Things You Must Know About Muthoot Finance Home Loan

Where have you heard Muthoot Finance’s name? Mostly when you have deposited your gold to them and got really good returns and repaid it at a low-interest rate. Gold loans from this finance company is by far the among the most popular and trustworthy. But, not many people know that company also has a housing finance company – Muthoot Home Finance.

Those who have experienced gold loan servicing from the company might know that the interest rate against the loan is very low. Similarly, the home loan offered by the company is also given on low-interest rates. To know more about the product, read this article.

Muthoot Finance Home Loan Eligibility

The loan can be availed by salaried, self-employed professionals and business class (self employed). Applicants must have a good credit history and income so that they can be trusted for smoother repayment. Let us know how much loan amount can they avail.

Maximum Loan Amount for Home Loans at Muthoot Finance

The loan amount varies from the property value. If you have a requirement of Rs. 30 lakhs, you can get up to 90% of property value. If you want more than Rs. 30 lakhs from Muthoot Finance home loan, you can get up to 80% of the property value as the maximum funds.

Muthoot Finance Home Loan Rates

The interest rate offered by Muthoot Finance on home loans is 12.50% per annum. This rate is floating which means it changes after a particular period of time.

Purposes for which Muthoot Home Loans can be used

Muthoot Home Loan can be taken for following purposes:

• Purchase of home from developers/authority
• Purchase of property in resale
• Plot and construction loan
• Construction Loan
• Improvement Loan
• Extension Loan
• Balance transfer
• Top up

Documents required for Muthoot Finance Home Loan

Salaried:

1. Application form
2. KYC Documents
3. Photo ID proof
4. Residence address proof
5. Signature proof
6. Date of Birth / Age proof
7. Salary Slip or Salary certificate for 3 months and last two years Form 16
8. Updated bank statements for 6 months
9. Qualification Proof
10. Existing Loan details along with documents like Sanction letter and State of Account (SOA)

Self Employed:

1. Application form
2. KYC Documents
3. Photo ID proof
4. Residence address proof
5. Signature proof
6. Date of Birth / Age proof
7. Office address proof
8. Professional Qualification Certificate (If any)
9. Latest two years Income Tax returns along with Computation of Income, Profit & Loss A/c

and Balance sheet statement.

6. Updated bank statements for last 6 months
7. Existing Loan details along with documents like Sanction letter and State of Account (SOA)

NRI:

1. Application form
2. KYC Documents
3. Photo ID proof
4. Residence address proof
5. Signature proof
6. Date of Birth / Age proof
7. Income documents
8. Other Supporting documents
9. POA in MHIL format
10. Copy of Continuous discharge Certificate (For sailors)
11. Passport Copy with valid Visa
12. Overseas Credit report
13. Work Permit
14. Updated bank statements for last 6 months
15. Existing Loan details along with documents like Sanction letter and State of Account (SOA)