Updated: 23-10-2020 09:43:43 AM
Motilal Oswal Home Loan Details 2020
Interest Rate12% onwards
EMI/LakhRs. 1,029
Loan-to-Value RatioUp to 85% of property value
Loan TenureUp to 25 years
Processing ChargesUp to Rs. 5,000 + GST

Note: The figures given in the table are indicative and are subject to change as per changes in Motilal Oswal Home Finance Ltd.’s (MOHL) home loan schemes or RBI policy. 

Motilal Oswal Home Loan is an offering of Motilal Oswal Home Finance Limited (MOHFL), which is a subsidiary of Motilal Oswal Financial Services Limited (MOFSL). Registered under National Housing Bank (NHB), the financial institution offers housing loans for house/plot purchase, house construction and extension or renovation of an existing residential property. Both salaried and self-employed can avail Motilal Oswal home finance ranging from Rs. 5 lakh to Rs. 25 lakh at interest rate starting from 12% per annum.

Motilal Oswal Home finance Interest Rates
Motilal Oswal Home Loan SchemesInterest RateBest Suited For
Motilal Oswal Home Loan6.90% – 7.95%Individuals who want to buy a new house
Motilal Oswal Construction Loan8.75% – 14.00%Individuals who want to build a house on their already owned plot
Motilal Oswal Home Improvement Loan7.05% – 8.05%Individuals who want to renovate their existing house
Motilal Oswal Home Extension Loan6.90% – 8.70%Individuals who want to add more space to their existing house

Check Also: Housing Loan Interest Rates

Motilal Oswal Home Loan Processing Fees & Charges

Particulars

Charges

Non-refundable processing feesUp to Rs. 5,000
Cheque / ECS / NACH dishonour charges per transactionRs.500
Document retrieval chargesRs. 1,500
Late payment charges after due date24% per annum per day post the due date of instalment
Charges for account statement, prepayment/Foreclosure statement, copy of list of documents (LOD) and duplicate no due certificateRs. 1,180
CERSAI ChargesCERSAI Creation:
● Loan of up to Rs. 5 Lakh: Rs. 50
● Loan of more than Rs. 5 Lakh: Rs. 100
CERSAI Modification: Same as above
CERSAI Discharge: Nil
Sanction Revalidation Charges (after sanction validity expiry date)Rs. 1,500
Technical Visit ChargesFirst Disbursement Visit – Free

Subsequent Disbursement Visit – Rs. 750

Collection Visit ChargesCharges for personal visit – collection in case of overdue account (In a month)

● First visit: Rs. 250

● Every subsequent visit in the same month will attract an additional charge of Rs. 250 over and above the previous visit charges. i.e. for second visit Rs. 500 and for third visit Rs. 750 and so on

Disbursement Cheque Cancelation & Re-issuanceRs. 1,000

Note: The figures given in the table are indicative and are subject to change without prior information. GST might be applicable on some of the above charges.

Click here to know how to calculate Housing Loan Eligibility

Motilal Oswal Home Finance EMI Calculator

A housing loan EMI calculator is an online tool that calculates the loan installments that you will need to pay every month to repay a borrowed sum. It is easy to use and gives quick and accurate results on the basis of a few home loan details (loan amount, interest rate and tenure). You can try multiple combinations of these loan details to arrive at an affordable EMI for yourself.

Motilal Oswal Home Loan EMI Calculation

The table shows Motilal Oswal home loan EMI calculation for different interest rates, loan amounts and loan tenures:

Loan AmountInterest RateEMIs as per Different Loan Tenures
15 years20 years30 years
Rs. 30 lakh12.00%Rs. 36,005Rs. 33,032Rs. 30,858
Rs. 60 lakh12.50%Rs. 73,951Rs. 68,168Rs. 64,035
Rs. 90 lakh12.75%Rs. 1,12,395Rs. 1,03,843Rs. 97,802
Rs. 1 crore13.00%Rs. 1,26,524Rs. 1,17,157Rs. 1,10,619
  • The table above shows that home loan EMIs increase with the increase in the loan amount and home loan rates. To lower your home loan EMI, you can either borrow less or try to get home loan at the lowest rate possible. If you are already servicing a housing loan at a higher rate, go for home loan balance transfer. Improving your credit score also helps in getting home loan at a lower rate of interest.
  • The table also shows that home loan EMIs decrease as the loan tenure increases. Choosing longer repayment period reduces your monthly liability but it also increases your total interest payout. So, choose your home loan tenure wisely.
Motilal Oswal Home Loan Eligibility

Motilal Oswal Housing Finance offers home loan based on multiple parameters including your employer category and income. Below are the some of the basic criteria for Motilal Oswal home loan eligibility:

  • Salaried, self-employed professional and self-employed non-professionals can apply
  • The eligible loan amount ranges from Rs. 5 lakh to Rs. 25 lakhs
  • The minimum eligible age of the applicant is 18 years
  • The maximum age of the applicant at the time of loan maturity should not exceed 60 years (in case of salaried applicants) and 70 years (in case of self-employed applicants)
Motilal Oswal Home finance Documents

Following is the list of Motilal home loan documents to be submitted by all salaried and self-employed applicants/co-applicants:

  • Duly filled and signed Motilal Oswal Home Loan Application Form
  • Identity proof:Passport, PAN, Voter Identity Card, Driving License, Aadhaar Card
  • Address proof:Ration Card, Bank Account Statement, Passport, Driving License, Electricity Bill, Telephone Bill, Sale Deed/Property purchase agreement(for owned properties), Aadhaar Card
  • Income proof for salaried:Bank Account Statement, Salary Slips, ITR, Form 16
  • Income proof for self-employed:Computation of Income Statement, Balance Sheet, Profit & Loss Statement, P&L A/C, Business Profile, Business License, Bank Statements, Salary Slips, ITR,
  • Property related documents
  • Processing fee cheque

Note: All documents must be self-attested. Besides, the list of documents mentioned above the lender may ask for more or less.

Suggested Read: Details about documents required for housing loan

Motilal Oswal Home Finance Schemes

Motilal Oswal offers multiple housing loan products to suit different home funding requirements of their customers. Some of them are briefly discussed as below:

Motilal Oswal Home Loans

Motilal Oswal Home Loan is for anyone who requires funds to acquire a ready/under construction residential property. The loan can also be availed for the purpose of constructing a residential property on your own land.

Loan AmountRs. 5 lakh – Rs. 25 lakh
Interest Rate12% onwards
Loan Tenure5 years – 25 years
Processing FeeUp to Rs. 5,000 + GST

Motilal Oswal Construction Loans

Individual who need funds to construct a house either from a contractor or contractual builder on a freehold owned plot of non-agricultural land as per plan approved by the local authority can apply for Motilal Oswal Construction Loan.

Loan AmountUp to Rs. 25 lakh
Interest Rate12% onwards
Loan Tenure5 years – 25 years
Processing FeeUp to Rs. 5,000 + GST

[Read More: Home Construction Loan]

Motilal Oswal Home Improvement Loans

Motilal Oswal Home Improvement Loan funds your expenses related to the internal and external repairs and other structural improvements in the existing home such as Waterproofing, Tiling, Roofing and Painting.

Loan Amount85% of the estimated cost of improvement or Rs. 5 lakh, whichever is lower
Interest Rate12% onwards
Loan Tenure5 years – 10 years
Processing FeeUp to Rs. 5,000 + GST

[Read More: Home Improvement Loan]

Motilal Oswal Home Extension Loans

Homeowners who require funds to add extra space in their existing property can apply for Motilal Oswal Home Extension Loans.

Loan Amount85% of the estimated cost of improvement or Rs. 25 lakh, whichever is lower
Interest Rate12% onwards
Loan Tenure5 years – 10 years
Processing FeeUp to Rs. 5,000 + GST

[Read More: Home Extension Loan]

Motilal Oswal Home Loans under Pradhan Mantri Awas Yojana

You can avail Motilal Oswal Housing Loans to get interest subsidy of up to Rs. 2.67 lakh under Pradhan Mantri Awas Yojana Credit Linked Subsidy Scheme (PMAY CLSS). The scheme is applicable for individuals whose household income is as follows:

  • Economically Weaker Section (EWS) –Up to Rs. 3 lakh
  • Low Income Group (LIG) – Between Rs. 3 lakh and Rs. 6 lakh
  • Middle-Income Group 1 (MIG-I) –Between Rs. 6 lakh and Rs. 12 lakh
  • Middle-Income Group 2 (MIG-II) – Between Rs. 12 lakh and Rs. 18 lakh

The PMAY scheme is applicable for home loans taken for the purchase of new/resale purchase/construction of a new house. PMAY benefit can also be availed on home loans taken for extension/improvement of an existing house but only by individuals who fall under EWS/LIG income groups.

How to Apply for Motilal Oswal Home Loan Online

You can apply for Motilal Oswal Home Loans by visiting any of your nearest Motilal Oswal Housing Finance branch.

Read More: Housing Loan Process

Motilal Oswal Home Loan Customer Care

To get Motilal Oswal Housing Loan related queries or complaints resolved, customers can contact the lending institution through the following ways:

E-mail Addresshfquery@motilaloswal.com
loans@motilaloswal.com (for new loan enquiry)
Contact Number+91 22 4718 9999 / 6272 9898
(Monday to Friday – 9:00 AM to 7:00 PM
Saturday – 10:00 AM to 4:00 PM)
Postal Address of Registered Office & Corporate OfficeMotilal Oswal Home Finance Ltd.,
CIN : U65923MH2013PLC248741
(Formerly Aspire Home Finance Corporation Limited),
Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai- 400025
Motilal Oswal Home Loan FAQs

What is the maximum loan tenure one can avail under Motilal Oswal Home Loans?

The repayment period under Motilal Oswal hosuing loans for salaried applicants ranges from 5 years to 25 years. And for self-employed professionals and self-employed non-professionals, the loan tenure ranges from 5 years to 20 years.

What is the process of availing a home loan with Motilal Oswal Housing Finance?

To avail a home loan from Motilal Oswal, first shortlist a property you want to buy. You can also take help of Motilal Oswal Housing Finance in selecting a property. Once you have decided on a property, fill the home loan application form and submit along with the required documents and processing fees at any of the nearest Motilal Oswal Housing Finance branch. The financial institute will then process your application and if eligible, will issue a sanction letter. If you’re satisfied with the loan offer letter, accept it and submit the property relayed documents for legal and technical appraisal along with the remaining processing fees. Once the lender verifies the property and documents, you will be invited to execute the loan agreement, post which the lender will issue the payment either in part or full.

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