When you think of taking a home loan and people start giving 1000 kinds of advice, confusion definitely happens. But, when you have the choice to compare different banks, you can get rid of every confusing thoughts. Muthoot Finance is undoubtedly the most popular lender for gold loans. But, not many people know that the housing finance company also provides home loans.
By reading this article, you will find that Muthoot Finance home loan can be one of the first choices you have. By checking the interest rate and documentation, you can check whether this product of Muthoot Finance has the caliber to fulfill your desires.
Documents required for Muthoot Finance Home Loan
You may read the documents required by salaried and self-employed professionals for Muthoot Finance home loan:
Salaried:
- Application form
- KYC Documents
- Photo ID proof
- Residence address proof
- Signature proof
- Date of Birth / Age proof
- Salary Slip or Salary certificate for 3 months and last two years Form 16
- Updated bank statements for 6 months
- Qualification Proof
- Existing Loan details along with documents like Sanction letter and State of Account (SOA)
Self Employed:
- Application form
- KYC Documents
- Photo ID proof
- Residence address proof
- Signature proof
- Date of Birth / Age proof
- Office address proof
- Professional Qualification Certificate (If any)
- Latest two years Income Tax returns along with Computation of Income, Profit & Loss A/c
and Balance sheet statement.
- Updated bank statements for last 6 months
- Existing Loan details along with documents like Sanction letter and State of Account (SOA)
NRI:
- Application form
- KYC Documents
- Photo ID proof
- Residence address proof
- Signature proof
- Date of Birth / Age proof
- Income documents
- Other Supporting documents
- POA in MHIL format
- Copy of Continuous discharge Certificate (For sailors)
- Passport Copy with valid Visa
- Overseas Credit report
- Work Permit
- Updated bank statements for last 6 months
- Existing Loan details along with documents like Sanction letter and State of Account (SOA)
Muthoot Finance Home Loan Interest Rate
The interest rate offered by Muthoot Finance on a home loan is among the lowest interest rates offered by housing finance companies. The lender offers home loans by keeping into account your income, age and property value/location. The lowest interest rate for Muthoot Finance home loan is 12.50% per annum.
Muthoot Finance Home Loan EMI Calculator
To understand, whether or not you can pay the loan easily, it is always suggested to calculate your EMIs in advance. For this, Muthoot Finance home loan EMI calculator is very helpful. For example, if you want a home loan for ₹20 lakhs for 15 years and expect approval of 12.50% p.a. Your EMIs will be as follows:
EMI: ₹24,650
Total interest outgo: ₹24,37,079
Total amount: ₹44,37,079
You can check EMIs for different loan amounts depending on your requirement till the time you are satisfied with the combination. The rate of interest will be approved by Muthoot Finance but you always have the choice to choose a tenure and loan amount as per your suitability.
