A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • MAGMA Home Loan

    Magma Housing Finance offers home loans without any foreclosure charges and repayment tenure of up to 20 years. Salaried individuals, entrepreneurs, and real estate developers can apply for these loans.

    Magma Fincorp was established in 1989 and currently has over 235 branches across India. The company offers a large portfolio of financial services such as: Car Loans, Home Loans, Gold Loan, SME Financing, General Insurance and much more.

    Magma Home Loan scheme offers loans for residential and commercial purposes with a loan quantum starting as low as Rs. 3 Lakhs. It also offers schemes for developers to finance their projects.

    Features of Magma Home Loan:

    Attractive home loan interest rate with flexible and customer-friendly terms and conditions.

    • Home Loans offered for the following purposes:
      • Construction of house or purchase of property
      • Purchase of plot for constructing a house
      • For home improvement, extension or renovation
      • Balance transfer and/or top-up of existing home loan
      • Loan against property for business or personal purposes
    • The minimum loan amount that can be availed is Rs.3 Lakh
    • The facility of Loan against Property is available for personal or business purposes.
    • The maximum home loan tenure is 20 years and the minimum home loan tenure is 1 year.
    • Project Finance is also made available for Developers.
    • Easy and minimal documentation
    • Fast processing of loan applications
    • Magma also offers doorstep service throughout the application process
    • Expert and dedicated team to assist customers on an end-to-end basis

    Compare: Home Loan Interest Rate all Banks

    Magma Housing Finance Eligibility:

    The following individuals are eligible to apply for a home loan from Magma Fincorp:

    • Individuals, Partner, Proprietor, Corporate-entity, and Partnership Entity can apply for home loans from Magma.
    • Developers who have undertaken Residential projects / Townships can also apply for housing finance from Magma.
    • Salaried and/or self-employed individuals of the following segments can also apply:
      • Service providers
      • Manufacturers
      • Traders & Retailers
      • Entrepreneurs

    Magma Housing Loan Fees and Charges:

    Foreclosure Charges NIL
    Special NOC Rs. 500/- per request
    Valuation charges for BT/Home Equity/Refinance cases Rs. 1,500/-
    Cheque swapping charges Rs. 500/-
    Loan cancellation / re-booking charges Rs. 3,000/-
    Duplicate No due certificate Rs. 500/-
    Statement of Account Rs 200/-

    Magma Home Loan EMI Calculator:

    It is very important that you have a clear idea of the costs incurred when you avail a home loan since it will prepare you to plan your budget and manage your finances efficiently. Using an online home loan EMI calculator will help you to analyze the affordability of your home financing needs before applying for a home loan. Using a home loan EMI calculator is extremely simple and can be done from the convenience of your home at any time of your choice. All you have to do is enter some basic information such as the desired loan amount, applicable interest rate, loan tenure, etc and based on this you can find out the details of amortization. Just click on the “calculate” tab, and you will be redirected to the page that shows a detailed description of the amortization details, including the monthly EMI. The home loan calculator can be repeatedly used by altering the inputs till you arrive at the desired result. The home loan EMI calculator available on BankBazaar.com provides an accurate and elucidated report on your amortization schedule based on which you can make an informed decision.


    1. How to apply for Magma Fincorp home loan?

      You can apply for a home loan online through the Magma Fincorp website or by directly visiting any of the Magma Fincorp branches.

    2. Is it possible to pre-pay the amount due on my home loan?

      Yes, prepayment is allowed. However, prepayment charges may be levied by the company.

    3. What is the maximum loan amount that can be borrowed?

      The maximum loan amount that can be borrowed is dependent on the income of the applicant as well as on the valuation of the Property, as assessed by the company.

    4. When is the sanction decision made by the company?

      Once all the queries related to Income, Property valuation, etc. is cleared, the sanction decision is made by the company.

    5. What is the maximum tenure that can be availed on a housing loan from Magma Fincorp?

      The maximum loan tenure that can be availed by a borrower is for 240 months.   


    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    MAGMA Home Loan Reviews

    • Magma
      "Good service"
      0.5 4.0/5 "Great!"
      My housing loan was taken with MAGMA FINCORP , they offered 15 year of tenure period . The Interest rate is little high comparing to other financial service. The processing fee is also high . The process of getting loan was too quick and i did not face any issue at the time of documentation .
      Was this review helpful? 11
      , mumbai
      Reviewed on Nov 26, 2018
    • Magma
      "Its fine"
      0.5 4.0/5 "Great!"
      My feedback for Magma housing loan . Its neither good nor bad. I am a ex employee of Magma so they managed to offer me the best price with very minimal documents and I only paid for stamp duty and I have not incurred any other additional charge.
      Was this review helpful? 7
      , jabalpur
      Reviewed on Jun 10, 2015
    • Magma
      "Slow and steady process "
      0.5 3.0/5 "Satisfactory"
      I took a home loan with Magma finance and I felt the process is really slow with them.The customer service provided was average and the interest rate offered was also high.It s really a slow process they took nearly 2months for the loan to be disbursed and I am not happy about the same.
      Was this review helpful? 9
      , chennai
      Reviewed on May 08, 2015
    • Magma
      "Value their Customers"
      0.5 3.5/5 "Pretty good"
      I really felt that Magma Fin Corp values the customer and they provided a awesome service in the process of availing this Home Loan.They try to retain their customers so that the outcome of the best customer service provided. The process of execution is very slow in all aspects like documentation ,verification and so on. The Interest rate is little high comparing to other financial service. They provided me with the entire amount of my expectation and I am really happy.
      Was this review helpful? 3
      , bangalore
      Reviewed on Mar 30, 2015
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