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.
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.
The products that are offered under Home Loans and the purpose of each:
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 |
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:
For NRI Loans, the following documents will have to be submitted:
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.
You need to contact a branch of MHFSL to find out the administrative fee, pre-payment fee and processing fee applicable.
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).
For NRI Loans, the following documents will have to be submitted:
Modes of re-payment:
Credit Card:
Credit Score:
Personal Loan:
Home Loan:
Fixed Deposit:
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