Muthoot Finance Home Loan

A subsidiary of Muthoot Fincorp Ltd, Muthoot Housing Finance Company Ltd (MHFL) is registered with the National Housing Bank and gratifies monetary needs of clients with low and middle income. This is a huge relief for workers from the unorganized sector, most of whom fail to shell out the margin money or meet the eligibility criteria (in terms of income) of most banks.

Purpose of Muthoot Home down Payment Loan (Grah Mitra)

The HDP Loan work just like a personal loan but is unique in the sense that it is strictly designed to meet expenses that you need to make towards your home. This loan covers down payment towards a plot too

Almost like a Personal Loan for your home!

If you are a tenant yearning to become a property owner or a foreclosure or short-sale victim, you might have pondered a lot about home loan schemes offered by different banks and financiers. Purchasing a home is no mean feat. A horde of expenditures outside your drawn budget are waiting to swallow you whole if you are not careful enough.

Purpose of expenses vary from one to another and hence Muthoot finance home loans are designed to meet the following financial aids:

1. Down Payment
2. Renovation Costs
3. Modification After Buying and
4. purchase of furniture

All of these involve substantial monetary outlay from your part. Here is where Muthoot's 'Home Down Payment Loan' act as a savior and enable you to bear out the aforementioned requirements.

Types of Muthoot Finance Home Loan

The following are the various types of Muthoot Finance Home Loans:

Home Loan for Purchase

All individuals can avail this home loan to purchase an under construction or new property. The highest principal loan amount available under the plan is Rs.30 lakhs, with a 90% Loan-To-Value (LTV) ratio.

Home Improvement Loan

Muthoot Finance offers home improvement loan ranging from Rs.75,000 to Rs.25 lakhs for the tenure up to 20 years which help you to renovate your property.

Self-Construction Loan

This scheme is available to individuals who own a piece of land and need money to build a house on it. The scheme allows for a loan of up to Rs.25 lakhs to be availed and repaid over a period of 20 years.

Loan Against Property (LAP)

Under this scheme, the applicants can get a hassle-free loan against their property of amount ranging from Rs.3 lakhs to Rs.10 lakhs for a maximum tenure ranging up to 10 years. The property will remain mortgaged until the full repayment.

Housing Loan (HI) Refinance Loan

A HI Refinance Loan allows consumers to get a loan under the plan against property that they have already purchased or acquired. This scheme has a maximum payback period of 20 years.

First Purchase from Builder

Many individuals want to upgrade their living circumstances by purchasing a new property from a builder or housing board.

Plot Plus Construction Loan

Under this scheme you can purchase both the piece of land and build a house on it with a loan amount varying from Rs.3 lakhs to Rs.25 lakhs with a tenure going up to 20 years.

Documents Required to Apply for Muthoot Finance Home Loan

The following are the important documents which are required to be submitted while applying for Muthoot Finance Home Loan:

1. Home Loan Application Form
2. KYC Documents: Address Proof, Photo ID Proof, Signature Proof, Age Proof, Date of Birth
3. Income Proof: Three-month salary slips, Updated bank statements for the last six months, Form 16, Income Tax Return File for last two years, Balance Sheet and Profit and Loss Statement

Features & Benefits of Grah Mitra or HDP Loan by Muthoot Finance Home Loan:

1. Due to sky-high scale of funds required for home/ property procurement, any lender takes considerable amount of time to gauge a number of factors like current value of the property, the borrower's income sources, ability to repay the loan in the agreed time and credit history. This can end up in you losing the property to another. Hence the HDP loan, which will be approved at the earliest will help you block the desired property.
2. Prompt approval of your loan: Muthoot understands that houses and plots are hot properties and any delay in payment can lose customer the chance to acquire his/ her dream house. Hence this thoughtful approach.
3. Close to zero documentation: Since this loan is mostly aimed at employees from unorganized sectors, Muthoot is lenient when it comes to paperwork.
4. Maximum Loan Amount given is close to INR 1 crore without the caveat of settling it at bloodsucking interest.
5. There shall be no processing fee charged and no extra or hidden charges.
6. No penalty fee or fine will be levied if you want to settle the loan ahead of the agreed tenure.

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