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Muthoot Finance Ltd Home Loan for Self Employed
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Muthoot Finance offers stress-free home loans to self-employed individuals. Whether you want to build, buy, or renovate a home, the company ensures the funds are accessible easily. The loan is further designed to address the unique challenges self-employed individuals face during loan application due to their uncertain income. Namely, the Muthoot Finance home loan for self-employed individuals features easy-to-meet eligibility criteria, hassle-free documentation, a digital application process, and fast loan approval, making it a more borrower-friendly credit option. To learn more, keep scrolling down. Hereunder, we detail Muthoot Finance home loan eligibility for self-employed, required documents, pertinent interest rates, and other associated fees. Let’s dive in.
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Reviewed ByMuthoot Finance Home Loan for Self-Employed – Highlights
Here are the Muthoot Finance home loan interest rates for self-employed applicants and other key parameters:
| Interest rate | 12.50% per annum |
| Loan Amount | Up to ₹50 Lakh |
| Loan-to-Value ratio | Up to 90% of the loan amount |
| Loan Tenure | 20 years |
| Eligibility | Available to both resident and non-resident Indians |
Muthoot Finance Home Loan for Self-Employed – Fees and Charges
Here are the associated fees and charges of the Muthoot Finance home loan for self-employed individuals:
| Fee/Charge | Amount |
| Login Fee | ₹5000 |
| Processing Fee | Minimum 1% of the loan amount or ₹6000, whichever is higher |
| Prepayment charges | Up to 5% of the principal amount |
| Late payment penalty | 24% per annum on the default amount |
Muthoot Finance Home Loan for Self-Employed – Documents Required
Here are the required Muthoot Finance home loan documents for self-employed individuals:
- Application Form: A completed home loan application form duly signed.
- KYC Documents: PAN card, aadhaar card, passport, driving License, election Card, or utility bill.
- Financial Documents: Last 2-year income tax returns, profit & loss account, Balance sheet, and 6-month bank statement.
Muthoot Finance Home Loan for Self-Employed – Eligibility Criteria
Here are the required Muthoot Finance home loan eligibility for self-employed individuals:
- Age: You should typically be between 21 and 65 years old.
- Income: You should have a stable and regular source of income sufficient to cover the loan MEIs.
- Credit Score: You should have a good credit score, preferably 700 or above.
- Nationality: You should be either a resident or a non-resident Indian.
Frequently Asked Questions (FAQs)
What is the repayment term for a Muthoot Finance home loan for self-employed?
Self-employed applicants can opt for a repayment period of up to 20 years for Muthoot Finance home loans.
What is the minimum age for a Muthoot Finance home loan to a non-salaried person?
Applicants typically need to be between 21 and 65 years old to qualify for a Muthoot Finance home loan as a non-salaried individual.
What is a non-salaried person's minimum and maximum Muthoot Finance home loan amount?
Applicants can secure up to ₹50 lakh through a Muthoot Finance home loan for non-salaried individuals.
