Muthoot Finance Home Loan 2020
|Interest Rate||12.5% onwards|
|Loan Tenure||Up to 25 years|
|Loan-to-Value Ratio||Up to 90% of the property value|
|Processing Charges||Up to 2% of the loan amount|
Muthoot Finance extends home loans to customers at competitive interest rates starting from 12.5% onwards. It offers tailored home loan solutions to both Resident and Non-Resident individuals considering their distinctive requirements and repayment ability.
Features and Benefits of Muthoot Finance Home Loan
- Swift loan sanction in 48 hours*
- Online account access
- Floating rate options available
- No hidden charges
- High loan-to-value ratio of up to 90%
Muthoot Finance Home Loan Interest Rates
The rate of interest offered by Muthoot Finance Home Loan is linked to the Retail Prime Lending Rate (RPLR), which currently stands at 15.95%. The interest rate applicable on a home loan depends on the type of loan and the amount availed. It starts at 12.5% onwards.
Muthoot Finance Home Loan Processing Fee & Other Charges
|Processing Fee||Up to 2% of the loan amount|
|Prepayment Charges||Nil (except for Plot loans)|
|Delay Payment Charges||A maximum of 24.00% P.A. on the defaulted sum|
|CERSAI Charges||As applicable|
|Cheque /ECS Dishonour Charge||Rs. 500 per dishonour|
|Conversion Fees||0.50% of the outstanding amount|
* Goods and Services Tax (GST) as applicable will be levied in addition to the mentioned charges.
Note: Other additional charges as applicable may be levied by the provider.
Muthoot Finance Home Loan EMI Calculator
Muthoot Finance Home Loan EMI Calculator helps users know the approximate value of the loan instalments that they need to pay monthly for servicing their home loans. Muthoot Finance home loan calculator is an online tool which is also available at Paisabazaar.com. It is easy to use and provides quick results. Click to calculate your Muthoot Finance home loan EMI.
Muthoot Finance Home Loan EMI Calculation
The table below shows Muthoot Finance home loan EMI calculation for different interest rates, loan amounts and loan tenures.
|Loan Amount||Interest Rate||EMIs as per Different Loan Tenures|
|15 years||20 years||25 years|
|Rs. 30 lakh||12.5%||Rs. 36,976||Rs. 34,084||Rs. 32,711|
|Rs. 60 lakh||12.7%||Rs. 74,734||Rs. 69,016||Rs. 66,318|
|Rs. 90 lakh||12.85%||Rs. 1,12,985||Rs. 1,04,482||Rs.1,00,490|
|Rs. 1 crore||13%||Rs. 1,26,524||Rs. 1,17,158||Rs. 1,12,784|
In the table above, one can notice that home loan EMIs decrease as the loan tenure increases. While choosing a longer tenure reduces your monthly liability but it also increases your total interest payout. Hence, choose your home loan tenure wisely.
Muthoot Finance Home Loan Eligibility Criteria
Mentioned below is the eligibility criteria to avail home loan from Muthoot Finance.
|Eligible Profiles||Resident and Non-Resident, Salaried and Self-Employed individuals|
|Loan Amount||● Upto Rs. 30,00,00: 90% of property value|
● From Rs. 30,00,001 to Rs. 50,00,000: 80% of property value
|Age||Minimum: 21 years|
Check Also: Home Loan Eligibility Calculator
Muthoot Finance Home Loan Documents Required
Following are the documents required to successfully apply for Muthoot Finance Home Loan.
|Salaried Individuals||Self Employed Individuals|
|Duly filled in and signed the application form with photographs||Duly filled in and signed application form with photographs|
|Identity, address and age proof||Identity, address and age proof|
|Salary slip of last 3 months||Last two years’ ITR and financial statements, including balance sheet, profit & loss account, schedules. (documents must be certified by a CA)|
|Bank statement of the past 6 months||Bank statement of the past 12 months|
|Title documents of the property or copy of the approved plan from the respective authority for construction||Title documents of the property or copy of the approved plan from the respective authority for construction|
|For NRIs: Following additional documents including the above.|
● Copy of passport and visa
● Work permit of the country
● Copy of agreement from the employer
Muthoot Finance Home Loan Schemes
Muthoot Finance offers customized home loan schemes for both resident and non-resident individuals. These are:
|Housing Loan For Purchase||Housing Loan For Refinancing Of Property|
|Composite Loan||Top-up Loan|
|Home Extension Loan||Home Loan Balance Transfer and Top Up|
|Housing Loan For Home Construction||Housing Loans For NRIs|
- Housing Loan For Purchase:This scheme is available to all eligible resident individuals for the purchase of a new/under construction home from developers or authority. The maximum loan amount under the scheme is limited to Rs. 50 lakh.
- Housing Loan For Refinancing Of Property: This scheme is available to aid customers in refinancing the purchase consideration of residential property that has already been purchased or acquired by them. The maximum repayment tenure offered under this scheme is 20 years.
- Composite Loan: This scheme is available to provide finance for the purchase of plot and construction of residential a house thereon within the specific time.
- Top-up Loan: This scheme is available to customers who are looking to repair their home or improve interiors such as painting walls, concealing plumbing and electrical works, building a compound wall, etc.
- Home Extension Loan: This scheme is available to customers who are looking for finances to add more space or extend to their home in the form of an additional bedroom, a reading room, a study room, etc.
- Home Loan Balance Transfer and Top Up: This scheme allows customers to transfer their existing home loan from an approved financial institution to Muthoot Finance with or without additional top-up. The maximum repayment tenure offered under this scheme is 20 years and the maximum loan amount is Rs. 50 lakh.
- Housing Loan For Home Construction: This scheme is designed for the purchase of a new/under construction home from developers or authority.
- Housing Loans For NRIs: This scheme is available to all eligible Non-residential Indian customers for a variety of purposes such as financing the purchase of a residential property under construction; financing the construction of a residential property on land owned by them; financing the purchase of land and the construction of a residential property on that land; extension, improvement or renovation of existing residential property. The maximum repayment tenure offered under this scheme is 15 years.
Check Also: Home loan Prepayment Calculator
Apply for Muthoot Finance Home Loan on Paisabazaar.com
Customers can apply online for Muthoot Finance Home Loan through Paisabazaar.com by simply following the below-mentioned steps.
- Follow the link: https://www.paisabazaar.com/home-loan/
- Fill the form by providing relevant details like the loan amount, city of the property, tenure, etc.
- On filling all the required details, click on the ‘Proceed’ button
Soon, a representative from Paisabazaar will contact you on the provided contact number to process your application.
Check Also: Home Loan Process
Muthoot Finance Home Loan Customer Care Details
Customers can reach out to Muthoot Finance on the below-mentioned contact number to get their home loan-related queries addressed.
Q1. What is the maximum loan amount offered to NRIs?
The maximum loan amount offered to NRI customers is Rs. 50 lakh.
Q2. How do I repay my loan?
Repayment of the loan is to be done in the form of Equated Monthly Installments (EMI) through Automated Clearing House (ACH), an advanced version of ECS based on standing instructions to the bank or salary deduction by the employer or post-dated cheques drawn on borrower’s bank account.
Q3. Can I partly or fully prepay my loan amount ahead of the tenure?
Yes, part-prepayment and full repayment of the loan is allowed.
Q4. Are there any tax benefits available against the housing loan?
Yes, resident Indian customers are eligible for tax benefits under the relevant sections of the Income Tax Act. The tax deduction is subject to a maximum limit of Rs 2 lakh for interest payments and up to Rs 1.5 lakh for principal repayment.
Check Also: Home Loan Tax Benefits