, all you need to do is choose the loan amount and tenure that suits your needs and submit the required documents.
- Once your application is approved, the loan amount will be disbursed to your account within 7 days!
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Q. How much can I borrow with a Motilal Oswal home loan?
Ans. The amount you can borrow will depend on several factors, including your income, the value of the property you’re looking to purchase, and your credit history. However, as a general guide, you could be eligible to borrow up to 80% of the value of the property (Maximum Rs 50 Lakh).
Q. What is the interest rate charged on Motilal Oswal Home Loan?
Ans. The interest rate on a Motilal Oswal Home Loan depends on various factors such as your income, loan amount, repayment tenure, etc. However, as a general rule of thumb, interest rates start from 11.25% per annum.
Q. What is the processing fee for a Motilal Oswal Home Loan?
Ans. The processing fee for a Motilal Oswal Home Loan up to Rs 5,000.
If you’re looking for a home loan with favourable terms and conditions, Motilal Oswal is definitely worth considering. With decades of experience in the financial sector, they are a reliable and trustworthy lender that offers attractive interest rates and repayment options.
We hope this article has given you all the information you need to make an informed decision about whether Motilal Oswal is the right lender for you.