Muthoot Finance Home Loan
Last Updated : Feb. 27, 2020, 6:22 p.m.
An individual in his/her entire life goes through the experience of dealing with home loans , not more than once or twice, and most of us learn more about what to consider after having taken the loan. This is when Muthoot Homfin (India) Ltd. has forayed into the home finance segment through home loans on offer at competitive prices in order to fulfill the dreams of numerous customers who aspire to build/acquire a residential space of their own.
Muthoot Home Finance covers the following projects for extending Home loans:
- Purchase of Home from Developers/Authority
- Purchase of Home in Resale
- Plot and Construction Loan
- Plot Purchase Loan
- Construction Loan
- Improvement Loan
- Extension Loan
- Balance Transfer
- Top Up Loan
Muthoot Home Finance Eligibility Criteria
Salaried, Self-employed Professionals and Business Class (Self Employed) are eligible to apply for Muthoot Finance Home Loans.
| Particulars | Description |
|---|---|
| Interest Rate | 12.5% per annum onwards(Floating) |
| Loan Amount | Upto Rs. 50 Lakhs in Metro cities and Rs. 30 lakhs in Non-Metro Cities |
| Tenure | Up to 20 Years (However, the period shall not exceed beyond 60 years and 70 years of age of the borrower/co-borrower, respectively for Salaried and Self Employed borrowers / co borrowers) |
| Processing Fees | 1.5% of the loan sanctioned |
| Tax Benefits | Tax Deduction : Upto a maximum limit of Rs 2 Lacs for interest payments and up to Rs 1.5 Lacs for principal repayment |
Maximum Loan to Value
| Amount of Loan | Maximum Loan to Value |
|---|---|
| Up to Rs. 30,00,000 | 90% of property value |
| From Rs. 30,00,001 to Rs. 50,00,000 | 80% of property value |
Note: Property value shall be as per the evaluation by MHIL
Muthoot Finance Home Loan EMI Calculator
Securing a home loan from Muthoot Housing Finance is easier. You can use Muthoot Finance Home Loan EMI Calculator for ascertaining your monthly repayment amount that you have to incur on your Home Loan.You can also assess the monthly interest to be payable with EMI and the total cost calculated each year. Muthoot Finance Home Loan EMI Calculator will tell you the results instantly. Also, you can quickly evaluate your eligibility criteria for availing home loan.
For example: A garment-based businessman having a business turnover of ₹1 crore wants to apply for a home loan of ₹50 lakhs payable after 15 years at a floating interest rate being 12.5% p.a. The home loan will be used for constructing the house on a plot acquired in Noida. You wish to know the total equated monthly installments along with the interest amount that will be payable on your home loan. The following table specifies the calculated EMI, interest payment and the total amount(EMI+Interest) required to be paid each year on your home loan.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 60,047 | ₹ 6,21,637 | ₹ 49,39,952 |
| 2 | ₹ 67,998 | ₹ 6,13,686 | ₹ 48,71,954 |
| 3 | ₹ 77,002 | ₹ 6,04,682 | ₹ 47,94,951 |
| 4 | ₹ 87,199 | ₹ 5,94,485 | ₹ 47,07,752 |
| 5 | ₹ 98,745 | ₹ 5,82,939 | ₹ 46,09,006 |
| 6 | ₹ 1,11,821 | ₹ 5,69,863 | ₹ 44,97,185 |
| 7 | ₹ 1,26,627 | ₹ 5,55,056 | ₹ 43,70,557 |
| 8 | ₹ 1,43,395 | ₹ 5,38,289 | ₹ 42,27,162 |
| 9 | ₹ 1,62,383 | ₹ 5,19,301 | ₹ 40,64,778 |
| 10 | ₹ 1,83,885 | ₹ 4,97,799 | ₹ 38,80,893 |
| 11 | ₹ 2,08,235 | ₹ 4,73,449 | ₹ 36,72,658 |
| 12 | ₹ 2,35,808 | ₹ 4,45,876 | ₹ 34,36,849 |
| 13 | ₹ 2,67,033 | ₹ 4,14,651 | ₹ 31,69,815 |
| 14 | ₹ 3,02,393 | ₹ 3,79,291 | ₹ 28,67,422 |
| 15 | ₹ 3,42,434 | ₹ 3,39,250 | ₹ 25,24,988 |
| 16 | ₹ 3,87,778 | ₹ 2,93,906 | ₹ 21,37,209 |
| 17 | ₹ 4,39,126 | ₹ 2,42,558 | ₹ 16,98,082 |
| 18 | ₹ 4,97,274 | ₹ 1,84,410 | ₹ 12,00,808 |
| 19 | ₹ 5,63,121 | ₹ 1,18,563 | ₹ 6,37,687 |
| 20 | ₹ 6,38,273 | ₹ 43,997 | ₹ 0 |
Documentation for Muthoot Finance Home Loan
| Salaried Employees | Self-Employed Professionals | ||||
|---|---|---|---|---|---|
| 1. Application Form 2. KYC Documents (a) Photo ID Proof (b) Residence Address Proof (c ) Signature proof (d)Date of Birth/Age proof 3. Updated Bank Statement for last 6 months 4. Existing Loan details along with documentslike Sanction Letter and State of Account(SOA) | |||||
| Salary Slip or Salary Certificate for 3 months | Professional Qualification Certificate(if any) | ||||
| Form 16 (last two years) | Office address proof | ||||
| Qualification Proof | Last two years Income Tax Returns along with Computation of Income, Profit & Loss A/c and Balance Sheet Statement | ||||
Features and Benefits of Muthoot Finance Home Loan
- Sanctioning of home loans within 48 hours on receipt of all the required documents.
- Doorstep Services
- Online Accessibility of your Home Loan Account
- Floating Rate Options Available
- No hidden charges
- Availability of Approved Projects
- ECS Facility available
Muthoot Home Loan Contact Number
For queries regarding the application process, eligibility criteria, sanctioned loan amount, interest rate or time period intervals contact the dedicated and experienced customer care representative of Muthoot Finance Home Loan at +91 -22-3911 0999/ +91 -22-3911 0900 or write an email at the email address given on the website. If facing any grievance or issues relating to any delay in the home loan process, feel free to contact the branch manager of Muthoot Housing Finance.
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