Muthoot Finance Home Loan

Features and Benefits of Muthoot Finance Home Loan

Muthoot Finance is one of the most valuable and trusted financial service brands in India. It also has the largest gold loan portfolio among other NBFCs. Accessible and convenient, it provides services in almost every corner of India with more than 5443 branches. Choosing Muthoot Finance Ltd home loan to apply for a home loan online can be the best option because:

• Easy and fast application process
• Interest rates starting at 12% onwards
• 25 years loan tenure
• Offers 90% of the home loan of property value

You can read the features and benefits offered by Muthoot Finance Ltd. mentioned below:

• Muthoot Finance Ltd disburses the home loan amount within 48 hours after verifying all the necessary documents.
• Customers can easily access their online home loan account and check their loan status and other information.
• The NBFC also offers floating rate options and bears no hidden charges.    
• It provides home loans for all the approved projects.
• ECS facility is available in the loans provided by Muthoot Finance Ltd.
• Provides doorstep services to all its customers.

Muthoot Finance Home Loan Eligibility Criteria

The Muthoot Finance Ltd Home Loan requirements are pretty straightforward and simple.

• The minimum age for applying for the loan must be 21 years.
• The maximum age at the time of loan maturity should not be more than 60 years.
• The applicant should be a resident Indian.

Here is a table representing the loan amount depending upon the property value.

House Value	Loan Amount to Property Value
Till Rs. 30,00,00	90% of property value
From Rs. 30,00,001 to Rs. 50,00,000	80% of property value

Types of Muthoot Finance Home Loan

Muthoot Finance offers specially designed home loan schemes for its customers which are as follows:

Loan for Purchasing House 

Resident Indians who want to buy or construct a new home can apply for this home loan scheme. Under this loan, one can sanction the loan amount of up to Rs. 50 lakh.

Loan for Refinancing of Property 

This loan is designed to help people in refinancing the purchase of a new property with consideration that the property has already been purchased by them. The repayment tenure for this loan is 20 years maximum.

Composite Loan 

This home loan scheme is designed specifically for purchasing a plot or construction of a home thereon within a decided time period.

Top-up Loan 

Top-up loan facility is designed for people who want to repair or renovate their home or improve interiors by building or painting walls, plumbing, doing electrical work, etc.

Loan for Home Extension 

Home extension loan is for customers who want to finance or extend the space of their home by constructing additional parts like a living room, kitchen, bedroom and others.

Home Loan Balance Transfer and Top Up 

Under this scheme, customers can transfer their existing home loan from a different financial organisation to Muthoot Finance with or without an additional top-up. 20 years is the maximum loan repayment time and Rs. 50 lakh is the maximum loan amount provided.

Loan for the Construction of Home 

Under this scheme, customers can buy a new or under construction home from the developers.

Home Loans For NRIs

All the eligible NRIs who want to buy residential property under construction or want to construct a property on their land or extension can apply for this loan. The maximum time period for repaying the loan amount is 15 years only.

Muthoot Finance Home Loan Fees and Charges

In the table below you can check all the fees and charges levied on the loan amount. It involves the processing fee, prepayment charges, charges for delaying the payment, CERSAI charges, etc. You can easily understand all the charges and then apply for a Muthoot Finance Ltd Home Loan.

Transaction on Loan	Charges and Fees
Processing Fee	2% of the total loan amount
Charges for Prepayment	Nil (Prepayment charges are levied only on Plot loans)
Charges for Delaying Payment	Annual charge of 24.00% on the defaulted amount
CERSAI Charges	As applicable
Cheque / ECS Dishonour Charge	Rs. 500 per instance
Fees for Conversion	0.50% of the leftover amount

Documents Required for Muthoot Finance Home Loan

For Muthoot Finance Ltd. Home Loan, one has to submit some important documents for validation and approval purposes. They are as follows:

• Completely filled home loan application form with correct information.
• KYC documents for identity, address, signature and birth verification. These include Aadhaar card, PAN card, birth certificate, Voter ID card, etc.
• Income proof is the most prominent proof. A salaried person has to submit a 3-month salary slip, Form 16 and an updated bank statement for the last six months. A self-employed person has to show an Income Tax Return, balance sheet, and profit and loss statement.
• For NRIs, they have to submit all the above documents along with a copy of visa and passport, work permit of the country they are working in and a copy of agreement from their current employer.

How Does the EMI Calculation Work for Muthoot Finance Home Loan?

The manual formula for calculating EMIs is:

EMI = (P × R × (1+r)^n)/((1+r)^n-1) 

Where,

• n means the tenure of the loan
• P stands for the principal loan amount
• R stands for interest rate

But doing the home loan EMI calculations manually can take a lot of time, increase the chances of error and become a struggle. Therefore, we introduce you to the advanced Urban Money Home Loan Calculator for instant EMI calculations. 

You just have to enter your loan amount, tenure and interest rate. The rest of the calculation will be done in the backend and the result will be displayed on your screen in seconds.