Muthoot Finance Home Loan Interest Rates

4.5

Muthoot Finance Ltd. is among the top loan providers in India. The home loans offered by the company are designed to help customers achieve their dream of a house. The interest rate on home loans for salaried and self-employed applicants starts from 11.25% pa and 12.50% pa, respectively. The facility of a loan balance transfer is also available. A maximum amount of INR 50 lakhs can be availed for a term between one to 20 years.

  • Home Loan offer for You

  • 11% - 19%

    Interest Rate (p.a.)
  • ₹3L - ₹40L

    Tenure(1 - 25 Years)
  • ₹2,174 - ₹2,594

    EMI Per Lakh
  • 11% - 19%

    Interest Rate (p.a.)
  • ₹3L - ₹40L

    Tenure(1 - 25 Years)
  • Up to 2% of the loan amount

    Processing Fee

Compare Muthoot Finance Home Loan Interest Rates with Other Lenders

The table below compares Muthoot Finance Ltd. Home Loan Interest Rates with other banks and financial institutions.

  • Starting Interest Rate (p.a)
  • Processing Fee
  • Rating
  • Min. Loan Amount
  • 5 Lac
  • 20 Cr
Years
  • 5
  • 30
%
  • 6
  • 20

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

The Muthoot Finance Ltd. home loan Interest Rates start at 12.5% p.a. and can vary depending on factors such as your income, credit history, the loan amount, and the tenure of the loan. It is best to check their current interest rates and other applicable charges with the lender.

It is essential to compare different home loan options and choose one that best suits your financial situation and needs. It is also advisable to consider the overall cost of the loan, including the interest rate, processing fee, and other charges, to make an informed decision.

Muthoot Finance Ltd. Home Loan: Highlights

  • Loan amount: Muthoot Finance Ltd. offers home loans up to a specific limit, depending on your income, credit history, and other factors.
  • Interest rate: The interest rate offered by Muthoot Finance Ltd. on home loans is competitive and is based on various factors such as your income, credit history, and loan amount.
  • Tenure: Muthoot Finance Ltd. offers home loans with flexible tenure options, allowing you to choose a repayment period that suits your financial situation and needs.
  • Collateral: Muthoot Finance Ltd. may require you to provide collateral or security to secure the loan, such as a mortgage on your property.
  • Repayment options: Muthoot Finance Ltd. offers easy repayment options, including monthly instalment payments and pre-payment options.
  • Processing fee: Muthoot Finance Ltd. may charge a processing fee for your home loan application, which may vary based on the loan amount and other factors.
  • Customer service: Muthoot Finance Ltd. provides 24/7 customer support and assistance to help you with any questions or concerns related to your home loan.
 

Muthoot Finance Ltd. Home Loan: Fees and Charges

The table below pertains to Muthoot Finance Ltd. Home Loan interest rate fees and other charges:

Particulars Charges/Fee
Processing Fee 2.00%
Prepayment Charges N/A
Delay Payment Charges 24.00% p.a.
CERSAI Charges On Actuals
Cheque /ECS Dishonour Charge INR 500 
Conversion Fees 0.50% on outstanding

How to Calculate Muthoot Finance Ltd. Home Loan Interest/ EMIs?

Here's an example to help you calculate your Muthoot Finance Ltd. home loan interest and EMIs:

Suppose you have taken a home loan of 30 lakhs with an interest rate of 12.5% per annum and a loan tenure of 20 years. To calculate your EMI, you can use the following formula:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Where,

  • P = Loan amount (30 lakhs)
  • R = Interest rate per month (12.5%/12 = 1.04%)
  • N = Loan tenure in months (20 years x 12 = 240)

Using the above formula, your EMI would be approximately ₹29,207 per month.

It's important to note that the EMI amount can vary based on changes in the interest rate, loan tenure, and other factors. Using an online EMI calculator or contacting Muthoot Finance Ltd. for the most accurate information on your home loan EMI is best.

Factors Affecting Muthoot Finance Ltd. Interest Rate and EMI

The interest rate and EMI for your home loan with Muthoot Finance Ltd. can be influenced by various factors, such as:

  • Loan amount: The higher the loan amount, the higher the interest rate and EMI.
  • Tenure: A longer loan tenure typically results in a lower EMI but a higher overall interest rate.
  • Income: Your income level and stability can impact your home loan's interest rate and EMI.
  • Credit score: A higher credit score may result in a lower interest rate and EMI for your home loan.
  • Market conditions: Interest rates may fluctuate based on market conditions and other economic factors.

Frequently Asked Questions (FAQs)

Does Muthoot Finance Ltd. provide a 90% LTV on a home loan?

Yes, Muthoot Finance Ltd. provides a 90% LTV on home loans.

What is the EMI for a 30 lakhs home loan for 20 years?

EMI for 30 lakhs home loan at 12.5% for 20 years is approximately ₹29,207 monthly.

How can I reduce my Muthoot Finance Ltd. Home Loan interest rate?

Reduce Muthoot Finance Ltd. Home Loan interest rate by improving credit score, negotiating with lenders, opting for a longer tenure, and choosing a floating rate loan.

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