Home Loan by Muthoot Fincorp
Owning a home is an important milestone in the life of an individual. We understand how difficult it is for people to make their dream of owning a home come true by opting a housing loan. 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 Fincorp’s home loan products are designed to meet all your individual needs. Our housing loans are serviced by Muthoot Housing Finance Limited.
Types of Home Loans
The different types of Home Loans we offer are:
Benefits and Features of Home Loan from Muthoot Fincorp
Escalating real estate prices should not stop you from owning a home you want – you can make your dream come true with housing finance. At Muthoot Fincorp, we understand how much it means to own your own home, and that’s why we offer you a bouquet of easy-to-apply, feature-packed and most affordable home loans in India. We have designed loans to help you own and celebrate your dream home.
Innovative Loan Products
We provide several innovative loan products to aspiring homeowners who are more likely to face rejection … read more at the hands of traditional banks. Our bouquet of product offerings range from loans for purchase of property (house or apartment), home improvement loans, affordable housing loans, self-construction loans, loan against property, resale loans, purchase of property, residential property loan, re-finance and more.
Differential Loan Amounts & Interest Rates
Muthoot Fincorp offers finance from INR 2,00,000 to 25, 00,000 for loan tenures ranging from 3-20 years. Loans… read more are available on fixed and variable interest rates – usually, vary from 12-18%. Our loans are affordable and convenient – please get in touch with our customer care representative at 1800 102 1616 for more details.
Simple & Efficient Processes
We offer simple documentation, broad eligibility criteria and flexible repayment schedules as part of… read more our home loan processes. You can also count on us for more efficient loan processing, approvals and disbursals through streamlined processes. Once your loan is approved, the amount is deposited in your account, or in case of builder flat, released to the builder as per the payment plan.
Home Loan Eligibility Criteria
As a leading finance company, Muthoot Fincorp offers broad eligibility criteria for its housing finance and home loan offerings. It is our aim to give you access to a loan, and enable you to move towards your dream of owning a home quickly.
- The applicant should be an Indian resident
- 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 Muthoot Fincorp branch in the borrower’s city
- The co-owner of the property should be the co-applicant for the housing finance
Documents needed for Home Loan
Muthoot Fincorp is bound by and follows the KYC forms as per the regulator’s guidelines. Here is a list of documents you are required to provide.
Valid Address Proof
- Passport / Ration card / Voter ID / Driving License / Registered Rental Agreement / Electricity or Landline bill issued within the previous 3 months
Proof of Identity
- 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 three months
For salaried persons
- Three months salary slips with ITR or Form 16 for salaried applicants seeking housing loan in India
*These documents cover all types of loans for small businesses-Proprietorship, Partnership and Private Limited companies.
How to Apply for a Home Loan from Muthoot Fincorp
There are many ways for applying for a home loan in India with Muthoot Fincorp. We have streamlined the home loan application and approval procedures and made them simple to complete.
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 expedite the home loan approval and disbursement process.. We are always ready to help our customers to buy, renovate, or construct a house, you can call a home for a long time!
Frequently Asked Questions
A home loan or a housing loan is money that an individual borrows with the express purpose of buying a home. The property acts as a collateral for the loan. The borrower has to repay the loan along with an agreed upon interest through monthly EMIs over a period of time i.e. the tenure of the loan.
A Muthoot Blue Home Loan comes with several benefits some of which are mentioned below:
- Our loans range from Rs. 2 lacs to Rs. 30 lacs
- We offer loan repayment tenures of up to 20 years
- You can get loans from us for up to 80% of your property value
- We cater to the housing requirement of customers in the middle and lower income group
- We provide specialised home loans for the unorganised sector and help people turn their dreams of owning a home into reality
Muthoot Fincorp has provision for loan tenure starting from 3 to 20 years for home loans in India. You can have a loan value as low as 2 lakhs all the way to 30 lakhs. As housing finance uses the house purchased to secure the loan as collateral, the interest rate is lower than unsecured loans. Based on your income and comfort, you can opt for fixed or flexible repayment options.
Yes, as we offer flexible terms and conditions on our home loans giving you the flexibility to reduce the loan tenure. Please contact your nearest Muthoot Fincorp branch or call our customer care representative at 1800 102 1616 for more details.
If the home loan in India from Muthoot Fincorp was sanctioned at a floating or variable rate, you can foreclose it at no additional charges. In case a fixed rate housing finance, foreclosure from own sources attracts no charge, though if you decide to refinance the loan, you will have to pay 3% to 5% of the amount outstanding as foreclosure charges.
We are bound by and follow KYC forms as per the regulator’s guidelines. You will be required to furnish documents for age, income, and address. The list of documents is given below:
- PROOF OF RESIDENCE – ATTESTED PHOTO COPY OF ANY ONE OF THE FOLLOWING:
Bank Account Statement
Voter’s ID Card
- Documents Required
Current Telephone / Electricity / Gas Bill / Water Bill / Property Tax
- PROOF OF IDENTITY – ATTESTED PHOTO COPY OF ANY ONE OF THE FOLLOWING:
Passport Driving Licence Aadhar Card (UIDAI) Letter confirming identity from a commercial bank Employee ID Card if issued by Central / State Government undertaking Voter’s ID Card Pan Card
- Income Documents SALARIED INDIVIDUAL
Salary Slip of last 3 months of Salary certificate issued by employer in absence of salary slip Bank Statement for the last 12 months ITR for last 2 years if available
- Income Documents BUSINESS INDIVIDUAL
Business ownership proof documents like license, rent agreement of shop etc. Income documents like purchase bills, sales bills, sales register etc. Bank statement for last 12 months ITR for last 2 years if available
A borrower benefits immensely from a home loan and we share the major ones with you:
- Owning a home is one of the biggest dreams of every individual irrespective of their age, income or location – and a home loan’s biggest benefit is that it helps the borrower fulfill this dream with easy installment options. They can buy a bigger home or a better locality with confidence.
- Another additional benefit for the borrower is that there is no need to spend lacks of Rupees to buy and start living in a self-owned home. A home loan spreads the amount over several years, making it easy to repay the amount with interest.
- Most borrowers benefit from the fact that the EMI for a home loan is equal to or slightly higher than the amount they pay as monthly rent to their landlord. A loan gives them the freedom to enjoy their home without any interference from the landlord
- The price of a property will always increase with time and investing in one with a home loan will benefit the borrower.
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 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 common man with Blue Soch. Hence, our home loan services make it easy for you to get a loan to buy your dream home with minimum hassle!
- 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.
Over 3600 Branches across India
133+ years of legacy
18,000 Muthootians serving millions of customers
Walk in of over 1,00,000 customers a day