Business, Personal, and Education Loans Also Available
Home Loan
A home loan is one of the most significant financial commitments many people will make in their lifetime. It provides the necessary funds to purchase or build a home, allowing individuals and families to realize their dream of homeownership. Mitra Loans offers a variety of home loan options tailored to meet the diverse needs of borrowers, ensuring that the journey to owning a home is as smooth and affordable as possible.
Find Your Related Loan
New Home Purchase Loan
o Purpose: Financing the purchase of a new residential property.
o Benefits: Competitive interest rates, flexible repayment options, and easy application process.
Home Construction Loan
o Purpose: Financing the purchase of a new residential property.
o Benefits: Competitive interest rates, flexible repayment options, and easy application process.
Home Improvement Loan
o Purpose: Financing renovations, repairs, or upgrades to an existing home.
o Benefits: Helps enhance the value and comfort of your home with affordable interest rates and flexible repayment terms.
Home Extension Loan
o Purpose: Financing the expansion or addition of new space to an existing home.
o Benefits: Supports your growing family’s needs or plans for future expansions.
Plot Purchase Loan
o Purpose: Financing the purchase of a plot of land on which to build a home.
o Benefits: Allows you to secure a desirable piece of land for future home construction.
Balance Transfer Home Loan
o Purpose: Transferring an existing home loan from another lender to Mitra Loans.
o Benefits: Lower interest rates, better terms, and potential savings on EMIs.
Why Choose Us
Here’s why our clients trust us
Wide Range of Loan Products
Whether you're looking for a home loan, business loan, or personal loan, we've got you covered. We offer loans that are tailored to meet your specific needs
50+ Banks and NBFC Partnerships
We’ve partnered with over 50 banks and NBFCs to bring you the best interest rates and loan options, ensuring that you have the power to choose the most competitive deals in the market.
Personalized Service
Our team works closely with you to understand your financial goals and customize solutions that best meet your needs, offering a personal touch throughout your loan journey.
Dedicated Customer Support
Our support team is always here for you, providing timely assistance and guidance whenever you need it. We are committed to making your loan experience smooth and convenient.
Simple and Transparent Process
We keep things clear and easy to understand. From eligibility checks to loan approval, our process is designed to be hassle-free and transparent, so you know exactly what to expect.
Salaried Individuals
• Income: Stable and sufficient income to meet EMI obligations.
• Employment: Minimum 2 years of work experience with at least 1 year with the current employer.
• Credit Score: A good credit score (typically 650 and above) is essential for better interest rates and loan approval.
• Property Valuation: The property to be purchased must be valued by a certified appraiser.
Self-Employed Individuals
• Income: Steady and consistent income from business or professional activities.
• Business Continuity: Minimum 3 years in current business or profession.
• Credit Score: A good credit score is crucial for loan approval.
• Property Valuation: The property must be valued and meet legal requirements.
Other Criteria
• Existing Loans: Current debt obligations may impact eligibility and loan amount.
Identity Proof
• Income: Stable and sufficient income to meet EMI obligations.
• Employment: Minimum 2 years of work experience with at least 1 year with the current employer.
• Credit Score: A good credit score (typically 650 and above) is essential for better interest rates and loan approval.
• Property Valuation: The property to be purchased must be valued by a certified appraiser.
• Aadhaar Card
• Passport
• Voter ID
Address Proof
• Income: Steady and consistent income from business or professional activities.
• Business Continuity: Minimum 3 years in current business or profession.
• Credit Score: A good credit score is crucial for loan approval.
• Property Valuation: The property must be valued and meet legal requirements.
• Rental agreement
• Passport
• Property tax receipt
Income Proof
• Existing Loans: Current debt obligations may impact eligibility and loan amount.
• Self-Employed: Income Tax Returns (ITRs) for the last 2-3 years, Profit & Loss statement, balance sheet, and bank statements
Property Documents
• Title deed
• Approved building plan
• Encumbrance certificate
• No Objection Certificate (NOC) from the builder or society
Additional Documents: • Loan application form with a recent passport-sized photograph.
• Proof of business existence (for self-employed).
• Audited financials (for businesses).
• Floating Rate: The interest rate fluctuates based on market conditions, typically linked to the lender’s benchmark rate (e.g., RBI repo rate).
2. Processing Fees:
• A one-time fee typically ranging from 0.5% to 1% of the loan amount, charged for processing the loan application.
3. Prepayment and Foreclosure Charges:
• Prepayment: Some lenders may allow partial or full prepayment of the loan with minimal or no charges.
• Foreclosure: Charges may apply if the entire loan is paid off before the end of the term.
4. Late Payment Fees:
• Penalties may be imposed for late EMI payments, typically a percentage of the overdue amount.
5. Legal and Technical Charges:
• Fees for the legal and technical verification of property documents and property valuation.
• Typically ranges from 5 to 30 years, depending on the borrower’s age, loan amount, and repayment capacity.
2. EMI (Equated Monthly Installment):
• Fixed monthly payment that includes both principal and interest. EMIs are calculated based on the loan amount, interest rate, and tenure.
3. Flexible Repayment Options:
• Options such as step-up EMIs (where EMIs increase over time) or balloon payments (a large payment at the end of the tenure) may be available.
4. Amortization Schedule:
• A detailed breakdown of each EMI payment, showing the allocation towards principal and interest over the loan tenure.
Know Your EMI in Seconds!
Use our easy EMI calculator to estimate your monthly payments and explore the best loan options.
Ready to take the next step?
Apply online today and let Mitra Loans help you achieve your dreams!
Frequently Asked Quesions(FAQ's)
What is the maximum amount I can borrow for a home loan?
Can I switch from a fixed-rate to a floating-rate home loan?
What is the ideal tenure for a home loan?
Can I get tax benefits on my home loan?
What happens if I miss an EMI payment?
Is there a prepayment penalty on home loans?
Can I apply for a joint home loan?
What is an amortization schedule?
Can I avail a top-up loan on my existing home loan?
How long does it take to process a home loan application?
Our Lending Partners
to offer you the best loan options at competitive rates, ensuring a wide range of financial solutions tailored to your needs.
Check Your Loan Eligibility
find out how much you can borrow with Mitra Loans.
Mitra Loans is a trusted brand under Ecomitra Consultancy Services India Pvt Ltd. With a strong foundation in the financial services sector, we have established ourselves as a reliable partner for thousands of customers across India.
# 3-6-290/12/3, Flat No 103, 1st Floor ,Hyderguda, Opp: MLA Quarters Road, Basheerbagh, Hyd,-TG-29
Drop Your Mail To Get More Updates