|Loan amount||Up to 90% of Property Value|
|Rate of interest||12.50% onwards|
|Tenure||Up to 30 years|
|Lowest EMI possible||Rs. 1,067 Per Lakh|
|Foreclosure Charges||Nil for floating rates|
|Penal Interest Rate||2% 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.
The features and benefits of the Muthoot Finance Housing Loan that make the scheme attractive are:
Also Read - Home Loan Tax Benefits
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
The home loan processing fee and other charges charged on Muthoot Finance housing loan are as under:
|Home Loan Product||Charge Head||When Payable||Charge Amount|
|Housing , Extension, Improvement, Refinance and Plot Loans||Administrative Fee||At time of Loan Application||Minimum Rs. 2,500 + GST|
|At time of Loan Disbursement||Rs. 6,000 + GST minus amount paid at time of loan application|
|Housing, Extension, Improvement, Refinance, Plot Loans for Salaried Customers including NRI Salaried||Processing Fee||At time of loan disbursement||Minimum 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 Income||Processing Fee||At time of loan disbursement||Minimum2% of Loan amount + GST minus amount paid at time of loan application.|
|Top –up Loan||Processing Fee||At time of loan disbursement||Minimum2% of Loan amount + GST minus amount paid at time of loan application.|
|Delay Payment Charges||Interest Penalty||On Accrual||Up to 24% p.a. of default amount|
|Statutory Charges||CERSAI||Change of Security||Actual|
|Switch from Fixed to Variable and vice versa||Conversion Fee||On conversion||0.50% of the outstanding principal outstanding and undisbursed amount (if any) at the time of conversion|
|ECS Dishonor Charge||Misc. Charge||On dishonor||Rs. 500 per dishonor + GST|
|Photocopy of documents||Misc. Charge||On request||Rs. 500 per request + GST|
|Instrument Swap charge||Misc. Charge||On request||Rs. 500 per request + GST|
|Decrease in Loan term or Change in EMI amount||Processing Fee||On request||Rs. 500 per request + GST|
Also Read - Home Loan Processing Fees of All Banks/NBFC
Muthoot Home Loan follows the following eligibility criteria:
Also Check - Home Loan Eligibility Criteria of SBI Bank
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:
Check for 50 lakh home loan EMI and apply easily on MyMoneyMantra.
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.
Also Read - 5 Tips to Manage Your Home Loan EMI
Also Check - Documents Required for SBI 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:
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
Home loan customers can reach Muthoot Finance Home Loan Customer Care on the following helpline numbers:
Also Check - SBI Home Loan Customer Care
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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.
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.
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.
The minimum salary requirement to avail of a Muthoot housing loan is Rs. 10,000 per month.
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.