Muthoot Finance

Muthoot Finance  Home Loan

Apply Muthoot Finance  Home Loan

About Muthoot Housing Finance India Limited

The home buyer's ecosystem in India has been showing a strong incline in the last few quarters. Builders are offering custom-made designer homes at affordable prices and buyers are securely able to take their pick. A home isn't just a place to reside in. It is a person's cozy corner in a large world, and it affords one the comfort of tailoring it to their perception.

While having a home is a dream of all, purchasing one isn't so easy with the high cost involved. The margin requirement is in lakhs, which is not easily available with most of the people. Muthoot Housing Finance Company Ltd. offers housing finance for helping home buyers to buy or build their dream home in India.

Muthoot Housing Finance Company Ltd. or MHFL is a subsidiary of Muthoot Fincorp Ltd. and is registered with the National Housing Bank. It caters mainly to the housing finance needs of customers belonging to the middle and lower income category. MHFL offers housing loan to the unorganised sector to help them own a home. It is a brand to trust upon when you need a housing loan in India.

Muthoot Housing Finance

Interest rate

13.05%

Loan tenure

15 Years

Loan turnaround period

8 - 15 days

Loan to value (LTV)

Get loan up to 85% of project cost

Who can apply?

  • Self-employed professionals
  • Salaried individuals
  • Indian residents

Co-applicants

Up to 4 applicants are allowed as co-applicants

Lowest EMI

1,269 Per Lakh

Why Muthoot Housing Finance Home Loan?

If you are looking for a loan ranging from 3 Lakhs to 15 Lakhs with a repayment period of up to 15 years and loan-to-value (LTV) up to 80% of the property value, Muthoot Housing Finance is the best alternative.

Loans are offered for a variety of property types like ready to move in flats, under construction house/flats, self-construction on owned plot, home extension, and other housing-related requirements.

Here's what makes Muthoot Housing Finance Home Loans different:

Switch schemes facility: With Muthoot Homefin Home Loan, you are free to switch between different schemes by paying a nominal conversion fee for it.

Home Loan insurance: You can avail Home Loan insurance, property insurance, and life insurance facilities with Muthoot Home Loans.

Muthoot Housing Finance Home Loan Interest Rates

The Interest rate is charged depending on the repayment capacity of the buyer. Rates of interest range from 13.5% to 17%. The interest rate is subject to change as per MHFL's sole discretion and the interest charged to the borrower will be specifically mentioned in the loan sanction letter and the loan agreement.

Types of Home Loans Offered by Muthoot Housing Finance

MHFL offers nine different schemes based on the need and requirement of buyers:

  • Purchase of Home from Developers/Authority: This product from Muthoot Housing Finance is for buyers requiring finances for the acquisition of new or being constructed home or apartments from Developers.
  • Plot Purchase Loan: This loan helps buyers to fund the purchase of a plot.
  • Construction Loan: This product is for buyers requiring funds for the construction of a residential house on a permitted location.
  • Improvement Loan: This product helps buyers who need funds to refurbish or renovate their existing house.
  • Extension Loan: This product is for buyers who need finance to add more space to their existing house.
  • Balance Transfer: You can take advantage of this Home Loan scheme from Muthoot Housing Finance is if you want to transfer your prevailing Home Loan from another bank or Non-Banking Financial Company to Muthoot Housing Finance. You can avail a top-up amount with the balance transfer.

Muthoot Housing Finance Home Loan Eligibility

Muthoot Housing Finance Home Loan has certain eligibility criteria that must be met before a loan is approved and disbursed. It is available to customers who are:

  • Indian resident or NRI
  • Persons who are above 21 years of age at the start of the loan
  • Persons who are under the age of 65 at the time of loan maturity
  • Persons who are either self-employed or salaried
  • Persons worthy of credit facility

Documents Required for Muthoot Housing Finance Home Loan

The following documents are required when a user applies for a Muthoot Housing Finance Home Loan:

  • Home Loan application form with recent passport-sized photographs
  • KYC documents: Identity and address proof
  • Income documents
  • Property documents
  • Processing fee cheque

Why Apply for Muthoot Housing Finance Home Loan On MyMoneyMantra

Muthoot Housing Finance Home Loans give home buyers opportune and flexible Home Loans to meet their individual requirements. When you borrow through MyMoneyMantra, you get immediate loan approvals, and disbursement is also quick to follow. Additionally, we also offer post-disbursement services. Applying through our platform has various benefits, including:

  • Availability of all the information about the product on a single page
  • Instant loan application process
  • Complete assistance throughout the loan process
  • Availability of Home Loan EMI Calculator
  • Doorstep documents kit pick up service

How to Apply for Muthoot Housing Finance Home Loan on MyMoneyMantra?

You just have to register online by filling an online application on the Home Loan page, and our loan specialists will get in touch with you. At MyMoneyMantra, we are dedicated to making the procedure of acquiring a Home Loan from Muthoot Housing Finance instant and trouble-free. We advise you on what scheme suits you the best for your niche requirements, and we also support you with the process of application. Our team of experts will help you finish your documentation, pick up your documentation from home and drop it off to the bank. We assist and stand by you through the processing and disbursement time, should any further assistance be required.

Other Products By Muthoot Group

The Muthoot Finance offers other types of products as well as mentioned below:

Muthoot Blue Guide Gold Loan

Muthoot Blue Bright Gold Loans

Muthoot Blue Bigg Gold Loans

 

Muthoot Blue Power Gold Loans

 

Muthoot Blue Smart Gold Loans

24X7 Express Gold Loan

Small Business Loans

Micro Finance

Auto Loans

Forex

Money Transfer Service

Wealth Management and Third Party Products

Precious Metals

How to Calculate Muthoot Housing Finance Home Loan EMI?

The Muthoot Housing Finance Home Loan EMI (Equated Monthly Instalment) amount can be calculated using the MyMoneyMantra EMI Calculator. The EMI Calculator lets you set parameters such as the tenure, interest rates, and the total loan amount to estimate what your monthly EMI amount works up to.

Muthoot Housing Finance Home Loan Processing Fees and Other Charges

Here is a comprehensive list of charges levied by Muthoot for processing and subsequent activity:

Types Description

Administrative and operational cost

 

  • At loan application: 5,000 (Non refundable)
  • At disbursement of loan: 2% of the sanctioned Home Loan amount minus fees paid at the time of loan application.

Cheque/NACH/ECS bounce  charges

500

Cheque/ECS/NACH swapping  charges

500 (per set)

Legal and recovery  charges

Actuals

Late payment charges

2% p.m. of the overdue amount

CERSAI charges

As per CERSAI Schedule of charges

Duplicate No Dues Certificate 

100

Duplicate interest certificate

100

Photocopy of property documents

500

Document retrieval charges

 

1,000

Duplicate statement of account charges

 

250

Duplicate Annual Account Statement and Provisional Certificate

100

Collection charges

250

Foreclosure statement charges

500

Subsequent/technical

500

Duplicate provisional certificate

100

List of documents

500

Part Prepayment/Foreclosure charges

 

 

  • Variable and floating interest rate: Nil
  • Fixed interest rate:
    • If foreclosed from own source: Nil
    • If foreclosed from other source: 5% if foreclosed within 12 months of disbursement) and 3% if foreclosed post 12 months of disbursement.
  • GST & other taxes will be charged extra as applicable by the Government
  • The rates, fees, and charges mentioned above are subject to change/revise from time to time as per sole discretion of MHFL.
  • The administrative & operational cost payable by the applicant is non-refundable
  • Execution/registration charges of any loan document will be payable by the applicant to the concerned local authorities as applicable.

Muthoot Housing Finance Home Loan - Customer Care

Sometimes a customer may require reaching out to the Financial Service post disbursement of the loan amount. To highlight post disbursement service gaps and register complaints, you can do the following:

  • The buyer can make a redressal to customer care on the website muthoothomefin.com or by mail at response@muthoothomefin.com.
  • Buyers can meet or write to the Branch Manager for the respective dealing branch
  • In case the grievance remains unsolved beyond 7 working days, a buyer may escalate the concern to grievances@muthoothomefin.comor the below-mentioned address:

The Grievance Redressal Cell
Muthoot Homefin (India) Ltd
"A" Wing, 1201 &1202, Lotus Corporate Park
Off. Western Express Highway
Goregaon (East)
Mumbai - 400063

In case of dissatisfaction with the resolution received / or where no resolution is received, you may reach the Complaint Redressal Cell of NHB by lodging a complaint online at the link  OR at https://grids.nhbonline.org.in or by post, in the prescribed format.

The Complaint Cell
National Housing Bank
4th Floor, Core 5A
India Habitat Centre
Lodhi Road, ND -110023

You can also mail the complaint at crcell@nhb.org.in 

FAQs

Do I have to be older than a certain age to get the loan?

Yes, you should be older than 21 in order to apply for the loan.

Will I be getting the full amount of the loan?

The bank will keep a margin of the amount, which varies according to the amount you have applied for.

Are there any charges for prepayment of the loan?

The part prepayment/foreclosure charges are:

  • Variable and floating interest rate: Nil
  • Fixed interest rate:
    • If foreclosed from own source: Nil
    • If foreclosed from other source: 5% if foreclosed within 12 months of disbursement) and 3% if foreclosed post 12 months of disbursement.

Can I change the way I pay the monthly amount?

Yes, but you will have to give an application at the bank which states that you need to change the payment method.

Do I need a guarantor for the loan?

The loan is guarantor-free - you do not need any guarantor for the loan.

What is the credit score I require?

A CIBIL score of minimum 650 is ideally expected from the applicants.

How can I apply for the loan easily?

Through MyMoneyMantra, you can apply for the loan with ease.

What are the interest rates for Muthoot Finance Home Loan?

The interest rates range from 13.5% to 17%.

How long is the maximum tenure of the loan?

The maximum loan tenure permitted by the bank is 15 years.

Latest News Snippets

Muthoot Housing Finance targets 750 crore loan disbursement in 3 years in Karnataka 

Muthoot Housing Finance Corporation, a company that is into offering loans for affordable housing, is seeking to double its loan disbursement to 750 crore over the next 3 years in the state of Karnataka.  The market for low-income group (LIG) and economically weaker section (EWS) has seen a steep incline, while supply from builders has improved over the years. The target is a disbursement growth of up to CAGR 60% on the current books. Furthermore, the global loan book for the firm is anticipated to go over 3000 crores in the next 3 years. The subsidised home sector has become a currency turner for NBFCs, since the government announced its vision of widespread housing for the urban underprivileged under the wing of the Pradhan Mantri Awas Yojna which is targeting construction of 20 million reasonably priced houses by 31st March'2022.

Muthoot Fincorp, NSDC to train 10,000 youth under Pradhan Mantri Kaushal Vikas Yojana

Muthoot Fincorp Limited, in partnership with the National Skill Development Corporation (NSDC) has announced that they will train approximately ten thousand eligible youth over a span of three years to make them job-ready. With the partnership, Muthoot Fincorp stakes claims on having become the first chief private sector firm to partner with NSDC for the launch of the 'Pradhan Mantri Kaushal Vikas Yojana' (PMKVY.2) program. The Muthoot Pappachan Group will also engage and hire 80% of the qualified students (8,000) into their Group for consistent full-time job Roles, once candidates have completed training and assessment in an efficacious manner.

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