Get home loan up to Rs. 15 Lakhs online from Manappuram Home Finance and repay in tenure of up to 10 years. The interest rates for Manappuram home loan starts from as low as 14% p.a. and there are options to prepay or foreclose your loan account.
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:
Besides Home Loans, the company offers the following facilities, as well:
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:
Loan Product | Interest Rate range |
Home Loan | |
Home Loan - Purchase or Construction of a new house | 13% to 14.50% |
Home Loan - Purchase of resale house | 13% to 14.50% |
Home Loan - Balance Transfer | 13% to 14.50% |
Home Loan - Home Extension | 13.50% to 16% |
Home Loan - Home Improvement | 14.50% to 18% |
Composite Loan - Plot and Construction | 13% to 14.50% |
Other Loans | |
Loan Against Property | 15.50% to 22% |
Commercial Property - Purchase and LAP | 15.50% to 22% |
Additional Info: Also check Best Home Loan Interest Rates
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.
Type of fees payable | Amount | Stage of payment |
---|---|---|
Application fee | 2,500 | At the time of login of the application |
Processing fee | 2% of the loan amount less 2,500 application fee | Before disbursement of the loan |
The other service charges payable on the Home Loan are as follows:
Nature of charges | Amount of charges |
Transaction charges in the case of Top-up and Balance Transfer loans | 1,000 |
Foreclosure statement | 500 |
Cheque or ECS Bounce charges | 1,200 |
Cheque or payment mode swapping charges | 750 |
Collection charges | 500 |
Conversion charges | 1% of the loan outstanding |
Legal opinion charges | Actual expenses |
Recovery charges in case of default | Actual expenses |
PDC retrieval charges | 500 |
Loan Cancellation charges | 3,000 |
Cancellation of disbursal cheque | 2,000 |
Stamp Duty | As per State Laws |
Duplicate No Dues charges | 500 |
Copy of Documents of property | 500 |
Statement of account | 500 |
List of documents | 1,000 |
Statutory or Regulatory charges | Actual expenses |
CERSAI Registry | 500 |
Charges of Part disbursement | 1,000 |
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:
There are two modes of repaying the Manappuram Home Finance Home Loan:
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 borrowers are classified into four categories:
Category of Borrower | Minimum annual family income | Maximum yearly family income |
Economically Weaker Section (EWS) | Nil | 3 Lakhs |
Low-Income Group (LIG) | More than 3 Lakhs | 6 Lakhs |
Middle-Income Group-I (MIG-I) | More than 6 Lakhs | 12 Lakhs |
Middle-Income Group-II (MIG-II) | More than 12 Lakhs | 18 Lakhs |
The subsidy calculation :
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.
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No, Manappuram Home Finance Limited is different from Manappuram Gold Loan. Both these units are subsidiaries of Manappuram Finance Ltd. Manappuram Home Finance Limited deals with Home Loans and property loans, whereas Manappuram Gold Loan deals with loans against gold ornaments.
Manappuram Home Loan Finance Limited offers both fixed and floating rates of interest on Home Loans. The customer can choose either the fixed-rate or floating rate of interest at the time of applying for the Home Loan.
As the name suggests, the fixed rate of interest entails that the rate of interest remains fixed throughout the tenure of the loan. It thus implies that the EMI also remains the same throughout. On the other hand, the floating rate of interest is linked to the PLR of Manappuram Home Finance Limited. This rate will change every time there is a change in the PLR. Thus, the EMI or your loan tenure can vary accordingly.
It depends on the customer. Generally, the floating rate is much less than the fixed rate of interest at the time of its fixation. The benefits are, therefore, immediate. However, if the floating rate goes above the fixed rates of interest, the fixed-rate automatically becomes beneficial.
The benefits of a fixed rate of interest are as follows:
The drawbacks of the fixed rate of interest on Home Loans are as listed below:
The floating rate of interest is better because of the following reasons:
The foreclosure charges on the Manappuram Home Finance Home Loan are listed hereinbelow.
The maximum loan repayment tenure for a Manappuram Home Finance Home Loan is 240 months. However, it depends on the age of the customer and the property at the maturity of the loan.
Manappuram Home Finance sanctions up to 80% of the market value of the property as a Home Loan.