Apply for Magma Fincorp Home Loan

Why apply through CreditMantri

CreditMantri matches your credit and demographic profile to Magma Fincorp Home Loan lending criteria - others just match your demographic criteria. We shortlist lenders willing to lend to you based on our proprietary matching algorithm.

In effect, we pre-screen your application to make sure you are likely to qualify as per the lender’s credit criteria. We upfront check whether you qualify for Magma Fincorp Home Loan. Hence the chances of your Magma Fincorp Home Loan application getting approved is higher.

12%

best rate

1%

processing fee

20 yrs

max tenure

  • Flexible documentation
  • Quick processing.
  • End-to-end doorstep service through the nearest Magma office.
  • Competitive home loan interest rate, terms & conditions.
  • Well-trained and knowledgeable team.
  • Interest Rate: 12 to 14 %
  • Processing Fee: 1 to 1.5 %
  • ID Proof - Passport Copy/ Voter ID card/ Driving License/ PAN Card
  • Address Proof - Ration card/ Telephone Bill/ Electricity Bill/ Rental agreement / Passport copy/ Bank Passbook or Statement/Driving License
  • Bank Statements for the last 6 months
  • Income proof – Pay slip
  • Documents related to Property title & Valuation

About Magma FinCorp

Magma FinCorp was incorporated in the year 1989. It offers a wide array of financial products in consumer lending and insurance. The Kolkata-based retail finance company has over 220 branches across India.

Magma Home Loan

You now have easy access to home loans from Magma Housing Finance. Magma Home Loan offers focus on low and middle income housing segments and include:

  • Home Loans for Residential, Commercial & Plot collateral security.
  • Home Loans for a wide range of personal & business purposes through Loan Against Property.

It also offers Project Finance for Developers.

Magma Home Loan Features

Types of Loans

  • 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

Loan amount

You can avail home loans starting from Rs. 3 lakhs onward.

Tenure

Magma offers loan tenure ranging from 1 year to 20 years to suit your budget needs and ease your EMI burden.

Magma Home Loan Interest Rate

For the latest interest rates, it is advisable to contact the company. Keep in mind that the interest rate offered is dependent on a variety of factors.

Magma Home Loan - other charges

Foreclosure charges

Nil foreclosure charges in the case of Floating Rate Home Loans.

Other charges:

  • Cheque swapping charges - Rs. 500/-
  • Loan cancellation/re-booking charges (allowed within first 20 days from the date of first disbursement) - Rs. 3,000/-
  • Duplicate No due certificate/NOC - Rs. 500/-
  • Statement of Account - Rs 200/-
  • Special NOC - Rs. 500/- per request
  • Valuation charges for BT/Home Equity/Refinance cases - Rs. 1,500/-

Magma Home Loan Eligibility

In order to be eligible for a Home Loan from Magma, the applicant should either be salaried and/or business-owners in the following segments:

  • Manufacturers
  • Service providers
  • Traders & Retailers
  • Self Employed Professionals
  • Entrepreneurs

Eligibility criteria:

  • Applicant should hold valid KYC documents
  • Continuity of income with requisite stability norms
  • Clear banking and loan repayment history
  • Legal & technical clearance of the property-collateral
  • Positive checks & references

In order to check your eligibility for a home loan from Magma, you can also use the online Eligibility Calculator on the website. You can get a good idea of the kind of loan you are eligible for before you apply.

Magma Home Loan - Documents Required

The documents required for processing of home loan application are as follows:

For salaried employees:

  • Completed application form with recent photograph
  • Proof of Identity - Passport Copy/ Voter ID card/ Driving License/ PAN Card (any one document to be submitted)
  • Address Proof - Ration card/ Telephone Bill/ Electricity Bill/ Rental agreement / Passport copy/ Bank Passbook or Statement/Driving License (any one to be submitted)
  • Proof of age - PAN Card, Passport, Birth Certificate
  • Bank statements for the last six months
  • Latest three months’ salary slips/salary certificate
  • Form 16 - issued by the Employer
  • Processing Fee Cheque

For the self-employed professional

  • Completed application form with recent photograph
  • Proof of Identity - Passport Copy/ Voter ID card/ Driving License/ PAN Card (any one document to be submitted)
  • Address Proof - Ration card/ Telephone Bill/ Electricity Bill/ Rental agreement / Passport copy/ Bank Passbook or Statement/Driving License (any one to be submitted)
  • Proof of age - PAN Card, Passport, Birth Certificate
  • Education Qualifications Certificate and Proof of business existence
  • Last 3 years Income Tax returns (self and business)
  • Last 3 years Profit/Loss statement and Balance Sheet
  • Last 6 months bank statements
  • Processing fee cheque

For the self-employed Non-professional

  • Completed application form with recent photograph
  • Proof of Identity - Passport Copy/ Voter ID card/ Driving License/ PAN Card (any one document to be submitted)
  • Address Proof - Ration card/ Telephone Bill/ Electricity Bill/ Rental agreement / Passport copy/ Bank Passbook or Statement/Driving License (any one to be submitted)
  • Proof of age - PAN Card, Passport, Birth Certificate
  • Education Qualifications Certificate and Proof of business existence
  • Business profile
  • Last 3 years Income Tax returns (self and business)
  • Last 3 years Profit/Loss statement and Balance Sheet
  • Last 6 months bank statements (self and business)
  • Processing fee cheque

Magma Home Loan FAQs

What is the minimum loan amount that I can borrow from Magma?

You can avail home loans starting from as low as Rs. 3 lakhs onward. The approval of loan amount is subject to income and valuation of the property.

What are the tenure options available for Home Loan from Magma?

You can choose flexible tenure options, which ranges from 1 year to 20 years to suit your budget needs and ease your EMI burden.

What is the Repayment mode after availing a home loan from Magma?

You can repay your loans in EMIs (Equated Monthly Instalments).

What is an EMI?

EMI stand for Equated Monthly Instalment. It is the amount which you need to pay on a monthly basis to repay your loan amount over the stipulated loan period.

I have changed my mobile number since the time I got my home loan sanctioned from Magma. How can I update my latest contact details?

You can contact your nearest branch in order to update your contact details. You will be required to fill in a form and submit your address proof (in case of change of residence).

What is Swapping?

Swapping basically means exchanging the present repayment mode with another repayment mode like changing a bank account, etc. You can also replace the postdated cheques with new set of postdated cheques of another bank or account. A nominal fee of Rs. 500 will be levied for this swap (per incident).

Who can apply for a Home Loan from Magma?

Any salaried or self-employed resident Indian can apply for a Home Loan.

Can I prepay my home loan?

Yes, you can prepay the loan, subject to terms & conditions.

Magma Home Loan Review

Magma simplifies the processing formalities in order to facilitate property purchase with ease. It offers an array of finance products to suit every need and budget, and offers doorstep services for completing the formalities of the loan application.

How to Get Home Loan from Magma - Apply for Magma Home Loan

You can apply for Magma Home Loan in the following ways:

  • You can request a Callback by filling in the form online with your basic contact details. A representative from Magma will get in touch with you and assist you in the loan process and advise you on eligibility.
  • You can fill the “Contact Us” form available on the website with your contact details and leave a message. A representative from Magma will get in touch with you and assist you in the loan process.
  • You can visit any Magma branch to discuss your eligibility and for details on your home loan. You can submit a completed application form along with the required documents.

You can do a Magma Home Loan status check by contacting any of their branches. Once you submit your loan application with all required documents for KYC, income, property title and valuation, an official from Magma will visit you for personal discussion and verification purposes. After clearance of all queries related to income, property title and valuation, the loan authorization decision will be made. Once your loan amount is approved, you need to submit all requisite documents for disbursal. Upon the successful verification the disbursal of the loan amount is made.

Alternatively, if you think you need help with your Home Loan application and advice on loan-eligibility, CreditMantri can guide you through the entire process and match you with the loan offer that best suits your profile.