Manappuram Home Finance Interest Rates

Manappuram Home Finance Limited offers different types of Home Loans and loan against property. These loans serve to suit the requirements of its vast clientele situated all over the country. Besides Home Loans, the company also finances the purchase of a commercial property. It also has a product whereby it caters to business and personal requirements by offering loan against commercial property. The salient features of Manappuram Home Finance Home Loan are its competitive rates of interest and easy accessibility. The company has a transparent service charges structure for its Home Loans and loans against residential/commercial property.

Additional Info: Also Apply for Home Construction Loan

Manappuram Home Finance has relaxed norms to check Home Loan Eligibility. The company offers Home Loans to both salaried and self-employed individuals. Non-individuals like partnership firms and companies can also avail a Home Loan from Manappuram Home Finance.

Manappuram Home Finance Limited offers Home Loans for a variety of purposes:

• Home Loan for the purchase or construction of a new house
• Home Loan for the purchase of a resale house
• Home Loan Balance Transfer
• Home Extension Loan
• Home Improvement Loan
• Composite Home Loan for the purchase of a plot and construction of a house thereon

Besides Home Loans, the company offers the following facilities, as well:

• Loan against residential property for personal or business purposes
• Loan for the purchase of commercial property
• Loan against commercial property for business purposes

You can also Check Loan Against Property without Income Proof and ITR

As Manappuram Home Finance Limited is not a bank, it does not follow the MCLR or other interest rate structures that banks adopt. Manappuram Home Finance Limited has its retail PLR based on which the company decides the rate of interest on its Home Loans. Home Loan Interest Rates on its various products are as follows:

Additional Info: Also check Best Home Loan Interest Rates

• The rates of interest on Home Loans vary from 13% to 18% depending on various factors
• The purpose of the loan is critical. Home improvement and home extension loans attract a higher rate of interest when compared to regular Home Loans.
• The occupation of the borrower is also a vital aspect. Salaried persons have a lower spread, whereas self-employed individuals end up paying more than their salaried counterparts.
• Manappuram Home Finance Limited is an active Home Loan financer in PMAY. The rates of interest on PMAY loans are the same as they are for regular Home Loans.

Additional Info: Also check Home Loan for Salaried Employees

Manappuram Home Finance has a transparent structure for charges structure. It is a reasonable one as well when compared to the service charges structures of some of the top private banks in India.

Additional Info: Also check Home Loan in Delhi

Manappuram Home Finance calculates interest on the monthly reducing balance method. The calculation of the interest is monthly.

The repayment of the loan can be made in the following manner:

• Fully disbursed loans: EMI starting from the month following the date of final disbursement
• Partially disbursed loans: The borrower should pay the Pre-EMI amount that is equal to the interest charged for the month. The Pre-EMI amount is payable monthly. The regular EMI commences after the full disbursement of the loan.

There are two modes of repaying the Manappuram Home Finance Home Loan:

• Submit post-dated cheques from your savings/current account
• Register for an ECS mandate to make an automatic payment on the due date

Manappuram does not have any facility to apply for Home Loans online. The best way to do so is to approach the nearest branch office of Manappuram Home Finance in your city and submit the loan application form in person.

Additional Info: You can also avail Navi Home Loan

You get the EMI figure on your sanction letter. It is possible to check the EMI using the EMI Calculator available on the MyMoneyMantra website.

Manappuram Home Finance is an active lender under PMAY. The procedure for sanctioning the Home Loan and the rates of interest are the same as they are for regular Home Loans. However, PMAY loans come with an interest subsidy component.

The interest subsidy depends on various factors, such as:

• The category of the borrower: Depending on the annual family income
• The loan amount eligible for a grant: Depending on the type of the borrower
• The maximum subsidy amount: Depending on the category of the borrower

The borrowers are classified into four categories: