Manappuram Home Finance
Home Loan

Let’s take a snapshot of Manappuram Home Finance:

Manappuram Home Finance Ltd (MAHOFIN) was founded by Shri V C Padmanabhan in the year 1949 and the Company first started its operations in Valapad, Thrissur District. It was started in a very humble way, with only pawnbroking and money lending as its major activities. The Company was taken over by Shri Nandakumar S/o Late Shri V C Padmanabhan in the year 1986.

There has been no looking back, and the Company has been heading towards incomparable progress ever since and emerged as a leading gold loan providing NBFC in Kerala. The growth is evidenced by its rapid expansion all over the country.

Earlier, they were known for Gold Loans. However, they have now diversified and entered the Home Loan arena. They offer Home Loans at competitive rates of interest and for various purposes like purchase/construction of a house, takeover of housing loan from other banks/financial institutions, composite loan for purchase of a plot and construction thereon, loans for repairs and renovations of the existing house, and loans against residential/commercial properties.

Following are the reasons to apply for Manappuram Home Finance Home Loan:

• Facility to apply for the loan online which makes the processing of the loan simple and quick
• Simple and hassle-free documentation process
• Competitive rate of interest on home loan
• Variety of purposes for which the loan is given
• Nominal processing charges
• No hidden costs

The following are the features and benefits of Manappuram Home Finance Home Loan:

The range of the rate of interest varies depending on the type of loan availed. Following are the interest rate range for each Home Loan types available with Manappuram Home Finance Ltd:

• Home Loans for purchase/construction of a new house: 14.00% to 15.50% per annum
• Home Loan for purchase of resale house: 14% to 15.50% per annum
• Home Loan Balance Transfer: 14.00% to 16.50% per annum
• Home Extension Loan: 14.00% to 16.00%per annum
• Home Improvement Loan: 14.50% to 18.00% per annum
• Composite Loan for purchase of plot and construction thereon: 14.00% to 16.50% per annum
• Home Loan Micro: 18.00% to 26% per annum

Following are the different types of Manappuram Home Finance Home Loans and their features:

Home Loan - Purchase of New House/ Construction of New House

Features:

• Purpose: The loan can be availed for either purchase of a new house or for construction of a new house on a plot already existing.
• Tenure: Up to 240 months
• Loan amount: Up to 80% of the property's market value or cost, whichever is lower

Home Loan - Resale Purchase of House

Features:

• Purpose of the loan: The loan can be availed for purchase of an old house or a house on resale
• Tenure: Up to 240 months
• Loan amount: Up to 80% of the property's market value or cost, whichever is lower

Home Loan - Balance Transfer

Features:

• Purpose of the loan: The loan is availed for the takeover of Home Loan balance from other banks/financial institutions.
• Tenure: Up to 240 months
• Loan amount: Up to 80% of the property's market value or cost, whichever is lower

Home Loan - Home Extension Loan

Features:

• Purpose of the loan: The loan is provided for making additions to the already existing house like the addition of room or floor.
• Tenure: Up to 240 months
• Loan amount: Up to 80% of the property's market value or cost, whichever is lower

Home Loan - Home Improvement Loan

Features:

• Purpose of the loan: The loan can be availed for interior decoration of the house, repainting or re-plastering of the house, etc.
• Tenure: Up to 240 months
• Loan amount: Up to 80% of the property's market value or cost, whichever is lower

Composite Loan (Plot + Construction)

Features:

• Purpose of the loan: The plot loan will be provided for the purchase and construction of a house.
• Tenure: Up to 240 months
• Loan amount: Up to 80% of the plot's market value and 100% of the construction cost, subject to overall 80% of the market value of plot plus construction), depending on the individual's eligibility assessed by MAHOFIN.

Commercial Property: Purchase

Features:

• Purpose of the loan: The loan is taken against commercial property should be utilised for purchase of a property or for any legal purpose. If the loan is availed specifically for the purchase of commercial property, then the end-use should be the purchase of a commercial property.
• Tenure: Up to 144 months
• Loan amount: Up to 50% of the market value or the cost of the property to be acquired, whichever is lower.

To avail a Home Loan from Manappuram Home Finance, the applicant must meet the following eligibility criteria:

• All applicants should be resident Indians
• NRIs and PIOs are not eligible for the loan
• The loan can be availed individually or jointly
• If the property is held jointly, all the joint owners have to be co-applicants for the loan
• The age of the applicant should be between 21 years to 65 years
• The applicant should have a stable income
• The credit score of the applicant should be more than 650

Following documents are required for Manappuram Home Finance Home Loan:

• Residence and Identity Proof
  • Voter ID card/ valid passport/ PAN card/ valid driving license - For Residential Proof
  • Aadhar card
  • Utility bill like electricity bill, gas connection bill, telephone bill, post-paid mobile bill (not more than 2 months old).
  • Latest Property Tax or Municipal Tax receipt
  • Updated bank account passbook or post office passbook
  • Copy of the Leave & License/ Lease Agreement duly executed & registered as per the state laws.
• Income Proof
  • PAN card
  • Current Account statements of last 6 months for a business entity
  • Savings Account statements of last 6 months for Individual
  • Copies of Order Book/ Bill Book/ Payment Receipts as a proof of business transact
  • Latest Form 26AS (if available)
• Other Documents
  • Business profile
  • Details of any outstanding amount (as per CIBIL report)
  • Certificate of any outstanding and list of documents required for home loan to be submitted to the lender (in refinance or balance transfer cases).
  • Application fee cheque of 0.5% of the loan amount, in favour of 'Manappuram Home Finance Pvt Ltd'.
• Property Documents
  • Direct Purchase
    • Payment receipts made to the Developer/ Builder
    • Copy of the Agreement to Sell/ Allotment Letter and Final Sale Deed
  • Resale Purchase
    • Title Documents along with the previous chain of owners of the concerned property
    • Payment receipts made to the Seller
    • Copy of Agreement to Sell, Construction of House, and Home extension
  • Original Title Documents of the Property
    • Proof of no encumbrance on the property
    • Copy of the plan approved by the Local Authorities
    • An estimate of construction done by an Architect or Civil/ Structural Engineer
  • Balance Transfer
    • Property documents and recent outstanding balance letter held by the applicant's existing financial institution on their letterhead.
    • Photocopy of the property documents and evidence of Own Contribution

Equated Monthly Instalment (EMI) consists of both the interest and the principal component. You should first arrive at the cash flow status of the business and decide on the affordable EMI level before applying for the business loan. On knowing the EMI level, you can arrive at the nearest affordable amount by permutation and combinations with various loan tenure, interest rate, and loan amount.

You can easily calculate the EMI of your Loan using Manappuram Home Finance EMI Calculator available at MyMoneyMantra. Just click the EMI Calculator mentioned under the tab of Financial Tools on our website and enter the details as required. After entering the loan amount, rate of interest, and tenure, click on the Calculate button to get instant results.

The other products offered by Manappuram Home Finance Limited other than Home Loans are as listed below:

• Loan Against Property
• Commercial Property: LAP

The charges other than the interest collected for the Home Loan are:

• Application fee: 2,500
• Processing fee: 2% of the sanctioned loan amount (Less) 2,500
• Transaction charges in Balance Transfer and Top Up Loan: 1,000 + applicable taxes
• Foreclosure statement charges: 500 + applicable taxes
• ECS/ Cheque bounce charges: 1,200 + applicable taxes
• ECS/ Cheque swapping charges: 750 + applicable taxes
• Collection pick up charges: 500 + applicable taxes
• Conversion charges: 1% + applicable taxes
• Charges for security PDC retrieval: 500 + applicable taxes
• Loan cancellation charges: 3,000 + applicable taxes
• Cancellation disbursement cheque: 2,000 + applicable taxes
• Duplicate No Dues Certificate: 500 + applicable taxes
• Copy of property documents: 500 + applicable taxes
• Statement of account charges: 500 + applicable taxes
• List of documents: 1,000 + applicable taxes
• Charges for CERSAI registry: 500 + applicable taxes
• Charges on part disbursement: 1,000 + applicable taxes
• External Opinion/ Recovery Charges/ Stamp Duty/Franking / Statutory/ Regulatory charges: Actual + applicable taxes.

You can reach Manappuram Home Finance Limited through the following ways:

Toll-free number: (+91) 022-66211000

Email: enquiry@manappuramhomefin.com

Corporate office address:

Manappuram Home Finance Limited,

Kanakia Wall Street, A - Wing, 3rd Floor,

Unit No. - 301 to 315,

Andheri - Kurla Road, Andheri East,

Mumbai - 400093, Maharashtra

Branch Working Hours: 9:30 am to 6:30 pm, from Monday to Saturday. Closed on all Sundays and Public Holidays.