Manappuram Home Finance

Manappuram Home Finance  Home Loan

Apply Manappuram Home Finance  Home Loan

About Manappuram Home Finance

Manappuram Home Finance Ltd (MAHOFIN) was founded by Shri V C Padmanabhan in the year 1949 and the Company first started its operations in Valapad, Thrissur District. It was started in a very humble way, with only pawnbroking and money lending as its major activities. The Company was taken over by Shri Nandakumar S/o Late Shri V C Padmanabhan in the year 1986.

There has been no looking back, and the Company has been heading towards incomparable progress ever since and emerged as a leading gold loan providing NBFC in Kerala. The growth is evidenced by its rapid expansion all over the country.

Earlier, they were known for Gold Loans. However, they have now diversified and entered the Home Loan arena. They offer Home Loans at competitive rates of interest and for various purposes like purchase/construction of a house, takeover of housing loan from other banks/financial institutions, composite loan for purchase of a plot and construction thereon, loans for repairs and renovations of the existing house, and loans against residential/commercial properties.

Why Apply for Manappuram Home Finance Home Loan?

Following are the reasons to apply for Manappuram Home Finance Home Loan:

  • Facility to apply for the loan online which makes the processing of the loan simple and quick
  • Simple and hassle-free documentation process
  • Competitive rate of interest
  • Variety of purposes for which the loan is given
  • Nominal processing charges
  • No hidden costs

Features and Benefits of Manappuram Home Finance

The following are the features and benefits of Manappuram Home Finance Home Loan:

Features Details

Purpose of loan

  • For purchase of a new house or construction of a new house.
  • Purchase of house on resale
  • Purchase of a plot and construction thereon
  • Extension of the existing house by making additions
  • For home improvement
  • For purchase of commercial property
  • Take-over of Home Loan balance from other banks/financial institutions.

Quantum of the loan

  • The quantum of the loan will be 80% of the market value of the property or the project cost, whichever is lower.
  • In the case of a composite loan, the quantum of the loan will be 80% of the market value of the plot or 100% of the construction cost. However, overall, 80% of the market value (Plot + Construction) will be provided, subject to individual eligibility assessed by MAHOFIN.

Rate of interest

The rate of interest will in the range of 13% to 22% depending on the type of loan availed.

Repayment

  • The entire loan amount, along with interest should be repaid with a maximum of 240 months.
  • For Commercial Purchase Loan, maximum repayment tenure is up to 144 months.

Security

Security by way of equitable mortgage of the property acquired out of the loan.

Margin

20%

Processing fee

2% of sanctioned loan amount (Less) 2,500

Benefits

  • Variety of Home Loans:
    • Home Loan for Purchase of New House or Construction of New House
    • Home Loan for Purchase of Resale House
    • Home Loan Balance Transfer
    • Home Extension Loan
    • Home Improvement Loan
    • Composite Loan for Plot Purchase and Construction
    • Loan for Commercial Property Purchase
  • Affordable interest rate
  • Easy eligibility criteria

Manappuram Home Finance Home Loan Rate of Interest

The range of the rate of interest varies depending on the type of loan availed. Following are the interest rate range for each Home Loan types available with Manappuram Home Finance Ltd:

  • Home Loans for purchase/construction of a new house: 13% to 14.5% per annum
  • Home Loan for purchase of resale house: 13% to 14.5% per annum
  • Home Loan Balance Transfer: 13% to 14.50% per annum
  • Home Extension Loan: 13.50% to 16%per annum
  • Home Improvement Loan: 14.50% to 18% per annum
  • Composite Loan for purchase of plot and construction thereon: 13% to 14.50% per annum
  • Home Loan for purchase of commercial property: 15.50% to 22% per annum

Types of Manappuram Home Finance

Following are the different types of Manappuram Home Finance Home Loans and their features:

Home Loan - Purchase of New House/ Construction of New House

Features:

  • Purpose: The loan can be availed for either purchase of a new house or for construction of a new house on a plot already existing.
  • Tenure: Up to 240 months
  • Loan amount: Up to 80% of the property's market value or cost, whichever is lower

Home Loan - Resale Purchase of House

Features:

  • Purpose of the loan: The loan can be availed for purchase of an old house or a house on resale
  • Tenure: Up to 240 months
  • Loan amount: Up to 80% of the property's market value or cost, whichever is lower

Home Loan - Balance Transfer

Features:

  • Purpose of the loan: The loan is availed for the takeover of Home Loan balance from other banks/financial institutions.
  • Tenure: Up to 240 months
  • Loan amount: Up to 80% of the property's market value or cost, whichever is lower

Home Loan - Home Extension Loan

Features:

  • Purpose of the loan: The loan is provided for making additions to the already existing house like the addition of room or floor.
  • Tenure: Up to 240 months
  • Loan amount: Up to 80% of the property's market value or cost, whichever is lower

Home Loan - Home Improvement Loan

Features:

  • Purpose of the loan: The loan can be availed for interior decoration of the house, repainting or re-plastering of the house, etc.
  • Tenure: Up to 240 months
  • Loan amount: Up to 80% of the property's market value or cost, whichever is lower

Composite Loan (Plot + Construction)

Features:

  • Purpose of the loan: The loan will be provided for the purchase of a plot and construction of a house.
  • Tenure: Up to 240 months
  • Loan amount: Up to 80% of the plot's market value and 100% of the construction cost, subject to overall 80% of the market value of plot plus construction), depending on the individual's eligibility assessed by MAHOFIN.

Commercial Property: Purchase

Features:

  • Purpose of the loan: The loan is taken against commercial property should be utilised for purchase of a property or for any legal purpose. If the loan is availed specifically for the purchase of commercial property, then the end-use should be the purchase of a commercial property.
  • Tenure: Up to 144 months
  • Loan amount: Up to 50% of the market value or the cost of the property to be acquired, whichever is lower.

Manappuram Home Finance - Eligibility Criteria

To avail a Home Loan from Manappuram Home Finance, the applicant must meet the following eligibility criteria:

  • All applicants should be resident Indians
  • NRIs and PIOs are not eligible for the loan
  • The loan can be availed individually or jointly
  • If the property is held jointly, all the joint owners have to be co-applicants for the loan
  • The age of the applicant should be between 21 years to 65 years
  • The applicant should have a stable income
  • The credit score of the applicant should be more than 650

Documents Required for Manappuram Home Finance

Following documents are required for Manappuram Home Finance Home Loan:

  • Residence and Identity Proof
    • Voter ID card/ valid passport/ PAN card/ valid driving license - For Residential Proof
    • Aadhar card
    • Utility bill like electricity bill, gas connection bill, telephone bill, post-paid mobile bill (not more than 2 months old).
    • Latest Property Tax or Municipal Tax receipt
    • Updated bank account passbook or post office passbook
    • Copy of the Leave & License/ Lease Agreement duly executed & registered as per the state laws.
  • Income Proof
    • PAN card
    • Current Account statements of last 6 months for a business entity
    • Savings Account statements of last 6 months for Individual
    • Copies of Order Book/ Bill Book/ Payment Receipts as a proof of business transact
    • Latest Form 26AS (if available)
  • Other Documents
    • Business profile
    • Details of any outstanding amount (as per CIBIL report)
    • Certificate of any outstanding and list of documents to be submitted to the lender (in refinance or balance transfer cases).
    • Application fee cheque of 0.5% of the loan amount, in favour of 'Manappuram Home Finance Pvt Ltd'.
  • Property Documents
    • Direct Purchase
      • Payment receipts made to the Developer/ Builder
      • Copy of the Agreement to Sell/ Allotment Letter and Final Sale Deed
    • Resale Purchase
      • Title Documents along with the previous chain of owners of the concerned property
      • Payment receipts made to the Seller
      • Copy of Agreement to Sell, Construction of House, and Home extension
    • Original Title Documents of the Property
      • Proof of no encumbrance on the property
      • Copy of the plan approved by the Local Authorities
      • An estimate of construction done by an Architect or Civil/ Structural Engineer
    • Balance Transfer
      • Property documents and recent outstanding balance letter held by the applicant's existing financial institution on their letterhead.
      • Photocopy of the property documents and evidence of Own Contribution

Why Apply for Loan Through MyMoneyMantra?

Advantages of applying for the loan through MyMoneyMantra are detailed below:

  • Comparison of interest rates and other offers from various banks is made easy by collating all the details on a single screen. By logging in to the website, you can easily compare the features of housing loans of different banks and choose what is most suitable to you.
  • Our representatives are specialised in loans. They will guide you through the whole process and help you choose the loan best suited for you.
  • They collect all the required documents and guide you through the loan terms and will hand over the documents to the respective bank/financial institution.
  • Representatives at MyMoneyMantra will take care of the documentation process and will help you with the loan approval and disbursal process.
  • In a nutshell, they will make the whole process of availing the Home Loan a simple and hassle-free one.

How to Apply for Manappuram Home Finance Limited Home Loan through MyMoneyMantra?

You will have to make use of the digital platform provided by MyMoneyMantra to apply for the Home Loan online.

  • Access the official website of MyMoneyMantra and go to the Home Loan page by clicking on the Loans tab.
  • Specify your gender and proceed further
  • The city of residence has to be chosen
  • Select the purpose of the loan
  • Choose the city where you intend to purchase the property
  • The market value of the property has to be entered
  • Provide details of your employment
  • Give details of your income
  • Provide a few personal details required
  • Enter your email address and phone number
  • Accept the conditions and proceed further
  • An OTP will be sent to your mobile number by MyMoneyMantra
  • Enter the OTP

After the completion of the above process, MyMoneyMantra will contact you and assist you with the application process. MyMoneyMantra will provide assistance from the documentation to the approval of the loan and will be with you at every step.

How to Calculate the Manappuram Home Finance Limited Home Loan EMI?

Equated Monthly Instalment (EMI) consists of both the interest and the principal component. You should first arrive at the cash flow status of the business and decide on the affordable EMI level before applying for the business loan. On knowing the EMI level, you can arrive at the nearest affordable amount by permutation and combinations with various loan tenure, interest rate, and loan amount.

You can easily calculate the EMI of your Home Loan using EMI Calculator available at MyMoneyMantra. Just click the EMI Calculator mentioned under the tab of Financial Tools on our website and enter the details as required. After entering the loan amount, rate of interest, and tenure, click on the Calculate button to get instant results.

Other Products Offered by Manappuram Home Finance Limited

The other products offered by Manappuram Home Finance Limited other than Home Loans are as listed below:

  • Loan Against Property
  • Commercial Property: LAP

Manappuram Home Finance Limited Home Loan - Processing Fee and Other Charges

The charges other than the interest collected for the Home Loan are:

  • Application fee: 2,500
  • Processing fee: 2% of the sanctioned loan amount (Less) 2,500
  • Transaction charges in Balance Transfer and Top Up Loan: 1,000 + applicable taxes
  • Foreclosure statement charges: 500 + applicable taxes
  • ECS/ Cheque bounce charges: 1,200 + applicable taxes
  • ECS/ Cheque swapping charges: 750 + applicable taxes
  • Collection pick up charges: 500 + applicable taxes
  • Conversion charges: 1% + applicable taxes
  • Charges for security PDC retrieval: 500 + applicable taxes
  • Loan cancellation charges: 3,000 + applicable taxes
  • Cancellation disbursement cheque: 2,000 + applicable taxes
  • Duplicate No Dues Certificate: 500 + applicable taxes
  • Copy of property documents: 500 + applicable taxes
  • Statement of account charges: 500 + applicable taxes
  • List of documents: 1,000 + applicable taxes
  • Charges for CERSAI registry: 500 + applicable taxes
  • Charges on part disbursement: 1,000 + applicable taxes
  • External Opinion/ Recovery Charges/ Stamp Duty/Franking / Statutory/ Regulatory charges: Actual + applicable taxes.

Manappuram Home Finance Limited Customer Care Numbers

You can reach Manappuram Home Finance Limited through the following ways:

Toll-free number: (+91) 022-66211000

Email: enquiry@manappuramhomefin.com

Corporate office address:

Manappuram Home Finance Limited,

Kanakia Wall Street, A - Wing, 3rd Floor,

Unit No. - 301 to 315,

Andheri - Kurla Road, Andheri East,

Mumbai - 400093, Maharashtra

Branch Working Hours: 9:30 am to 6:30 pm, from Monday to Saturday. Closed on all Sundays and Public Holidays.

Frequently Asked Questions

Who can apply for Manappuram Home Finance Home Loan?

Individuals either singly or jointly can apply for the Home Loan. If the property is in joint names, all the joint owners should be co-applicants. The applicant/s should be resident Indians. NRIs and PIOs are not eligible for the loan.

What are the processing charges for Manappuram Home Finance Limited Home Loan?

The processing fee levied on Manappuram Home Finance Home Loan is 2% of the loan amount.

Is balance transfer of loan available under Manappuram Home Finance Home Loan?

Yes, the facility for the takeover of Home Loan balance from other banks/financial institutions is available under Manappuram Home Finance Home Loan.

What is the margin stipulated for Manappuram Home Finance Home Loan?

The margin stipulated is 20% of the market value of the property or the cost of the project, whichever is lower. However, for Commercial Property Purchase, it's 50%.

Does Manappuram Home Finance offers Home Loan to NRIs

No, it doesn't offer housing loans to NRIs and PIOs.

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