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Muthoot Finance Home Loan Details

Loan amountUp to 90% of Property Value
Rate of interest12.50% onwards
TenureUp to 30 years
Lowest EMI possibleRs. 1,067 Per Lakh
Processing feeNIL
Foreclosure ChargesNil for floating rates
Penal Interest Rate2% per month

Muthoot Finance has a rich legacy of over 800 years. The company operates in 20 divisions including Financial Services, Wealth Management, and Forex. It enjoys a strong presence in India with over 4500 branches. The company’s benchmark project – Muthoot Home Fin offers home loans at an attractive rate of interest and unmatched features, making it a well known home loan lender.

Features and Benefits of Muthoot Finance Home Loan

The features and benefits of the Muthoot Finance Housing Loan that make the scheme attractive are:

  • Quick loan sanction in 48 hours
  • Pre-approved Property Projects for faster home loan processing
  • Doorstep service and loan assistance
  • Online home loan account for easy management
  • Competitive rate of interest starting at 12.50% p.a. 
  • No hidden charges
  • The high loan-to-value ratio of up to 90% for loans up to Rs. 30 lakh
  • Maximum LTV ratio of 80% for home loans between Rs. 30 lakh to Rs. 50 lakh
  • Repayment through easy EMIs.
  • Option to choose between Floating and Fixed rate of interest.
  • Flexible loan tenure of up to 25 years.

Also Read - Home Loan Tax Benefits

Muthoot Finance Home Loan Interest Rates

Muthoot Finance housing loan interest rate is linked to the Retail Prime Lending Rate (RPLR). The current RPLR is 15.95% p.a. The effective rate of interest on Muthoot Finance home loan starts at 12.50% p.a. 

Also Check - SBI Home Loan Interest Rates

Muthoot Finance Home Loan Processing Fee & Other Charges

The home loan processing fee and other charges charged on Muthoot Finance housing loan are as under:

Home Loan ProductCharge HeadWhen PayableCharge Amount
Housing , Extension, Improvement, Refinance and Plot LoansAdministrative FeeAt time of Loan ApplicationMinimum Rs. 2,500 + GST
At time of Loan DisbursementRs. 6,000 + GST minus amount paid at time of loan application
Housing, Extension, Improvement, Refinance, Plot Loans for Salaried Customers including NRI SalariedProcessing FeeAt time of loan disbursementMinimum 1.5% of Loan amount + GST minus amount paid at time of loan application.
Housing, Extension, Improvement, Refinance, Plot Loans for Self Employed Customers, Salaried Customer with Informal IncomeProcessing FeeAt time of loan disbursementMinimum2% of Loan amount + GST minus amount paid at time of loan application.
Top –up LoanProcessing FeeAt time of loan disbursementMinimum2% of Loan amount + GST minus amount paid at time of loan application.
Delay Payment ChargesInterest PenaltyOn AccrualUp to 24% p.a. of default amount
Statutory ChargesCERSAIChange of SecurityActual
Switch from Fixed to Variable and vice versaConversion FeeOn conversion0.50% of the outstanding principal outstanding and undisbursed amount (if any) at the time of conversion
ECS Dishonor ChargeMisc. ChargeOn dishonorRs. 500 per dishonor + GST
Photocopy of documentsMisc. ChargeOn requestRs. 500 per request + GST
Instrument Swap chargeMisc. ChargeOn requestRs. 500 per request + GST
Decrease in Loan term or Change in EMI amountProcessing FeeOn requestRs. 500 per request + GST

Also Read - Home Loan Processing Fees of All Banks/NBFC

Muthoot Finance Home Loan Eligibility Criteria

Muthoot Home Loan follows the following eligibility criteria:

Applicant Profile
  • Resident
  • Non-Resident
  • Salaried individuals
  • Self-employed professionals
  • Self-employed non-professionals
AgeEligibility
  • Minimum: 21 years
  • Maximum: 65years
Loan Eligibility
  • For loan up to Rs. 30 lakh - 90% of property value
  • Between Rs. 30 lakh to Rs. 50 lakh - 80% of property value

Also Check - Home Loan Eligibility Criteria of SBI Bank

Muthoot Finance Home Loan Schemes

Muthoot Finance offers a range of home loan schemes. These schemes can be customized to meet the individual needs of home loan seekers. The schemes available are:

  • Housing Loan for Purchase: All resident individuals are eligible to avail loan for the purchase of a new or under-construction property. The maximum principal loan amount that can be availed under the scheme is limited to Rs. 30 lakh with 90% LTV.
  • Housing Loan For Refinancing Of Property: A loan for the refinancing of property helps customers to avail of a loan under the scheme against property that has already been purchased or acquired by them. The maximum repayment tenure under this scheme is 20 years.
  • Top-up Loan: The scheme is a top-up for existing home loans. It is available to customers for the repair and renovation of existing residential property. A loan up to Rs. 30 lakh can be availed with a maximum repayment term of 15 years.
  • Home Extension Loan: This scheme can be availed for the extension of property already owned. The maximum loan amount that is availed under the scheme is Rs. 50 lakh to be repaid in 20 years.
  • Home Loan Balance Transfer and Top Up Balance: Transfer your ongoing home loan from any bank or non-banking financial company. Transfer loan up to Rs. 50 lakh to be repaid in a maximum of 20 years.
  • Housing Loan for Home Construction: This scheme is offered to people who own a piece of land and require finances for construction thereon. Loan under the scheme can be availed up to Rs. 30 lakh to be repaid in 20 years.
  • Housing Loans for NRIs: Eligible Non-resident Indians can avail of home loans under this scheme. Loan proceeds can be used for the purchase, construction, repair, renovation of a property. The loan is to be repaid in a maximum of 15 years.

Check for 50 lakh home loan EMI and apply easily on MyMoneyMantra.

Muthoot Finance Home Loan EMI Calculator

Home loan borrowers can check the exact amount of home loan EMI using the Muthoot Finance Home Loan Calculator. This can help make changes in the principal amount, rate of interest, and loan tenure to reach the ideal EMI amount which matches the repayment capacity. The table below lists the Muthoot Finance home loan EMI for different principal amounts and loan tenures. Muthoot Finance home loan interest rate is taken as 12.50% p.a.

Loan AmountROIPayable EMI
10 years15 years20 years
Rs. 25 Lakh Home loan EMI12.5% p.a.Rs. 36,594Rs. 30,813Rs. 28,404
Rs. 30 Lakh Home loan EMI12.5% p.a.Rs. 43,913Rs. 36,976Rs.34,084
Rs. 50 Lakh Home loan EMI12.5% p.a.Rs. 73,188Rs. 61,626Rs. 56,807

Also Read - 5 Tips to Manage Your Home Loan EMI

Muthoot Finance Home Loan Documents Required

Salaried Individuals
  • Application form
  • KYC Documents namely Photo ID proof, Residence address proof , Signature proof , Date of Birth Certificate or Age proof
  • Income documents namely Salary Slip or Salary certificate for 3 months and last two years Form 16
  • Updated bank statements for 6 months
  • Qualification Proof
  • Existing Loan details along with documents like Sanction letter and State of Account (SOA)
Self-Employed Individuals
  • Application form
  • KYC Documents namely Photo ID proof, Residence address proof , Signature proof , Date of Birth Certificate or Age proof
  • Office address proof
  • Professional Qualification Certificate
  • Preceding two years Income Tax returns along with Computation of Income, Profit & Loss A/c and Balance sheet statement.
  • Updated bank statements for last 6 months
  • Existing Loan details along with documents like Sanction letter and State of Account (SOA)
NRI Applicants
  • Application form
  • KYC Documents namely Photo ID proof, Residence address proof , Signature proof , Date of Birth Certificate or Age proof
  •  Income documents
  • Other Supporting documents namely POA in MHIL format, Passport Copy with valid visa, Copy of Continuous discharge Certificate (For sailors), Overseas Credit report and Work Permit
  • Updated bank statements for last 6 months
  • Existing Loan details along with documents like Sanction letter and State of Account (SOA)

Also Check - Documents Required for SBI Home Loan

How to Apply for Muthoot Finance Home Loan

Online portal MyMoneyMantra.com offers comprehensive information and end-to-end support to home loan seekers. The loan application process at MyMoneyMantra.com is simple and hassle-free. If you are looking for how to get a home loan from Muthoot Finance here’s help: 

  • Visit the official website of MyMoneyMantra
  • Scroll down the Home Page and click on the Home Loan link
  • Fill up the form with the required information
  • Submit the inquiry form

MyMoneyMantra will contact you on receiving the home loan inquiry request on the provided contact number to discuss and process your Muthoot Finance home loan request.

Also Read - 10 Best Home Loan Interest Rates

Muthoot Finance Home Loan - Customer Care

Home loan customers can reach Muthoot Finance Home Loan Customer Care on the following helpline numbers: 

  • 1800-121-1214
  • +91-22-3911-0900
  • +91-22-3911-0999

Also Check - SBI Home Loan Customer Care

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Best Value Home Loans

MyMoneyMantra is India’s largest phygital loan distributor. With trust of 70 lakh customers, we assure hassle free access to the best Home Loans up to 10 crore for housing loan borrowers in India. Our service is 100% free. We use latest technology and AI to serve customers across the length & breadth of our diverse country. Check Eligibility & Apply.

FAQs

✅What is the maximum loan amount offered to NRIs?

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NRIs can apply for a Muthoot Finance home loan and can have a maximum loan of up to Rs. 50 lakhs to be paid within a tenure extending up to 15 years.

✅How do I repay my loan?

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Repayment of Muthoot Finance home loan is done through Equated Monthly Installments (EMI) calculated using the EMI home loan calculator. The EMIs are paid through the Automated Clearing House (ACH) facility with standing instructions to the bank. Repayment can also be made through post-dated cheques drawn on the applicant’s bank account.

✅What is the minimum salary to avail of a Muthoot housing loan?

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The minimum salary requirement to avail of a Muthoot housing loan is Rs. 10,000 per month.

✅Are there any tax benefits available against the housing loan?

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Yes, on availing Muthoot Finance home loan, the resident Indian applicant is eligible for tax benefits under the Income Tax Act. The tax deduction of up to Rs 2 lakh for interest payments and up to Rs 1.5 lakh for principal repayment can be availed.