Disclaimer: Muthoot Homefin is not a Paisabazaar partner and all content herein is strictly informative in nature. Paisabazaar is not affiliated with, sponsored by or in any way connected to Muthoot Homefin for home loans. No offers/services from Muthoot Homefin are being provided by Paisabazaar for home loans. For further information about Muthoot Homefin for home loans, users are required to reach out directly to Muthoot Homefin.
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Muthoot Homefin Home Loan Highlights |
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| Interest Rates | 12.25%-15.00% p.a. |
| Loan Amount | Up to Rs 50 lakh |
| Tenure | Up to 20 years |
| Processing Fee | Rs 500 |
Table of Contents
Muthoot Homefin Home Loan Interest Rates
| Job Profile | Interest Rate (p.a.) |
| Formal Salaried | 12.25% |
| Informal Salaried | 15.00% |
| Formal Self-employed Non-Professional/Self-employed Professional | 13.50% |
| Informal Self-employed Non-Professional | 14.50% |
| Top-up Home Loan | 1.50% higher than the existing interest rate of Primary Loan or 13.25% p.a., whichever is higher |
Compare Interest Rates on Home Loans for Top Banks & HFCs
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh | |
| SBI | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | Apply Now |
| HDFC Bank Limited | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| LIC Housing Finance | 8.50% - 10.35% p.a. | 8.50% - 10.55% p.a. | 8.50% - 10.75% p.a. | Apply Now |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50%-11.45% p.a. | Apply Now |
| Punjab National Bank | 8.45% - 10.25% p.a. | 8.40% - 10.15% p.a. | 8.40% - 10.15% p.a. | Apply Now |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. | Apply Now |
| IDFC First Bank | 8.85% p.a. onwards | 8.85% p.a. onwards | 8.85% p.a. onwards | Apply Now |
| L&T Finance Limited | 8.65% p.a. onwards | 8.65% p.a. onwards | 8.65% p.a. onwards | Apply Now |
| Tata Capital Housing Finance | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards | Apply Now |
| Axis Bank | 8.75%-13.30% p.a. | 8.75%-13.30% p.a. | 8.75%-9.65% p.a. | Apply Now |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Apply Now |
Check Lenders Offering Home Loan at Attractive Interest Rates Click Here
Types of Muthoot Homefin Home Loan
Muthoot Housing Loan for Purchase of House Apartment or Flat
Purpose: Consumers can avail Muthoot Housing Loan for purchasing new or under construction property from Authorities or developers.
Loan Amount: Up to Rs 30 lakh
LTV Ratio:
| Loan Amount | Maximum Loan to Value |
| Up to Rs 30 lakh | 90% of property value |
Tenure: Up to 20 years
Muthoot Home Extension Loan
Purpose: Muthoot Homefin offers Home Extension Loans to existing home owners for addition of more space to their existing property, such as additional bedroom, study room and reading room.
Loan Amount: Up to Rs 50 lakh
LTV Ratio:
| Loan Amount | Maximum Loan to Value |
| Up to Rs 30 lakh | 90% of property value |
| Rs 30 lakh to Rs 50 lakh | 80% of property value |
Tenure: Up to 20 years
Check Lenders Offering Home Loan With Overdraft Facility Click Here
Muthoot Home Loan Balance Transfer and Top-up
Purpose: Existing home loan borrowers of other banks and HFCs can avail Home Loan Balance Transfer facility from Muthoot Homefin for transferring their existing home loans to Muthoot Homefin at lower interest rates with our without top-up loans. The lenders also offers home loan top-up over and above the existing home loans to its existing home loan borrowers.
Loan Amount: Up to 20 years
LTV Ratio:
| Loan Amount | Maximum Loan to Value |
| Up to Rs 30 lakh | 90% of property value |
Tenure: Up to 20 years
Muthoot Housing Loan for Refinancing of Property
Purpose: Consumers can avail ‘Muthoot Housing Loan for Refinancing’ to refinance the purchase consideration of residential property that has already been purchased by them. If the residential property is completed, applicants can apply for this loan within 12 months of acquisition of property. In case of under-construction property, the applicants can apply for this loan within 12 months of their loan application for purchasing the property.
Loan Amount: Up to Rs 9 lakh
Tenure: Up to 20 years
Muthoot Top-up Loans for Extension or Improvement of Existing Residential Property
Purpose: Muthoot Homefin offers Top-up Home Loans over and above the existing home loans for carrying out improvement of existing home, such as painting house walls, building a compound wall around home, concealing plumbing and electric works and grills for balcony.
Loan Amount: Up to Rs 30 lakh
LTV Ratio:
| Loan Amount | Maximum Loan to Value |
| Up to Rs 30 lakh | 90% of property value |
Tenure: Up to 15 years
Muthoot Housing Loan for NRIs
Purpose: Muthoot Homefin offers Housing Loan for NRIs to finance the purchase of new/under-construction residential property, construction of a residential property owned by the applicant, purchase of land and construction of property thereon and extension/improvement/renovation of existing residential property.
Loan Amount: Up to Rs 30 lakh
Tenure: Up to 15 years
Check Lenders Offering Home Loan at Attractive Interest Rates Click Here
Eligibility Criteria for Muthoot Homefin Home Loan Applicants
Muthoot Homefin offers home loans to salaried individuals, self-employed professionals and individuals belonging to business class (self-employed). The lender may also consider the age, monthly income, credit score, EMI/NMI ratio, nationality, etc. while evaluating the home loan eligibility of its applicants, just like many lenders do.
Also Check: Home Loan Interest Rate
Documents Required for availing Muthoot Homefin Home Loan
For Salaried Individuals
- Application form
- KYC Documents- Address proof, photo ID proof, signature proof, age proof/date of birth
- Qualification proof
- Updated bank statement for 6 months
- Salary slip or salary certificate for 3 months and Form 16 for last 2 years
- Existing loan details along with the Sanction Letter and State of Account
For Self-employed Individuals
- Application form
- KYC Documents- Address proof, signature proof, photo ID proof, date of birth/age proof
- Office address proof
- Bank statement for last 6 months
- Professional qualification certificate
- ITR with income computation for last 2 years, P&L account and balance sheet statement
- Existing loan details along with the Sanction Letter and State of Account
For NRI Individuals
- Duly filled application form
- KYC Documents- Address proof, signature proof, photo ID proof, date of birth/age proof
- Income documents
- Bank statement for last 6 months
- Existing loan details along with the Sanction Letter and State of Account
- Other supporting documents- Passport copy with valid VISA, POA in MHIL format, Copy of Continious discharge certificate, work permit, overseas credit report.
Check Lenders Offering Home Loan With Overdraft Facility Click Here
Also Check: Home Loan EMI Calculator
Muthoot Homefin Home Loan Fees and Charges
| Particulars | Charges |
| Housing Loan Purchase/construction/
extension/improvement/refinance/plot+construction/ Top-up |
Rs 5,000 |
| Housing Loan Purchase/construction/
extension/improvement/refinance/plot+construction/ Top-up for CAT A (Vanilla) borrower |
Minimum 0.75% of loan amount or Rs 6,000, whichever is higher |
| For Housing Loan Purchase/construction/
extension/improvement/refinance/plot+construction/ Top-up for Formal and Informal Salaried and Formal and Informal Self-employed borrowers |
Minimum 1% of loan amount or Rs 6,000, whichever is higher |
| Charges for Home Loan Top-up | 1.25% o loan amount or Rs 6,000, whichever is higher |
| Delay payment charges | Up to 24% p.a. on defaulted sum |
| Switch to lower rates in variable rate loans (for housing/extension/improvement) | 0.50% of outstanding principal |
| Switch to variable rate from fixed rate loan (for housing/extension/improvement) | 0.50% of outstanding principal |
| Property swap | Rs 5,000 |
| Re-appraisal charges | Rs 2,500 |
| Cheque Dishonour charges | Rs 600 |
| Collection pick up charges in cheque bounce/overdue cases | Rs 100 |
| Technical visit charges in partly disbursement cases | Rs 500 |
| Document retrieval charges | Rs 500 |
| Photo copy of documents/property documents | Rs 2 per page + Rs 500 |
| Document list | Rs 500 |
| PDC/ECS/NACH swap | Rs 500 |
Part prepayment or Foreclosure charges
| Particulars | Charges |
| Floating rate loans or loans closed through own source | NIL |
| Loans on semi-fixed interest rate | 5% |