Manipal Housing Finance Syndicate

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:

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