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.
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.
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:
It also offers Project Finance for Developers.
Types of Loans
You can avail home loans starting from Rs. 3 lakhs onward.
Magma offers loan tenure ranging from 1 year to 20 years to suit your budget needs and ease your EMI burden.
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.
Nil foreclosure charges in the case of Floating Rate Home Loans.
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:
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.
The documents required for processing of home loan application are as follows:
For salaried employees:
For the self-employed professional
For the self-employed Non-professional
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 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.
You can apply for Magma Home Loan in the following ways:
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.