Flexible home financing for your home construction, purchase and renovation needs.
Explore MHL loan information, eligibility criteria, interest rates, property requirements, fees and documents in one clear, easy-to-read place.
Loan terms and eligibility are subject to the lender's applicable policies and approval.
At a glance
MHL loan highlights
Key loan details from the MHL column of your supplied comparison table.
Loan Amount
₹4–20 Lakhs
Construction and purchase
Loan Tenure
10–15 Years
As listed in the MHL rate card
Minimum Income
₹20,000
Monthly household income
Loan options
Explore MHL loan options
The following loan purposes and amounts are taken from the MHL column in your supplied table.
Construction / Purchase
₹4–20 Lakhs
For home construction or purchase of a home or flat.
Home Improvement / Extension
₹2–10 Lakhs
For home improvement, repairs, renovation or extension.
Before you apply
MHL eligibility requirements
Review the main eligibility conditions before proceeding with a loan application.
CIBIL / Equifax Score
600 and above
Minimum Work Experience
2 years
Geographical Eligibility
Property, office or business within 30 km of a Vega Finsol Bank branch / IFBO
FOIR
50%
Complete information
MHL loan details
All MHL terms supplied in your comparison table, organized into separate sections for easier reading on desktop and mobile.
Loan Information
Loan type
MHL – Construction, Purchase and Renovation
Target customer segment
Salaried and self-employed individuals
Loan amount
Construction / Purchase: ₹4–20 Lakhs; Home Improvement / Extension: ₹2–10 Lakhs
Loan tenure
10 to 15 years
Rate of interest – Salaried
Salary credited to bank: 14.5% / 16% without approved plan; salary by cheque: 15% / 16.5% without approved plan; salary in cash: 18% / 19.5% without approved plan
Rate of interest – Self-employed
Income proof and bank credits: 14.5% / 16% without approved plan; own cash deposits in bank: 15.5% / 17%; without income proof: 18% / 19.5% without approved plan
Loan to Value (LTV)
Home / flat purchase or resale: 85% of agreement value; construction: 85% of estimated construction cost; home improvement / repairs / extension: 55% of estimated cost
Eligibility
Geographical eligibility
Property, office or business must be within 30 km of a Vega Finsol Bank branch / IFBO
Minimum monthly household income
₹20,000
CIBIL / Equifax score
600 and above
FOIR (Fixed Obligation to Income Ratio)
50%
Minimum work experience
2 years
PMAY
Applicable (linked account mandatory)
Fees and Charges
Processing fee
3% + 18% GST on processing fee amount
Legal fees
₹2,000 (inclusive of GST)
Technical fees
₹2,000 (inclusive of GST)
Age Criteria
Salaried applicants
Minimum 21 years; maximum 60 years (65 years for pensioners)
Self-employed applicants
Minimum 21 years; maximum 65 years
Age limit if income is not considered
Up to 75 years
Documents Required
KYC documents
PAN / Aadhaar / Voter ID / Driving Licence / address proof
Bank statement
1 year statement
Income documents
ITR / salary slip / salary certificate / handwritten bills / ledger books / bank statements or NIP
Legal documents
Parental deed / registered sale agreement / land revenue records / sale deed / NA certificate / property tax receipts
Technical documents
Building approval permission / approved layout plan
Disbursement and Repayment
Disbursement mode
In Bank Account, SI in Bank Account
Collection mode
Standing instruction from SSFB account
EMI due date
10th of Every Month
Insurance
Property insurance and life insurance are mandatory
Vintage Requirements
SEP / SENP / Salaried / Cash salary
3 years total experience and 2 years current