Muthoot Finance - 11.00% for Home Loan - New Purchase Home Loan

Muthoot Finance Home Loan:

Muthoot Finance home loan can be availed at an attractive rate of interest starting at 11%-19% p.a.*

The customized home loan solutions can be availed by both Residents and Non-Resident Indians.

Whether you are a salaried individual or a self-employed, choose from the different Muthoot Finance home loan schemes to meet your unique requirement and repayment capacity.

Interest Rate	11%-19% p.a.*
Processing Fee	Up to 2% of the loan amount
Repayment tenure	Up to 25 years
Loan-to-Value Ratio	Up to 90% of the property value

 

Key Features of Muthoot Finance Home Loan:

1. Pre-approved Property Projects for faster home loan processing.

2. Doorstep service and loan assistance.

3. Flexible loan tenure of up to 25 years.

4. Option to choose between Floating and Fixed rate of interest.

 

Muthoot Finance Home Loan interest depends upon:

1. Your Salary:

Income helps you in identifying your rate of interest.

Bank's rate varies with your monthly income. Higher the income, lesser will be the rate

 

2. Type of loan opted for:

Muthoot Finance Home Loan also offers differential rates for women borrowers and also under their fixed and floating rate schemes.

The rate of interest may be higher or lower under their special or popular loan product offers.

 

3. Existing bank customers:

Muthoot Finance Home Loan offers one of the lowest home loan rates to its existing bank account customers in view of their past relationship with the bank.

 

Muthoot Finance Home Loan:

Apply

Apply for anMuthoot Finance Home Loan easily on ApnaRupee.com – a channel partner for India’s top banks.
Our loan experts assist you throughout the process – from documentation to disbursal.
You can also compare Muthoot Finance Home Loan rates with other banks before choosing the best deal for your home loan needs.

 

Muthoot Finance Home Loan Documents:

For Salaried employees:

1. Filled up loan application form.

2. Two Passport Size Photo.

3. ITR of last 2 years.

4. Identity Proof - Passport/ Driving License/ Voter ID/ PAN.

5. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport.

6. Income Documents – 6 months’ pay slip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit.

7. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension.

 

For Self-Employed:

1. Filled up loan application form.

2. Two Passport Size Photo.

3. Identity Proof - Passport/ Driving License/ Voter ID/ PAN.

4. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport.

5. Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile.

6. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension.

 

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:

 

1. Muthoot HFCL Home Improvement Loan: 

Purpose: Muthoot Housing Finance offers Home Improvement Loan for refurbishing or renovating existing property, such as repair, flooring, tiling, extension, painting and woodwork.

Loan Amount: Rs 2 lakh- Rs 40 lakh

LTV Ratio: Up to 80% of property value

Tenure: Up to 20 years

 

2. Muthoot HFCL Self Construction Loan:

Purpose: Consumers can avail Self Construction Loan from Muthoot Housing Finance for construction of house on the plot already owned by them.

Loan Amount: Rs 2 lakh- Rs 40 lakh

LTV Ratio: Up to 80% of property value

Tenure: Up to 20 years

 

3. Muthoot HFCL Plot Purchase Plus Construction Loan:

Purpose: Muthoot Housing Finance offers home loan for both plot purchase and home construction.

Loan Amount: Rs 3 lakh- Rs 40 lakh

Tenure: Up to 20 years

 

4. Muthoot HFCL First Purchase from Builder

Purpose: Consumers can avail home loan from Muthoot First Purchase from Builder for purchasing a fresh property from the builder or housing board.

Loan Amount: Rs 3 lakh- Rs 40 lakh

Tenure: Up to 20 years

 

5. 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.

 

6. 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.

 

7. 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.

 

8. 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.

 

9. 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.

 

10. 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.

 

11. 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.

 

Frequently Asked Questions:

Q1. What is the maximum loan amount offered to NRIs?

The maximum loan amount offered to NRI customers is Rs. 50 lakh.

 

Q2. How do I repay my loan?

Repayment of the loan is to be done in the form of Equated Monthly Installments (EMI) through Automated Clearing House (ACH), an advanced version of ECS based on standing instructions to the bank or salary deduction by

the employer or post-dated cheques drawn on borrower’s bank account.

 

Q3. Can I partly or fully prepay my loan amount ahead of the tenure?

Yes, part-prepayment and full repayment of the loan is allowed.

 

Q4. Are there any tax benefits available against the housing loan?

Yes, resident Indian customers are eligible for tax benefits under the relevant sections of the Income Tax Act.

The tax deduction is subject to a maximum limit of Rs 2 lakh for interest payments and up to Rs 1.5 lakh for principal repayment.