What Is A Housing Loan?What Is A Housing Loan.png

The dream of owning a home is shared by many, and fortunately, it is now more accessible than ever with the help of Housing Loans available in the market. But what exactly is a Housing Loan, and how can it help to make your dream home a reality?

What Is A Housing Loan?

A Housing Loan, also known as a home loan, is a sum of money borrowed from a financial institution to help you purchase your dream home or a property. These loans are offered by various banks and financial companies, and one such accessible option is the Housing Loan provided by Muthoot Housing Finance Company Ltd. and you can apply for it on our platform - Muthoot FinCorp ONE.

Benefits Of Taking Applying For A Housing Loan On Muthoot FinCorp ONE:

  • 100% Assistance To Get A Loan: The primary purpose of a Housing Loan is to assist you in buying your dream home. Whether it is for a cozy apartment or a spacious house, our Housing Loan makes homeownership achievable, and we are with you at every step of the way.

  • Minimal Documentation: We ensure a hassle-free experience with minimal documentation, making your Housing Loan application process smoother and more convenient.

  • Loans Up To ₹75 lakh:* Depending on your needs, you can get a Housing Loan of up to ₹75 lakh* from us. This flexibility allows you to choose a loan amount that best suits your budget and requirements.

  • Flexible Tenures: We understand that everyone's financial situation is unique. With our flexible tenures, you can choose a Housing Loan repayment plan that best aligns with your financial capacity, making the loan more manageable.

Housing Loan Made Easy - Steps To Get Your Dream Home

  • Step 1: Download the Muthoot FinCorp ONE app.

  • Step 2: Click on the ‘Housing Loan’ card on the home page in the ‘Loans’ section.

  • Step 3: You will then be redirected to the Housing Loan landing page.

  • Step 4: Now fill in your required Housing Loan amount and click submit.

  • Step 5: Now sit back and wait for our customer support representatives to guide you through the remaining process, including document submission and property verification.

  • Step 6: Once this process is complete, your approved loan amount will be disbursed to your bank account.

Also, Let’s Clear Up Common Doubts

  • What is the Housing Loan offered on Muthoot FinCorp ONE?

Housing Loan offered on Muthoot FinCorp ONE is provided by Muthoot Housing Finance Company Ltd. (MHFCL) which provides loans for purchase of property, house or apartments.

In addition to the above, MHFCL also provides loans for construction of a house on pre-owned plots, home improvement purposes, and for combined cases where a customer along with purchasing a plot also wants to construct a house on it.

Lastly, MHFCL also offers our customers balance transfer of Housing Loans from other companies giving an additional top-up amount benefit.

  • What is the eligibility for a Housing Loan?

To apply for a Housing Loan, you must meet the following criteria:

  1. You should be an Indian citizen

  2. You should either be salaried or self-employed

  3. Your minimum age at the time of application must be 21 years or more and maximum age should be less than or equal to 65 years at the time of your last EMI repayment.

  • Do I need to pay any fee along with my Housing Loan application?

You would need to pay a standard login fee of Rs.2500 plus GST at the time of application.

  • What documents are required while applying for a Housing Loan?

Applying for a Housing Loan on Muthoot FinCorp ONE is easy and hassle-free. All you need to do is be ready with the following documents at the time of loan application:

  1. Latest photograph of the applicant/co-applicants

  2. Income proof of the applicant/co-applicants

  3. Last 6 months bank statement of applicant/co-applicant’s primary account

  4. Address proof of the current residence of applicant/co-applicants

  5. Identity proof – PAN card/passport copy/driving licence/voter ID/pension payment card/Aadhar Card copy among others of the applicant/co-applicants

  6. Property Related documents of the collateral being mortgage

About Muthoot FinCorp ONE

Muthoot FinCorp ONE is an all-in-one digital financial platform that makes getting an MSME & a Gold Loan, investing in Digital gold & NCDs, making payments & remittances, buying insurance & exchanging forex, simple and convenient.

As an SBU of Muthoot FinCorp Limited, Muthoot FinCorp ONE is backed by a legacy stretching back over 135 years, and the trust of more than 1 crore customers and is building a holistic financial ecosystem using the latest digital products for lending, investing, protection and payments.

Muthoot FinCorp ONE continues to uphold the values of the parent, the Muthoot Pappachan Group (Muthoot Blue) by providing its customers with easily accessible services, replete with unmistakable quality. The Muthoot Pappachan Group is among India’s most reputed names in the financial services industry, with customers in diverse segments like Automotive industry, Financial Services, Hospitality, Alternate Energy, Real Estate, and Precious Metals.

So what are you waiting for? Head to the Play Store and download the Muthoot FinCorp ONE app. You can also visit the website today to know more.

Alternatively, you can also follow us on Facebook, Instagram, Twitter or LinkedIn to stay tuned to our latest offerings.

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