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Manappuram Home Finance Details

Let’s take a snapshot of Manappuram Home Finance:

Loan amountUp to 80% of the property cost
Rate of interest14.00 - 18.00%
TenureUp to 20 years
Lowest EMI possibleRs. 1,244 Per Lakh
Processing fee2% of the loan amount

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 on home loan
  • 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:

FeaturesDetails
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 interestThe rate of interest will in the range of 14.00% to 16.50% 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.
SecuritySecurity by way of equitable mortgage of the property acquired out of the loan.
Margin20%
Processing fee2% 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: 14.00% to 15.50% per annum
  • Home Loan for purchase of resale house: 14% to 15.50% per annum
  • Home Loan Balance Transfer: 14.00% to 16.50% per annum
  • Home Extension Loan: 14.00% to 16.00%per annum
  • Home Improvement Loan: 14.50% to 18.00% per annum
  • Composite Loan for purchase of plot and construction thereon: 14.00% to 16.50% per annum
  • Home Loan Micro: 18.00% to 26% 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 plot loan will be provided for the purchase 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 required for home loan 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

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 Loan using Manappuram Home Finance 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:

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.

Apply for Home Loan Online @ Rs. 727/Lakh* EMI

Apply for instant home loan online at Interest Rate starting from as low as 7.90% p.a. Pay EMI of just Rs. 727 per Lakh. Loan can be repaid in flexible tenure of up to 30 years. Apply now with minimal documentation. Check eligibility & get instant approval here.

Manappuram Home Finance Home Loan FAQs

✅ Who can apply for Manappuram Home Finance Home Loan?

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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?

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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?

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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?

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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?

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