Let’s take a snapshot of Manappuram Home Finance:
|Loan amount||Up to 80% of the property cost|
|Rate of interest||14.00 - 18.00%|
|Tenure||Up to 20 years|
|Lowest EMI possible||Rs. 1,244 Per Lakh|
|Processing fee||2% 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.
Following are the reasons to apply for Manappuram Home Finance Home Loan:
The following are the features and benefits of Manappuram Home Finance Home Loan:
|Purpose of loan|
|Quantum of the loan|
|Rate of interest||The rate of interest will in the range of 14.00% to 16.50% depending on the type of loan availed.|
|Security||Security by way of equitable mortgage of the property acquired out of the loan.|
|Processing fee||2% of sanctioned loan amount (Less) 2,500|
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:
Following are the different types of Manappuram Home Finance Home Loans and their features:
To avail a Home Loan from Manappuram Home Finance, the applicant must meet the following eligibility criteria:
Following documents are required for Manappuram Home Finance Home Loan:
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.
The other products offered by Manappuram Home Finance Limited other than Home Loans are as listed below:
The charges other than the interest collected for the Home Loan are:
You can reach Manappuram Home Finance Limited through the following ways:
Toll-free number: (+91) 022-66211000
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 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.
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.
The processing fee levied on Manappuram Home Finance Home Loan is 2% of the loan amount.
Yes, the facility for the takeover of Home Loan balance from other banks/financial institutions is available under 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%.
No, it doesn't offer housing loans to NRIs and PIOs.