MyMudra – Home Renovation Loan

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Home Renovation Loan

 

Interest Rates & Charges


My Mudra offers Home Renovation Loans with low processing fees and low-interest rates. No hidden fees and 100% transparency are at the core of the loan, making it a seamless borrowing experience. 

 

Applicable Fees 

 

Interest rate

 

A Home Renovation loan interest rate starting at 7% and ranging up to 9% annually would help you control costs and keep your EMIs manageable. Your experience will be affordable thanks to our reasonable fees and distinctive features.

 

Processing charges

 

There is a small processing fee for loan processing, verification, and other administrative services. Our fee is between 0.25% and 2% of the approved loan value, along with the applicable taxes.

 

Foreclosure charges

 

With My Mudra’s Home Renovation Loan, you can completely benefit from the benefit of foreclosing the loan during the tenure. We charge 2% in fees for foreclosing on your loan plus applicable taxes on the outstanding principal.

Home Renovation Loan

Types of Home Renovation Loan Interest Rate

There are two kinds of Home Renovation Loan interest rates: fixed and floating.

Fixed Interest Rate

Here, the rate of interest charged on the Home Renovation Loan amount will remain constant throughout the loan repayment period. You know your Home Renovation Loan EMI obligation at the start of the tenor, allowing you to plan your monthly budget accordingly.

Home Renovation Loan
Home Renovation Loan

Floating Interest Rate

Here, Home Renovation Loan interest rates could change depending on changes to the Marginal Cost of Lending Rate (MCLR), which is the base rate set for banks by the RBI. With changes in MCLR, the interest rate on loans also gets revised. With a lower interest rate, the repayment amount also reduces. On the other hand, if the interest rates increase, your EMI obligation will also increase. A floating Home Renovation Loan interest rate makes it difficult for you to ascertain your monthly financial obligation.

Home Renovation Loan Interest Calculation Method

There are two methods to calculate interest: flat rate method and the reducing balance method.

In the flat interest rate method, the interest rate is based on the complete loan amount you pay during the repayment period. In case of reducing the balance method, the rate of interest on the Home Renovation Loan will be considered and calculated on the basis of the outstanding loan amount.

Flat Interest Rate Calculation

EMI = (principal + total interest payable) / loan tenure in months i.e. total interest payable = P x r x n/100

Where, ‘P’ is the principal loan amount, ‘r’ is the rate of interest, and ‘n’ is the loan tenure in months.

Floating Interest Rate Calculation

EMI = [P x r x (1 + r) ^n] / [(1 + r) ^(n-1)]

Where, ‘P’ is the principal loan amount, ‘r’ is the rate of interest, and ‘n’ is the loan tenure in months.

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