Magma Fincorp Home Loan Offers - ApnaLoanBazaar

Magma Fincorp Home Loan

Interest Rate starts from 10.25%
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Home Loan From Magma Fincorp

ApnaLoanBazaar is here to help you choosing the best Bank for your Home Loan with high eligibility and lower EMI to fulfill your dream home
Interest Rate starts from
10.25*%
Processing Fee
Up To 1.0%
Loan Tenure
Upto 20 Years
Guarantor Requirement
Allowed
Part-Payment
Allowed
Pre-Closure Charges
Nill

About Magma Fincorp

Magma Fincorp Limited (MFL) is a Kolkata based non-banking financial company registered with the Reserve Bank of India as an Asset Finance Company. The company operates 235+ branches across 21 states and a union territory and has a strong presence in rural and semi-rural India. Magma Fincorp Limited (formally known as Magma Leasing Limited) was incorporated in 1988 and commenced operation in 1989.

Highlights

Won a Gold Award at LACP (League of American Communications Professionals), 2015
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FAQs About Magma Fincrop Home Loans

What are magma’s home & home equity loans all about?
  • At Magma, we understand the unique needs of low & middle income housing-segment where end-users are keen to own their own home. We provide localized processing of your proposals, to facilitate property purchase. With competitive home loan interest rates, multiple product options and a team of dedicated professionals bringing our services to your doorstep.
What are the different types of home & home equity loans we provide?
  • For construction & purchase of a property
  • For acquiring a plot to construct a house
  • For re-sale, renovation/Home Improvement & Extension of an existing house
  • For balance-transfer & top-up of an existing Loan from a few specified Lenders
  • For personal as well as for business-purpose, Loan Against Property is available
What is the loan process?
  • Step 1: Submit loan application with all required documents for KYC, Income, Property title and Valuation.
  • Step 2: Officials visits for Filed Investigation, Personal Discussion & Tele-verification
  • Step 3: After clearance of all queries related to Income, Property Title and valuation,the sanction decision is made
  • Step 4: Submission of all requisite Documents for Disbursal, post verification the Disbursal is made, depending on the Loan type.
  • All key internal processes are handled by a dedicated and knowledgeable in-house team to ensure your application is given due attention and to maintain the highest level of confidentiality.

How do i apply?
  • Leave your contact details at Contact Form
  • Write to us at Contact Us
  • Visit any of our branches Branch Network
Is there a pre-payment option for your product?
  • Yes. You can prepay the loan, subject to terms & conditions specified and as per guidelines stipulated by NHB from time to time.
What is the maximum loan I can borrow?
  • Loan amount is subject to income and valuation of Property.
What are my tenure options?
  • You can choose tenure options between 12 months to 240 months.
Can I get a Home & Home Equity Loan without a bank account?
  • No, You would need to show a bank statement for the past 6 months

Required Documentation For Salaried Persons

  • Filled Application form
  • Identity Proof (PAN CARD)
  • Address Proof
  • Latest 3 months Payslips
  • Job Continuity Proof
  • 2 Passport Size colour Photographs
  • Co-Applicant identity proof, Address Proof
  • Co-Applicant relationship Proof and Photograph
  • 6 months Bank Statements
  • 3 Post Dated Cheques/ECS Mandate
  • Property Related documents

Required Documentation For Self Employed

  • Filled Application form
  • Identity Proof
  • Address Proof
  • Last 2 years Income Tax Returns
  • Professional/Self employed existence proof for more than 3 years
  • 2 Passport Size colour Photographs
  • Co-Applicant identity proof, Address Proof
  • Co-Applicant relationship Proof and Photograph
  • 6 months Bank Statements
  • 3 Post Dated Cheques/ECS Mandate
  • Property Related documents

Identity Proof For Home Loan

  • Passport
  • Driving License
  • PAN card
  • Photo credit card (with embossed Signature and last two months statement)
  • Banker's sign verification

Age Proof For Home Loan

  • PAN Card
  • Passport
  • License
  • School leaving certificate
  • Voter card
  • Birth Certificate
  • LIC policy (only for age Proof)

Address Proof For Home Loan

  • Passport
  • Telephone bill (BSNL/MTNL)
  • Electricity bill
  • Title deed of property
  • Rental agreement
  • Driving license
  • Election ID card
  • Photo-credit card (with last two month statements)

Income Proof For Home Loan

  • Latest salary slip
  • Current dated salary Certificate with latest form 16.
  • Latest year IT Returns with Tax Audit reports(For Self Employed applicants)

Job Continuity Proof For Home Loan

  • Form 16
  • Relieving letter
  • Appointment Letter (for last two months)
  • Last 6 months of VAT/Service Tax returns (For Self Employed Applicants)

Banking History For Home Loan

  • Bank statements of latest 2 months
  • 3 months bank passbook

Property Related Documents For Home Loan

  • Min of 15 years of Link documents of Property/div>
  • Min 15 Years of Encumbrance Certificate (EC) of the property obtained from Govt. Authorities
  • Property Sanction plan
  • BRS/LRS copies (if required, any)

Home Loan Can Be Used For Many Purposes Like Below

For Construction of a New House

For Purchase of Dream Home

For Interiors of Home

Purchase of Open Land

To Buy an Apartment

Home Renovation

To Purchase a New Villa

Construction of Commercial Building

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