Muthoot Finance NRI Home Loan

Muthoot Finance Limited, a renowned name in the financial services sector in India, offers a variety of loans and financial products designed to meet the diverse needs of its customers. Among its offerings, the Muthoot Finance NRI Home Loan is a specialised product aimed at Non-Resident Indians looking to buy, construct, repair, or renovate a home in India. Scroll down to learn more about the specifics of the Muthoot Finance Limited NRI Home Loan, exploring its features, benefits, types, eligibility criteria, required documents, interest rates, fees, charges, and tax benefits.

Get in Touch for Home Loan Expert Advice

Connect with our Home Loan Advisor Now!

Personalized Home Loan solutions
Expert guidance
Application assistance
Credit score discussion
Home Loan Interest rate comparison

Full Name

+91Mobile No.

Choose City

You hereby consent to Urban Money being appointed as your authorised representative to receive your Credit Information from CIBIL for the purpose of Credit Risk Assessment. You hereby agree to terms and conditions.

Table of Content

1. What is Muthoot Finance Limiteds NRI Home Loan?

2. Features & Benefits of Muthoot Finance Limited NRI Home Loan

3. Types of Muthoot Finance Limited Home Loan for NRIs

4. Purpose of Muthoot Finance Limited NRI Home Loan

5. Muthoot Finance Limited NRI Home Loan Interest Rates

6. Documents Required

7. Eligibility Criteria

8. Fees and Charges

9. Tax Benefits

Written By

Hepson Franklin

Hepson Franklin is a seasoned financial expert and accomplished writer specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & loan products. With a wealth of experience in the financial industry, he has established himself as a trusted voice, providing invaluable insights and guidance to both seasoned investors and those new to the world of finance. With a comprehensive understanding of the intricate facets of the financial landscape, he is dedicated to demystifying complex financial concepts for readers of all backgrounds.

Reviewed By

Amit Prakash Singh

Co-Founder, Square Yards & Chief Business Officer, Urban Money

Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

What is Muthoot Finance Limited’s NRI Home Loan?

The Muthoot Finance Limited NRI Home Loan is a financial product tailored for NRIs who wish to invest in real estate in India. This program offers loans up to ₹3 million for buying land, building a house, renovating, or purchasing an existing property, with repayment terms of up to 15 years. It simplifies investing in Indian real estate and allows NRIs to connect with their homeland through property ownership.

Features & Benefits of Muthoot Finance Limited NRI Home Loan

Attractive Interest Rates: Competitive interest rates that make the loan affordable.
Flexible Tenure: Long repayment tenure, providing borrowers with the flexibility to manage their finances effectively.
High Loan Amount: A substantial amount can be borrowed, depending on the borrower’s repayment capacity and the property’s value.
Quick Processing: Efficient loan processing ensures borrowers can secure financing without delays.
Minimal Documentation: The requirement for minimal documentation streamlines the application process, making it less cumbersome for NRIs.
Customised Solutions: Tailored loan options to meet NRIs’ specific needs and requirements.

Types of Muthoot Finance Limited Home Loan for NRIs

Muthoot Finance Limited may offer various types of home loans to cater to the different needs of NRIs, including:

Purchase Loan: For buying a new or existing residential property.
Construction Loan: Specifically for constructing a new house.
Home Improvement Loan: For renovation or repair works on an existing property.
Land Purchase Loan: For purchasing a plot of land for residential construction purposes.

Purpose of Muthoot Finance Limited NRI Home Loan

This loan’s primary purpose is to enable NRIs to buy, construct, or improve a home in India. It helps them invest in the Indian real estate market, ensuring they can have a home in their country of origin.

Muthoot Finance Limited NRI Home Loan Interest Rates

Interest rates on NRI Home Loans vary based on market conditions and the borrower’s creditworthiness. Muthoot Finance Limited offers competitive rates, making it easier for NRIs to finance their home purchases in India. The interest rates and fees for NRI Home Loans provided by Muthoot Finance Limited are categorised by the borrower’s employment type. The table is designed to be easy to understand:

Borrower Type	Interest Rate (Min.)	Interest Rate (Max.)	Processing Fee	Pre-Payment Charges	Foreclosure Charges
Formal Salaried	11.25%	11.75%	1.50% + GST	10.00%	1.00% + GST
Informal Salaried	13.50%	14.00%	2.00% + GST	N/A	N/A
Formal SENP/SEP	12.50%	13.00%	2.00% + GST	10.50%	1.50% + GST
Informal SENP	13.50%	14.00%	2.00% + GST	N/A	N/A

SENP/SEP Stands for Self-Employed Non-Professional/Self-Employed Professional.
Pre-Payment Charges: Applicable if you pay off your loan before the agreed period.
Foreclosure Charges: Fees are charged if you decide to close your loan before the term ends and are applicable only for certain categories.

Documents Required

The documents required for an NRI Home Loan typically include:

Passport and visa copies.
Proof of NRI status and overseas residence.
Income proof and employment documents.
Property-related documents.
Bank statements of NRE/NRO accounts.

Eligibility Criteria

Eligibility for an NRI Home Loan generally includes the following:

Age: The applicant must be within a certain age range, usually between 18 and 60.
Income: A stable income and employment record, usually with a minimum employment period in the current job.
Credit Score: A good credit history and credit score.

Fees and Charges

For NRI Home Loans provided by Muthoot Finance Limited, the fees and charges vary depending on the borrower’s employment status. Formal salaried individuals can expect a processing fee of 1.50% plus applicable GST, with pre-payment and foreclosure charges at 10.00% and 1.00% plus GST, respectively. Informal salaried borrowers and those categorised under informal self-employed non-professional (SENP) don’t have specific pre-payment or foreclosure charges. Still, they face a higher processing fee of 2.00% plus GST. Formal SENP or self-employed professionals have slightly lower interest rates. They are subject to a processing fee of 2.00% plus GST, with pre-payment charges at 10.50% and foreclosure charges at 1.50% plus GST. It’s important to note that the Goods and Services Tax (GST) is added to all applicable fees, and the pre-payment and foreclosure charges apply if you decide to pay off or close your loan before the end of its term.

Tax Benefits

NRI borrowers can avail of tax benefits on home loans under the Indian Income Tax Act. These benefits include deductions on the principal repayment under Section 80C and the interest payment under Section 24.