Manappuram Home Finance Interest Rates
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 {{MANAPPURAM_HL_INTEREST_RATE}} p.a. and there are options to prepay or foreclose your loan account.
Manappuram Home Finance Home Loan Details
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 Home Loan - Various Products on Offer
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
Manappuram Home Finance Limited - Home Loan Interest Rates
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 | {{MANAPPURAM_HL_INTEREST_RATE}} |
| 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
Manappuram Home Finance Home Loan Interest Rates - Points to Note
- The rates of interest on Home Loans vary from {{MANAPPURAM_HL_INTEREST_RATE}} 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 Home Loan Charges
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 application fee is non-refundable
- It is payable at the time of login of the application
- The processing fee is payable only on the sanction of the loan. It is payable before the disbursement of the loan.
- The application fee paid earlier is adjusted at the time of paying the processing fee
- GST is payable on the fees
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 Home Loan - Method of Calculation and Repayment
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 Home Finance Home Loan - Ways to Apply
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
Manappuram Home Finance Home Loan - Calculation of EMI
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 Home Loan - PMAY
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:
| 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 :
- The PMAY subsidy is calculated on the NPV of the interest debited to the account @ 9% for 20 years.
- The subsidy is not available on the entire loan amount. There is a ceiling for the same.
- Persons belonging to the EWS and LIG category are eligible for a subsidy on a loan amount of 6 Lakhs.
- In the case of MIG-I and MIG-II, the corresponding eligible loan amounts are 9 Lakhs and 12 Lakhs respectively.
- The maximum amount of subsidy in a PMAY account is as follows:
- EWS and LIG - 2.67 Lakhs
- MIG-I - 2.35 Lakhs
- MIG-II - 2.30 Lakhs
- The PMAY grant is an upfront interest subsidy. It is credited into the loan account immediately. Therefore, the EMI of the borrower changes from the date of credit of the grant into the loan account.
FAQs
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.
Manappuram Home Finance sanctions up to 80% of the market value of the property as a Home Loan.
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