Muthoot Finance Home Loan Interest Rate – Complete Guide & EMI Tips

Key Insights 

1. Find out your Muthoot Finance home loan interest rate by entering your employment details. You can use their online calculator to see your estimated EMI before applying.

2. Remember to include the Muthoot Finance home loan processing fee 1.5% to 2% (or more for LAP) and other charges listed in the detailed table. This will help you understand the total cost of your loan.

3. Whether you need a loan for land purchase or construction, choose the option that fits your needs. After that, check your Muthoot Finance home loan eligibility and apply online or at a branch.

Are you unsure about home loan rates? 

The Muthoot Finance home loan interest rate is an important figure to know. 

Here’s how Muthoot home loan works, what can change it, and how you can estimate your EMI to help you decide which home loan interest rate is better for you.

The Muthoot Finance home loan interest rate for a 5-year loan might be different from a longer-term loan. Along with the interest rate, other charges like the Muthoot Finance home loan processing fee also add to the total cost of your loan.

Example:

I used the Muthoot Finance home loan interest rate calculator to figure out what I could afford. For a ₹50,00,000 loan at 9.5% interest over 20 years, my EMI was ₹46,607. This helped me understand my budget before checking my Muthoot Finance home loan eligibility.

Types of Home Loans Offered by Muthoot Finance

Whether you want to buy land, build a house, or renovate your current home, Muthoot Finance has a home loan option that can help you achieve your goals.

Here is the table that shows you detailed information about the different types of home loans by Muthoot Finance:

A Muthoot Finance home loan interest rate can help you get the funds you need at every stage of buying or building your home, from purchasing land to moving into your dream house.

Bonus Tip: Do you know? A Muthoot Finance Top-up loan comes with an interest rate that is either 1.50% higher than your Primary Loan rate or 13.25%, whichever is greater.

Muthoot Finance Home Loan Processing Fees & Charges

Kya mujhe home loan ke liye koi fees bhi deni hogi? Find out what your dream home will really cost. See how Muthoot Finance home loan processing fees and charges affect your total loan amount.

Make sure you plan your budget with confidence. By knowing these Muthoot Finance home loan charges, you can avoid any unexpected costs when your loan is disbursed.

Bonus Tip: Do you know? If the Muthoot Finance current NPA (Non-Performing Asset) level for the Informal Salaried profile is 2%, but it wants to grow more aggressively in this segment and is willing to accept a higher NPA of 3%, this new risk level will be included in loan pricing to determine the right risk-based rate.

How to Apply for a Muthoot Finance Home Loan?

Are you ready to buy a new home? Learn how to apply for a Muthoot Finance home loan in a few easy steps and get your funds fast.

Muthoot Finance Home Loan Online Process:

Here are the steps you can use to apply for a Muthoot Finance home loan online in just a few minutes.

1. Download the Muthoot FinCorp ONE app from your app store.
2. Open the app and tap the “Housing Loan” card on the home page.
3. Enter the loan amount you need and submit your request.
4. A customer representative will call you to help with your documents and property verification.
5. Muthoot Finance uses digital and cashless technology, so you can apply and submit documents online.

Get your home loan easily using the Muthoot app. The process is simple and fully digital.

Muthoot Finance Home Loan Offline Process:

Visit your nearest Muthoot Finance branch for personalised guidance tailored to your needs.

1. Visit your nearest Muthoot Housing Finance branch via the Branch Locator. 
2. A company representative will give you the application form and help you fill it out.
3. Submit the required documents, such as Aadhaar card, PAN card, etc., with your application form and pay any applicable processing fees. 
4. Muthoot Homefin officials will check your documents, review your income and credit history, and verify the legal and technical details of the property.
5. After your documents are verified and your application is approved. You will receive a sanction letter and then sign the final loan agreement.
6. After you sign the loan agreement and meet all conditions, the loan amount will be given to you. The money is usually released in instalments depending on the construction stage or type of loan.

Customers may obtain in-person support and clear guidance by visiting a branch.

Conclusion

A Muthoot Finance home loan helps you at every stage, from working out your EMI to understanding your charges. 

Start by using our Muthoot Finance home loan interest rate calculator to plan, then check your  Muthoot Finance home loan eligibility to move closer to your dream home with confidence.

FAQS

Are there any Muthoot Finance Hidden Charges or Harassment After an RBI Complaint?  

Yes, the RBI has penalised Muthoot Finance and its group companies, such as Muthoot FinCorp, for compliance failures like KYC lapses and weak grievance redressal. These issues may suggest broader problems that could impact customers, such as hidden charges or harassment. 

What is the First-Time Home Loan Advice?  

Work on building a strong credit score, aiming for 750 or higher. Save up for a sizable down payment, since banks usually lend about 80% to 90% of the home’s value. Create a realistic budget that covers all costs, including EMIs, taxes, and maintenance.

We took a loan from Muthoot Finance. They charged us interest on the loan even during the lockdown. Where did the government say not to pay?  

When the COVID-19 lockdown began, the RBI offered a loan moratorium to borrowers, but this did not mean your loan was waived. Interest kept building up and was added to your loan, so you still had to pay it later. The Supreme Court later told lenders like Muthoot Finance to refund the extra interest on interest. 

How reliable is Muthoot Finance Home Loan? 

Muthoot Finance offers home loan services through its subsidiary, Muthoot Housing Finance Company Limited (MHFCL). These services are seen as reliable because of the company’s strong reputation, compliance with regulations, and positive customer feedback.

How much is the Muthoot Finance home loan processing fee? Is it refundable?

The application fee is usually non-refundable. Processing fees may differ, so check with your branch for details. Once fees are processed, they are generally not refunded.
 

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About the Author

LoansJagat Team

‘Simplify Finance for Everyone.’ This is the common goal of our team, as we try to explain any topic with relatable examples. From personal to business finance, managing EMIs to becoming debt-free, we do extensive research on each and every parameter, so you don’t have to. Scroll up and have a look at what 15+ years of experience in the BFSI sector looks like.