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    MAGMA Home Loan Reviews

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    MAGMA Home Loan is Rated as "Pretty good" by 3 Users

    Fees & Charges

    Promised Interest Rate

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    rated 3.5/5.0 by 3 users

    Home Loans from Magma Housing Finance:

    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 & 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

    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.   

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