A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • Manipal Housing Finance Syndicate

    Home loans offered by Manipal Housing Finance are available at floating rates of interest linked to the company’s Prime Lending Rate (PLR). Loans of up to 90% of the cost of the house or up to 90% of the estimated construction cost can be availed. No pre-closure penalty will be charged to individuals but non-individuals may have to pay a penalty on prepayment.
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    We found 38 Manipal Housing Finance (MHFSL)
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    PA PL OTP
    8.40% - 8.50% Floating
    Up to 0.25%(Max ₹25,000) One time fee
    Rs.30L - Rs.5Crs
    5 - 30 Years
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    Good to Know
    8.65% - 10.35% Floating
    Up to 0.50% One time fee
    Rs.5L - Rs.10Crs
    3 - 30 Years
    What you'll love
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    Perks
    Fees & Charges
    Good to Know
    8.35% - 9.18% Floating
    0.50% - 2.00% One time fee
    Rs.20L - Rs.5Crs
    1 - 30 Years
    What you'll love
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    Perks
    Fees & Charges
    Good to Know
    6.95% - 7.50% Floating
    Up to 0.50%(Max ₹11,800) One time fee
    Rs.5L - Rs.10Crs
    1 - 30 Years
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    8.99% - 9.75% Floating
    Up to 1.00% One time fee
    Rs.2L - Rs.3Crs
    1 - 30 Years
    What you'll love
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    Perks
    Fees & Charges
    Good to Know
    8.60% - 9.50% Floating
    0.50% One time fee
    Rs.12L - Rs.5Crs
    1 - 20 Years
    What you'll love
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    Perks
    Fees & Charges
    Good to Know
    8.40% - 11.75%
    0.50%(Min ₹10,000) One time fee
    Rs.5L - Rs.10Crs
    1 - 30 Years
    What you'll love
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    Perks
    Fees & Charges
    Good to Know
    7.30% - 7.80% Floating
    ₹10,000 One time fee
    Rs.50L - Rs.5Crs
    1 - 25 Years
    What you'll love
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    Perks
    Good to Know
    9.00% - 12.50% Floating
    Up to 1.00% One time fee
    Rs.20L - Rs.10Crs
    1 - 30 Years
    What you'll love
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    Perks
    Think about
    Good to Know
    9.25% Floating
    0.50%(Min ₹10,000) One time fee
    Rs.1Cr - Rs.5Crs
    1 - 20 Years
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    Perks
    Fees & Charges
    Good to Know
    6.90% - 7.15% Floating
    Up to 0.50%(Max ₹15,000) One time fee
    Rs.25L onwards
    1 - 30 Years
    What you'll love
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    Perks
    Fees & Charges
    Eligibility Criteria
    9.25% - 11.20% Fixed
    Up to 0.50% One time fee
    Rs.2L - Rs.3Crs
    1 - 30 Years
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know

    Manipal Housing Finance (MHFSL) was founded in the year 1986 by the Late Dr T M A Pai and is part of the Manipal Group. The Manipal Group has over the years marked its presence in the country in the education & health care, hospitality, banking & finance, information technology etc. Manipal Housing Finance is one of the prominent sectors of the organization. It is not only promoted by the Manipal Group but also Syndicate Bank.

    Home Loans from Manipal Housing Finance:

    The products that are offered under Home Loans and the purpose of each:

    • Home Loan: To purchase a house/flat or to construct a house on a plot that is already owned by the borrower
    • Home Improvement Loan: To carry out any kind of repair on a house/flat that is already owned by the applicant. This can be structural, external or internal repairs. Everything from plumbing, electrical work, water proofing, tiling, replacing doors/windows etc. can be carried out with this loan.
    • Home Extension Loan: To build an additional room in the house or floor on the house that is already owned by the applicant or any other kind of extension to the house can be carried out with this loan.
    • Site Loan (Land Loan): to purchase house site/land.
    • Home Equity Loans: A loan can be sanctioned against the security of the applicant’s house so that the money can be used for an urgent, important need such as for a child’s marriage expense, medical treatment, education expense etc. The current market value of the house can be received in such a case.
    • NRI Loans: Applicants who are in the NRI category can avail this loan for the purpose of purchasing/ constructing House/Flat, Home Improvement, Purchase of Site (Land Loan) or Home Extension.

    Features of Manipal Housing Finance products:

    • Repayment made easy with long loan tenure
    • Avail maximum feasible loan amount through quick processing
    • Flexible terms
    • Personalised service though out the process of availing your loan and post-disbursement service
    • Existing customers can avail additional loan and Top-up loan
    • Loans can be availed by both salaried individuals and self-employed individuals
    • Repayment: Pre-EMI interest must be paid until the loan has been disbursed in full and EMI must to be paid once the loan has been disbursed in full.
    • Mode of re-payment:
      1. Standing Instruction
      2. PDCs (Post Dated Cheques) from NRE Bank Account
      3. Salary deduction
      4. ECS
    • Security: As security, the property in question will be sanctioned as the `security’. Title deeds will have to be deposited. Collateral also as required
    • Maximum loan term and amount:
    Type of home loan Maximum loan term Maximum loan amount
    Home Loan · Salaried Individuals can avail loan for 20 years or up to the retirement age (whichever is first) · Self-employed can avail loan for 15 Years or up to the age of 65 years (whichever is first) 85% of the cost of the house/flat and 85% of the cost of construction (estimated amount)
    Home Improvement Loan · Salaried Individuals can avail loan for 20 years or up to the retirement age (whichever is first) · Self-employed can avail loan for 15 Years or up to the age of 65 years (whichever is first) 100% of the cost of the improvement can be availed as loan, but this is subject to 75% of the market value of the property.
    Home Extension Loan · Salaried Individuals can avail loan for 20 years or up to the retirement age (whichever is first) · Self-employed can avail loan for 15 Years or up to the age of 65 years (whichever is first) 100% of the cost of the extension can be availed as loan, but this is subject to 75% of the market value of the property.
    Site Loan · Salaried Individuals can avail loan for 20 years or up to the retirement age (whichever is first) · Self-employed can avail loan for 15 Years or up to the age of 65 years (whichever is first) 85% of the purchase cost.
    Home Equity Loans · Salaried Individuals can avail loan for 20 years or up to the retirement age (whichever is first) · Self-employed can avail loan for 15 Years or up to the age of 65 years (whichever is first) 60% of the value of the house property.
    NRI Loans · Salaried Individuals can avail loan for 15 years or up to the retirement age (whichever is first) · Self-employed can avail loan for 15 Years or up to the age of 65 years (whichever is first) · 85% of the cost of the house (which includes the cost of the land) or Flat for home loans. · 100% of the cost of the improvement can be availed as loan for the Home Improvement Loan. However, this is subject to 75% of the market value of the property. · 100% of the cost of the extension can be availed as home extension loan, but this is subject to 75% of the market value of the property. · For Site Loan (Land Loan), 85% of the purchase cost can be availed as loan

    Documentation for Manipal Housing Finance:

    For Home Loan, Home Improvement Loan, Home Extension Loan, Site Loan (Land Loan) and Home Equity Loans, the following documents will have to be submitted:

    • Duly filled application form with the applicant’s photo affixed.
    • Residence proof, age proof, Identity Proof (Election Identity Card/ PAN Card)
    • Last six months’ Bank Account Statements of all Bank Accounts (which includes OD Accounts/ loan accounts).
    • Salaried individuals will have to provide last three months salary slips and CTC letter. They will also have to produce Form No 16 with IT returns. The last three years total income proof will also have to be produced.
    • Self-employed individuals will have to produce their business profile. They will also have to present the bank with copies of last three years’ income-tax returns and financial statements (the Balance Sheet, tax audit compliance report and P&L Account etc.) will have to be certified by Chartered Accountants.

    For NRI Loans, the following documents will have to be submitted:

    • One local guarantor
    • Copy of Visa/Passport
    • Latest work permit
    • Salary Certificate
    • Latest Service Contract
    • Duly filled application form with affixed photograph
    • Power of Attorney
    • Bank Statement of the foreign account in which the applicant’s salary is credited (copy).
    • Statement of the applicant’s Indian Bank Account. This should reflect the amount that the applicant has remitted funds for a minimum period of six months.

    FAQs:

    1. What is the Rate of Interest for the Home Loans?

      The Rate of Interest will be on `floating basis’. This will be linked to the PLR of the company. Further, the rate of interest will vary according to any change in the PLR. To know the current rate of interest, please contact any branch of MHFSL.

    2. What are the administrative fee, processing fee and prepayment charges?

      You need to contact a branch of MHFSL to find out the administrative fee, pre-payment fee and processing fee applicable.

    3. What is the funding norm for home loans in the case of purchasing a flat/house?

      Applicants can avail up to 85% of the cost (which includes the basic cost of the flat/house, Stamp Duty, Car Parking, registration fee all one time deposits, GST, etc). This is subject to the MHFSL Panel’s evaluation of the Market Value of the property as well as the loan eligibility of the borrower (whichever is lower).

    4. As an NRI, what are the documents that I will need to submit for the NRI loan?

      For NRI Loans, the following documents will have to be submitted:

      • One local guarantor
      • Copy of Visa/Passport
      • Latest work permit
      • Salary Certificate
      • Latest Service Contract
      • Duly filled application form with affixed photograph
      • Power of Attorney
      • Bank Statement of the foreign account in which the applicant’s salary is credited (copy).
      • Statement of the applicant’s Indian Bank Account. This should reflect the amount that the applicant has remitted funds for a minimum period of six months.
    5. What are the different modes of repayment that I can use?

      Modes of re-payment:

      1. Standing Instruction
      2. PDCs (Post Dated Cheques) from NRE Bank Account
      3. Salary deduction
      4. ECS
      

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    Manipal Housing Finance (MHFSL) Reviews

    • ICICI Bank Home Loan
      "Excellent Loan"
      0.5 5.0/5 "Blown Away!"
      I have taken home loan from ICICI Bank, my loan was sanction on time and its going to be disbursed soon. The amount of the loan is 18 lakh . the bank informed me that for construction plan I have to pay for 3 lakh. The interest rate is 8.65% but the bank will be reducing the rate by 1.5% from next month.
      Was this review helpful? 18
      , new delhi
      Reviewed on Mar 21, 2020
    • IndusInd Bank
      IndusInd Bank Home Loan
      "Not good loan"
      0.5 3.0/5 "Satisfactory"
      I have taken INDUSIND home loan because my friend suggested it to me.The tenure of the loan is for 17 years with an interest rate of 11.5%. For submission of documents i have to run up and down apart from that it was fine.But it would have been good if the procedure is little short and not to deduct any installment from account without clearing the check first.
      Was this review helpful? 3
      , ahmedabad
      Reviewed on Mar 20, 2020
    • LIC Housing Home Loan
      "Best housing loan "
      0.5 5.0/5 "Blown Away!"
      Before 4 years ago, purchased my home loan from LIC Housing finance. Due to the low interest rates, i have selected LIC Housing. Taken the loan amount of Rs. 14 lakhs and i am paying the EMI amount of Rs. 12940 per month. Total duration of the loan is 15 years.
      Was this review helpful? 35
      , tirupur
      Reviewed on Mar 20, 2020
    • Tamilnad Mercantile Bank Home Loan
      "Average Service"
      0.5 2.0/5 "Expected more"
      I have taken home loan directly through Tamilnad Mercantile Bank.The rate of interest and the processing fee was high .This loan was sanctioned on time and i have uploaded the documents through online . The service was average according to my concern.
      Was this review helpful? 8
      , surat
      Reviewed on Mar 15, 2020
    • Syndicate Bank Home Loan
      "Easy loan approval"
      0.5 5.0/5 "Blown Away!"
      I have taken home loan directly through SYNDICATE BANK. The rate of interest and the processing fee was nominal.This loan was processed on faster basis without any hassles.They gave a clear picture about the loan process .There was proper notification from bank end and i am satisfied with the service .
      Was this review helpful? 7
      , bangalore
      Reviewed on Mar 14, 2020
    • ICICI Bank Home Loan
      "Disappointed with ICICI"
      0.5 0.5/5 "Unacceptable"
      I hand applied for the Home construction loan @ Rabakavi Branch, Karnataka. We provided all the legal & Income documents. Loan got approved but they dragged it for 4 Months for the final steps and did not disburse finally saying legal issues which are absurd.
      Was this review helpful? 9
      , rabkavi banhatti
      Reviewed on Mar 14, 2020
    • review Home Loan
      "Supporting finance"
      0.5 5.0/5 "Blown Away!"
      Long back ago, i have taken the home loan from GIC Housing finance. Its because of the immediate process, i have selected this bank. Interest rates were normal because it was 8.35%. I bought the loan amount of Rs. 2.5 lakhs and the documentation process was hassle free. I have chosen a duration of 10 years to close this loan. I have already close the loan 5 years before and they have given me a NOC letter also.
      Was this review helpful? 6
      , chennai
      Reviewed on Mar 13, 2020
    • SBI Home Loan
      "Easy loan approval"
      0.5 4.0/5 "Great!"
      I have taken home loan directly through SBI .The rate of interest was nominal and this loan is still active .Everything was good to me when availed this loan .The loan process was clearly shared by the agent .I am really satisfied with the service . Without any hassles got this loan.
      Was this review helpful? 41
      , indore
      Reviewed on Mar 13, 2020
    • Indiabulls Home Loan
      "Need to improve customer service "
      0.5 2.0/5 "Expected more"
      At an Initial I took home loan from DHFL on sudden from their end transferred the process to INDIA BULLS without any intimation. But one issue was faced that my documents not submitted to INDIA BULLS hence I have submitted again. The amount sufficient was fine. EMI need to pay of 36K. The rate of interest is started with 8.35% gradually increased hence on last months was 8.90%. Their service is not good coordination with me.
      Was this review helpful? 10
      , thane
      Reviewed on Mar 12, 2020
    • review Home Loan
      "Home loan closer conditions"
      0.5 1.0/5 "Really Bad"
      Hi All, If any of the builder suggest to go for this bank don't ever go for it... For every 6 months they increase the ROI even RBI is decreasing... Pre closer is a hell for me ...bi have provided a cheque after 15 days they started processing the request to close... From my pocket I paid 30000 rs extra for closing...
      Was this review helpful? 25
      , bangalore
      Reviewed on Mar 11, 2020
    • Indiabulls Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I took home loan from INDIA BULLS, some people suggested to take a loan from this bank so chosen it. They have sanctioned the loan amount of 15L with tenure period of 15 years. Rate of interest is nominal. EMI need to pay of 17K. The processing fee is applicable. Since I am going to buy a plot so taken this loan offer.
      Was this review helpful? 7
      , hyderabad
      Reviewed on Mar 11, 2020
    • LIC Housing Home Loan
      "Very good home loan and need to improve the interest rate"
      0.5 5.0/5 "Blown Away!"
      My home loan was taken from LIC Housing because their processing time and charges are less but interest rate is little bit high when i compared to other Government banks. They have taken 1 week to sanctioned the loan. Documentation process is as usual like other banks. They have provided me a interest rate of 8.45%.
      Was this review helpful? 18
      , kolkata
      Reviewed on Mar 10, 2020
    • Union Bank of India Home Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I have taken home loan directly through Union Bank Of India .The rate of interest and the processing fee was nominal and submitted documents through the agent ,This loan is still active and i have taken this loan for home construction. There are more hidden charges which was informed later this was the only issue. I have been informed that will receive Rs.7000 to 8000 due to good credit score but it was not happened.
      Was this review helpful? 12
      , chennai
      Reviewed on Mar 09, 2020
    • HDFC Limited Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      HDFC people guided to take Pradhan Mantri scheme for the home loan. The amount was sanctioned of 25L and subsidiary amount of 2.67L. The tenure period of 20 years. An interest rate was fine of 8.5%. Pre closure is applicable with nominal charge. The process was good hence they have sanctioned the loan within 20 days. EMI need to pay of 22413 rupees.
      Was this review helpful? 58
      , kanchipuram
      Reviewed on Mar 09, 2020
    • LIC Housing Home Loan
      "Need to decrease the interest rate"
      0.5 4.0/5 "Great!"
      From LIC, they offered a home loan and the loan amount was Rs. 27,00,000. The rate of interest was high 9.15% with the duration period of 20 years and i am paying EMI of Rs.24,000 and they given this loan very faster . LIC have a good customer service.
      Was this review helpful? 12
      , lucknow
      Reviewed on Mar 09, 2020
    • HDFC Limited Home Loan
      "Comfortable process "
      0.5 5.0/5 "Blown Away!"
      I got home loan offer from HDFC Limited on one year back. I applied via online, the amount was sufficient with tenure period of 15 years. The rate of interest is moderate. I took this loan to buy an apartment. EMI need to pay of 36K. Pre closure is applicable but there is locking period of 6 months. Their service is good.
      Was this review helpful? 7
      , alleppey
      Reviewed on Mar 07, 2020
    • HDFC Limited Home Loan
      "Best Service"
      0.5 4.0/5 "Great!"
      I have taken home loan directly through Hdfc Ltd.The rate of interest and the processing fee was nominal.This loan was processed on faster basis without any hassles.The agent gave a clear picture about the loan process .There was proper notification from bank end and i am satisfied with the service .
      Was this review helpful? 9
      , chennai
      Reviewed on Mar 06, 2020
    • review Home Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I took home loan from MAGMA HOUSING FINANCE on 6 months back , the loan duration of 20 years for the amount of 18L. The amount was sanctioned by one month. To buy the flat taken this loan. EMI need to pay of 15,600 rupees. There is pre closure is applicable. The customer service is good.
      Was this review helpful? 7
      , vadodara
      Reviewed on Mar 06, 2020
    • review Home Loan
      "Average Loan Service"
      0.5 3.0/5 "Satisfactory"
      I bought my home loan from Fullerton but an interest rates are high. In the call centre, there is no proper response for any kind of inquiry and if I sent a mail only they will send the reply after 48 hours. They have sanctioned the loan amount of Rs. 10L and they have not provided the loan as per their committed time.
      Was this review helpful? 7
      , chennai
      Reviewed on Mar 06, 2020
    • HDFC Limited Home Loan
      "Good Loan Service"
      0.5 5.0/5 "Blown Away!"
      In HDFC, they were forcing me to taking a home insurance when i availed my home loan. Its just because of my landlord person since he was having their existing loan with HDFC hence have continued the same. They have offered me an interest rate of 9.25% and i need to pay the EMI amount of Rs. 10000 for the loan amount of Rs. 10 lakhs.
      Was this review helpful? 21
      , rajkot
      Reviewed on Mar 05, 2020
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