Home Loan

Interest rates starting from 8.50%* p.a I Loan of up to Rs. 15 Crore* I Tenure of up to 30

4 reasons to choose our Home loan

Loan of up to Rs. 15 Crore

Lowest Intrerest rates

Tenure of up to 30 years

Unmatched Tax Benefits

6 unique variants of our home loan

Loan to purchase Home

Under the home purchase loan the amount is sanctioned to purchase an already built in house or ready to move in property. This is the most popular types of loan which helps borrowers to buy a home whether a flat or a bungalow. Home loans can be taken to buy properties that are either commercial or personal in nature.

Loan to construct Home

This amount is given to an individual to build or construct a home on an existing piece of land. This loan is apt for individuals who would like to construct their own house rather than purchasing a pre-constructed house.
Unlike Home Purchase loan where the amount is disbursed in bulk, under loan for construction, the amount sanctioned is generally disbursed in installments depending upon the progress of the construction.

Purchase Loan / Plot Loan

This loan is apt for individuals looking to purchase plot or land for construction of a home. Even if you do not wish to do any construction, you can simply keep the plot as an investment.

Loan for Home Renovation/ Extension:

This loan is for those aspiring to renovate or extend their home. If you plan to add a room, or floor or any alteration to the current structure then you can definitely go for it. Also this type of loan offers similar interest rates as basic home loan.

Home Loan Balance Transfer/Top Up:

Balance transfer is done by customers already having a home loan. A customer during his loan tenure may opt to transfer his remaining balance amount from one bank to another. There can be varying reasons for it. For instance, a customer may switch his lender for lower interest rates or simply because he is being offered better services. Top Up is an additional amount given to a borrower above and over an existing home loan with minimal new documentation.

Pradhan Mantri Awas Yojana

Under Pradhan Mantri AwasYojana, the government offers “Credit Linked Subsidy Scheme (CLSS)”for the economically weaker section, Lower Income Group, Middle Income Group with a vision of providing homes to all citizens. Almost all banks offer loan in coalition with this scheme.


Home Loan or Housing Loan as the name suggests is an amount taken from a bank or a financial institution for building or buying a home. The amount is taken at a certain rate of interest for a certain period of time. The time period may vary from 10-30 years. The amount is paid back by the borrower to the bank or the financial institution through monthly installments also called EMIs (equated monthly installments).

At Mantra, we understand how it feels to have a place which you can call ‘your home: sweet home.’And therefore we bring multiple home financing options that are well suited to meet your budget and needs.

Eligibility criteria

• Nationality: You must be an Indian citizen residing in India.
• Occupation: salaried employee, a professional individual, and a self- employed individual.
• CIBIL Score: A CIBIL Score of 725 or higher is ideal to get a home loan.
• Age: For Salaried – A salaried applicant must be between 23 years to 65* years, and a self-employed professional must be between 23 years to 75* years.*


• Age Proof: Pan card/ Voter ID Card /Class 10th mark sheet/ Birth Certificate/ Passport/Aadhaar Card
• Identity Proof: Electricity Bill (Residence & Office)/Passport Driving License/Voters ID/Aadhar Card /PAN Card
• Income and Bank Statements- Income Tax Return of last 2 years including: Computation of Income (CA Certified),Audited Balance Sheet +Assets Account +Capital Account +Profit & Loss Account +Receipt & Payment Account +Bank Statement +Updated 6 months
• Property Papers: , Registry Paper , Link Registry , Diversion Paper , P1, P2 (Khasra ,Naksha, Khatauni) , Blue Print Map.

Unique features and benefits of home loans

1. Purpose: So if you want to purchase a home or construct your home, extend or improve your home or simply purchase a plot; a home loan will help you achieve any of these goals.

2. Interest Rate: Home loans come with interest rates that are lowest amongst all other types of loan.

3. Tenure: Home loans have a longer repayment tenure that typically ranges from 15-20 years. This makes buying home loans affordable for all as longer tenure makes EMI smaller and affordable.

4. Higher Loan Amount: In home loans you can get higher loan amount in comparison to other types of loans i.e. 85%-90%.

5. Income Tax Benefit: This is one of the best feature and advantage of Home loans i.e. you can get tax benefits on both the principal and interest you will be paying towards your EMI as per the Income tax act of 1961.

Why do home loans get rejected?

Before we give reasons for Home Loan Application rejection first let us put this simple question to you. Who is a Home Loan Borrower? A home loan borrower is simply a person who has dreamt of having his own home, has planned for either buying or building it and did sufficient preparations to fulfill his dreams. But in the excitement of having the dream come true, some mistakes on your part can ruin your dreams. Let us see some mistakes that can make the lender reject your home loan application:

1. Lack of Proper Documents: Documentation is the most important part in any loan processing. Submitting incomplete documents will make your application liable to rejection by the lenders.

2. Credit Score: A poor credit score is another important factor for rejection of your loan application. A poor credit score puts lenders into doubt regarding your creditworthiness.

3. Lack of income: If your income does not match the lender’s criteria your loan application will get rejected straightaway. Apart from this if you quit/lose your job midway in your loan application process your loan gets rejected even if it has passed initial approval stages.

4. Existing loans: If you already have loans running, lenders would reject your loan application on the ground of higher liability in comparison to income.

5. Property Issues: Property acts as collateral in home loans. Therefore one has to submit all property related documents to the concerned lender for processing of home loan. Now suppose the property is under any legal issues or the property you have chosen does not adhere to the guidelines of the relevant authorities, lenders would hesitate to approve the loan application.

6. Frequent job changes: Changing jobs frequently leads to instability of income. Lenders will become uncertain about your income. Hence they may not approve your loan application.

7. Age of the applicant: If you are approaching your age of retirement, there are high chances your application for loan will get rejected as you will not have sufficient time to repay loan.

8. Being a guarantor to a defaulter: If you have been a guarantor to a loan defaulter it will severely impact your impression before the lender. Therefore avoid being guarantor to anyone unless you are sure of the repayment capacity of the borrower.

Frequently asked questions

A home loan is an amount lender offer to purchase/construct/renovate/extend one’s property at a predetermined interest rate and repayment tenure. The borrower then repays the amount through scheduled EMIs, while the lender retains the ownership of the property till the entire amount is repaid.

The different types of home loans available in India are:

  • Home purchase loan
  • Home construction loan
  • Home renovation/extension loan
  • Plot purchase loan
  • Home loan balance transfer and top up
  • Loans under the Pradhanmantri Awas Yojana

No, as per the RBI guidelines no lender in India is allowed to offer 100% financing in home loans. Lenders can at the most do financing up to 80% of the property value

Loan repayment period starts immediately after the entire loan amount has been disbursed. If the loan is taken for construction of house, in which banks disburse partially then you have to start repaying on this partially disbursed amount.

You can get tax benefit on the principal amount under section 80C of Income Tax Act. You can claim up to Rs 1,50,000/- under this section. You can also get tax benefit on the interest paid under section 24 of the Income Tax Act.

Following are the factors that affect your home loan eligibility:

  • Age
  • Income
  • Employment status
  • Credit Score
  • Property Value

As soon as the documents required are submitted and verified, the processing of application begins. The whole procedure usually takes anywhere between 10 to 30days.

Since property documents are kept as collateral, lenders return all your property documents once the entire home loan amount is repaid and the loan on your name is closed.