Affordable Home Loan by Muthoot Fincorp
Owning a home is an important milestone in the life of an individual and their families. We understand how difficult it is for people in general, and especially the people at the lower levels of the socio-economic strata, to make their dream of owning a home come true. Whether you wish to buy your first home in a new building, a flat on resale or construct your dream home from the ground up, Muthoot Housing Finance’ home loan products, serviced at Muthoot Fincorp branches are designed to help fulfil your most cherished dream.
As with Gold Loan, Small Business Loan, Two Wheeler Loan, Used-Car Loan and several other financial products, our obsession for understanding & serving the under-served people at the lower levels of the socio-economic strata, has helped the Muthoot Blue Group design & develop Housing Loan most-suitable for the common man.
Benefits and Features of Affordable Home Loan from Muthoot Fincorp
Owning a home is a matter of pride, security, and comfort. It’s a place where you relax at the end of the day, as it will add to your family's growing status. Muthoot Housing Finance Company Limited has been set up to enable lower and middle-income groups in the urban, semi-urban and rural parts of India to have access to affordable housing finance. Our affordable housing loan will thus help you enjoy all the benefits of homeownership; you can trust us to offer you variable loan amounts as per your requirements, extended tenures and flexible repayment schedules.
Bouquet of Products
We make homeownership a reality for all our Indian brethren at the lower levels of the socio-economic strata.... read more focus is on smaller loan sizes with extended repayment periods to loans for the purchase, construction or renovation of house or apartment. You can also count on us for loans for home extensions and loans against a residential property. You can get credit from 2,00,000 to 25,00,00 lakhs from us for tenures ranging from 3-20 years.
With the help of MHFCL through the Muthoot Fincorp branches or directly, you can get a loan which offers you easy repayment terms, flexibility, and access to ... read more credit as per requirement. You can get subsidy benefits under the Pradhan Mantri Awas Yojana (PMAY) if you meet the eligibility criteria. The PMAY subsidy is indeed a substantial contribution towards an affordable home of your crems, a reality. To ensure your peace of mind, we provide a professional legal evaluation of the new home.
Convenient, Quick & Personalised Services
As the common man is at the very centre of all and whatever we do, we understand that we must help in saving your time & energy ... read more for other important activities, such as your work and so on. That’s why, when you come to Muthoot Fincorp for a housing loan, we offer end-to-end assistance, along with easy application processes and quick disbursement. We make the process of getting a loan convenient and quick. Of course, with the humane-values & warmth, that’s unparalled.
Affordable Home Loan Eligibility Criteria
We have established a broad range of affordable home loans eligibility criteria to accommodate every section of society and meet our commitment to ensuring “housing for all”.
Eligibility Criteria for a Muthoot Blue Home Loan
- Minimum age at the time of application should be 21 years
- Maximum age at the time of loan maturity should be 65 years
- The applicant should either be salaried or self-employed
- The applicant must own a bank account
- There should be a Muthoot Blue branch in the borrower’s city
- The co-owner of the property should be the co-applicant for the housing finance
Eligibility Criteria for PMAY Interest Rate Subsidy
- Neither the borrower nor his/her family members should not own a Pucca house
- For married couples, either one or both collectively can apply
- No history of availing housing assistance or loans under the PMAY scheme
Documents needed for Affordable Home Loan
We believe that finance for affordable housing should be quick and convenient. You need to put together the following documents and walk away with a need-based, low-interest home loan.
Address Proof (Any one of the document)
- Passport / Ration card / Voter ID / Driving License / Registered Rental Agreement / Electricity or Landline bill issued within the previous 3 months
Identity Proof (Any one of the document)
- Driving License / Voters ID Card / Passport / Ration Card / Driving License / Photo Credit Card / PAN Card / Employee ID card for Government servants
- Bank statement stating transactions for the previous 6 months
For Salaried Persons
- 6 months salary slips with ITR or Form 16 for salaried applicants seeking housing loan in India
Please call our customer care at 1800 102 1616 or visit your nearest Muthoot Fincorp branch to know more.
How to Apply for Affordable Home Loan from Muthoot Fincorp
There are several ways of applying for an affordable home loan in India with Muthoot Fincorp. These processes are designed to make the processes simple, which will not take up too much of your time. Some of these are:
You can call our toll-free number 1800 102 1616 and talk to our customer care executive for details to get started
Visit the nearest Muthoot Fincorp Branch
You can visit the nearest Muthoot Fincorp branch and our customer care executives will help you through the process.
All the documents you share with us will be scrutinised and your eligibility criteria will be checked quickly to help you move towards homeownership as soon as possible. We are always ready to help our customers to buy a house they can call home!
Frequently Asked Questions
An affordable home loan is designed for the lower and middle-income groups who do not have access to finance from traditional banking institutions. Our loans vary between Rs 3-25 lakhs, which allows the lower strata of the society to own homes in the cities of their residence. Even the Government of India, under its “Housing for All” initiative, encourages people of different income brackets to own a home.
The PMAY scheme is an inclusive affordable home loan scheme benefiting the unorganised sector. Under the scheme, a family who has no ‘pukka’ house in this country to buy a home on loan. The loan mandates that a woman has to be a participant in the ownership, making the gender disparity a little less. Muthoot Blue, in its commitment towards the goals, offers home loans of Rs 2,00,000 to Rs 25,00,000 with minimum documentation, low-interest rates and easy repayment terms.
At Muthoot Fincorp, we make it easy to repay the loan with our extended repayment tenures. The minimum tenure we offer is of 3 years, while the maximum tenure is up to 20 years. It means, you can buy and celebrate your dream home with lower EMIs – this adds to the convenience of the home loan.
The interest rates that we at Muthoot Fincorp offer through our subsidiary MHFCL ranges from 12-19%. If you are looking for an affordable housing loan, you can be assured of getting competitive interest rates. We also preferential rates for the PMAY, and for EWS/LIG schemes of the State and Central Governments of India. The interest charged on the home loans is clearly mentioned in the loan agreement and the sanction letter.
Muthoot FIncorp makes the process of applying for a housing loan quick and efficient. You can fill in your details in the form provided, click submit and our customer care representative will get in touch as soon as possible. Alternatively, you can call our toll-free number 1800 102 1616 or visit your nearest Muthoot Fincorp branch and take the help of our customer care executive to help you complete the complete the home loan application process.
The lowest down payment you can make for getting a finance for your housing at Muthoot Fincorp is 20% of the value of the house. This makes our affordable home loan options a boon for the unorganised housing sector.
First-hand account of customer experiences
BLUE SOCH STORIES
I am a silk merchant from Ramanagar and I was looking out for a home loan. One day I came across a person from Muthoot Housing Finance subsidiaries of Muthoot Fincorp Ltd. doing a marketing activity near my Business Premises. After that it struck my mind that I may require a home loan as my savings might not be sufficient to complete my house construction. So, I approached Muthoot for a home Loan. One thing what I liked about Muthoot ... Read More
This is Sheshadri, who was working in a power loom. Although he had his dreams of setting up his own power loom, he didn’t have the sufficient capital to start up his own power loom. He approached Muthoot Fincorp Ltd. for a gold loan for this purpose and he was informed there about the home loan available from Muthoot Housing Finance subsidiaries of Muthoot Fincorp Ltd. He also got to know about the process and procedures of the housing finance ... Read More
Same is the case with another Customer, Shantaraju. He also was working under someone and wanted to set up his own Silk Twisting machinery. Muthoot Housing Finance subsidiaries of Muthoot Fincorp Ltd. has helped Shantaraju set up his own business by providing home loan. Below is the picture of Shantaraju and his wife working on their Silk Twisting Machinery. Shantaraju , has set up his own business, employs 2 people, and earns a lot. Not only this, he pays his monthly ... Read More
I am Kumar from ramanagar. I own a floor mill and I grow mulberry plants and I harvest cocoons. Everyone has their own dream of building a house. Even I had one to construct a house in my plot I own in ramanagar. I had a shortage of funds and even some relatives refused me to offer help. That time I went to Muthoot Fincorp Ltd. in search of a gold loan, and they told that Muthoot Fincorp Ltd. is ... Read More
I run a chicken shop in Anekal. I always thought of expanding my business and wanted to open my own poultry farm. For this to come into existence, I needed some funds. My savings also was not sufficient. And one of my friend referred me to Muthoot Housing Finance Company Ltd. subsidiaries of Muthoot Fincorp Ltd. and asked me to go and enquire there for a housing loan. Thankfully, Muthoot Housing Finance Company Ltd. came to support me by offering ... Read More
Why Choose Muthoot Blue for Affordable Home Loan?
Muthoot Blue (Muthoot Pappachan Group) has a reputation that has been shaped over decades with high-quality practices, total customer satisfaction, and steady growth. Today, Muthoot Fincorp, our flagship company, is one of the largest NBFCs in India and we continue to work with the aim of providing timely credit to the common man with Blue Soch. Hence, our affordable home loan services make it easy for you to get a loan to fulfil your dream of homeownership!
You can trust Muthoot Blue because:
- We have over 4200 branches across India. Visit your nearest Muthoot Blue branch to get a loan quickly and without any hassle.
- Nearly 1,00,000 customers walk into our branches daily and are assured of trustworthy and simple services.
- Our customer-centric approach and innovation over the past 133+ years without compromising on the God-given values of trust, truth, transparency and tradition is what helps us in empowering the human ambitions.
Close to 3600 branches across India
A legacy of 133+ years
18,000 Muthootians serving millions of customers
Walk in of over 1,00,000 customers a day