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Disclaimer: Muthoot Housing Finance 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 Housing Finance for home loans. No offers/services from Muthoot Housing Finance are being provided by Paisabazaar for home loans. For further information about Muthoot Housing Finance for home loans, users are required to reach out directly to Muthoot Housing Finance.
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Muthoot Housing Finance Home Loan Highlights |
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| Interest Rate | 11%-19% p.a. |
| Loan Amount | Rs 3 lakh to Rs 50 lakh |
| Tenure | 3 years to 20 years |
| LTV Ratio | Up to 80% of the property value |
Table of Contents
Muthoot Housing Finance Home Loan Interest Rates
Muthoot Housing Finance home loan interest rates start from 11% p.a. onwards. The lender offers differential interest rates depending on the type of loan offered to its home loan applicants.
| Minimum Interest Rate | 11% p.a. |
| Maximum Interest Rate | 19% p.a. |
Compare Home Loan Interest Rate Offered by Various 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. | Check Eligibility |
| HDFC Bank Limited | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| LIC Housing Finance | 8.50% - 11.25% p.a. | 8.50% - 10.55% p.a. | 8.50% - 10.75% p.a. | Check Eligibility |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50%-11.45% p.a. | Check Eligibility |
| Punjab National Bank | 8.45% - 10.25% p.a. | 8.40% - 10.15% p.a. | 8.40% - 10.15% p.a. | Check Eligibility |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. | Check Eligibility |
| IDFC First Bank | 8.85% p.a. onwards | 8.85% p.a. onwards | 8.85% p.a. onwards | Check Eligibility |
| L&T Finance Limited | 8.65% p.a. onwards | 8.65% p.a. onwards | 8.65% p.a. onwards | Check Eligibility |
| Tata Capital Housing Finance | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards | Check Eligibility |
| Axis Bank | 8.75%-13.30% p.a. | 8.75%-13.30% p.a. | 8.75%-9.65% p.a. | Check Eligibility |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Check Eligibility |
Apply for Home Loan at Lower Interest Rates Click Here
Types of Muthoot Finance Home Loan
Muthoot HFCL Home Improvement Loan
Purpose: Muthoot Housing Finance offers Home Improvement Loan for refurbishing or renovating existing property, such as repair, flooring, tiling, extension, painting and woodwork.
Loan Amount: Rs 2 lakh- Rs 50 lakh
LTV Ratio: Up to 80% of property value
Tenure: Up to 20 years
Muthoot HFCL Self Construction Loan
Purpose: Consumers can avail Self Construction Loan from Muthoot Housing Finance for construction of house on the plot already owned by them.
Loan Amount: Rs 2 lakh- Rs 50 lakh
LTV Ratio: Up to 80% of property value
Tenure: Up to 20 years
Muthoot HFCL Plot Purchase Plus Construction Loan
Purpose: Muthoot Housing Finance offers home loan for both plot purchase and home construction.
Loan Amount: Rs 3 lakh- Rs 50 lakh
Tenure: Up to 20 years
Muthoot HFCL First Purchase from Builder
Purpose: Consumers can avail home loan from Muthoot First Purchase from Builder for purchasing a fresh property from the builder or housing board.
Loan Amount: Rs 3 lakh- Rs 50 lakh
Tenure: Up to 20 years
Apply for Home Loan at Lower Interest Rates Click Here
Eligibility Criteria of Muthoot Housing Finance Home Loan
- Nationality- Indian
- Employment Type- Salaried and Self-employed
- Age- Minimum 21 years at the time of loan application and maximum 65 years at the time of loan maturity
Documents Required for Availing Muthoot Finance Home Loan
- Address Proof- Driving License, Passport, Voter ID, Telephone bill, electricity bill, gas bill, water bill, property tax
- ID Proof- PAN card, Aadhar card, Driving License, Passport, Letter confirming identity from a commercial bank, Voter ID, Employee ID card issued by Central/State Government
Income Documents:
For Salaried Individuals:
- Bank statement for past 12 months
- ITR for last 12 years
- Salary slip for last 3 months of Salary Certificate issued by employer in the absence of salary slip
For Business Individuals:
- Bank statement for last 1 year
- ITR for last 2 years
- Business ownership proof documents like rent agreement of shop, license, etc.
- Income documents like sales bills, purchase bills, sales register, etc.
Muthoot Finance Home Loan Fees and Charges
| Particulars | Charges |
| Administrative and Operational cost | At the time of loan application- Rs 5,000
At the time of loan disbursement- 2% |
| Prepayment or Foreclosure Charges | For Floating Rates- NIL
For Fixed Rate- Foreclosed from own sources- NIL Foreclosed from other source- · 5% if foreclosed within 12 months of disbursement · 3% if foreclosed after 12 months of disbursement |
| Cheque/ECS/NACH Bounce Charges | Rs 500 |
| Cheque/ECS/NACH/Swapping Charges | Rs 500 |
| Late Payment Charges | 2% per month |
| Legal and Recovery Charges | As per actuals |
| Duplicate Interest Certificate | Rs 100 |
| Duplicate No Dues Certificate | Rs 100 |
| Collection Charges | Rs 200 |
| Document Retrieval | Rs 1,000 |
| Photocopy of property documents | Rs 500 |
| Duplicate Statement of Account | Rs 250 |
| Foreclosure Statement Charges | Rs 500 |
| Duplicate Annual Account Statement, Provisional Certificate | Rs 100 |
| List of Documents- LOD Charges | Rs 500 |
Apply for Home Loan at Lower Interest Rates Click Here
Also Check: Home Loan Eligibility Calculator
Muthoot Home Finance Home Loan EMI Calculator
Prospective home loan applicants can use the home loan EMI calculator to calculate the total interest cost and EMIs payable throughout the loan tenure. Applicants need to enter the loan amount, loan tenure and interest rate in the home loan EMI calculator given below and get instant results.
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
How to apply for Muthoot Housing Finance Home Loan
Applicants can apply for Muthoot Finance Home Loan either directly through the official website of Muthoot Housing Finance or by visiting its branches. As home loan features like interest rate, processing fees, loan amount, etc. vary widely across lenders due to multiple factors, prospective home loan applicants should visit online financial marketplaces like Paisabazaar.com to compare the offers provided by various lenders before applying for a home loan.
FAQs on Muthoot Home Loan
1. What is the current home loan interest rate offered by Muthoot Home Finance?
Ans. Muthoot Home Finance offers home loan interest rates ranging from 11% to 19% p.a. depending on the employment profile of its applicants.
2. What is the maximum loan amount offered to NRIs?
Ans. The maximum loan amount offered to NRI customers is Rs. 50 lakh.
3. How do I repay my Muthoot Housing Finance loan?
Ans. Repayment of the loan is to be done in the form of Equated Monthly Installments (EMI) through Automated Clearing House (ACH), an advanced version of ECS based on standing instructions to the bank or salary deduction by the employer or post-dated cheques drawn on borrower’s bank account.
4. How can I calculate the interest cost of my home loan?
Ans. You can calculate the home loan interest cost with the help of home loan EMI calculator given on the official website of Muthoot Housing Finance. You need to enter the loan amount, interest rate and loan tenure in the EMI calculator and get instant results. Alternatively, you can also use the home loan EMI calculator given on the official website of Paisabazaar.com.
5. Are there any tax benefits available against the housing loan?
Ans. Yes, resident Indian customers are eligible for tax benefits under the relevant sections of the Income Tax Act. The tax deduction is subject to a maximum limit of Rs 2 lakh for interest payments and up to Rs 1.5 lakh for principal repayment.
6. Can I partly or fully prepay my loan amount ahead of the tenure?
Ans. Yes, part-prepayment and full repayment of the loan is allowed.
7. How can I contact Muthoot Housing Finance customer care?
Ans. Prospective home loan applicants can contact Muthoot Housing Finance customer care on its toll free number- 18001021616 for any loan related queries.