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Magma Fincorp home loan aims to help millions of people achieve their dream of owning a house. Offers home loans with low interest rates and low processing fees. No hidden costs and administrative charges. Get repayment period of 12 months to 240 months. Apply Now!
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About Magma Fincorp
Based out of Mumbai Magma Fincorp Limited (MFL) is a non-banking financial institution registered with the Reserve Bank of India (RBI) as an Asset Finance Company. The company started in 1988, operates in 22 states and a union territory with a strong presence in rural and semi-rural India with the help of more than 280 branches.
Home Loan is offered to individuals who wish to construct or buy a house. The property bought or about to be constructed is mortgaged as collateral until the repayment of the loan is completed with full interest. The repayment of the loan generally depends on the capacity of the borrower. Normally, the home loan tenure ranges between 5 to 30 years. The borrower can opt either for floating type of interest or fixed interest rate. Home loan provides tax benefits to the borrowers.
Magma Fincorp offers a wide range of services in the home loan segment. It is the most preferred bank by all kinds of people for any financial service. Packed with exclusive benefits, Magma Fincorp Home Loans are tailor made catering to the needs of various customers.
Magma Fincorp home loan aims to help millions of people achieve their dream of owning a house.
Loan amount is subject to income and valuation of Property.
Repayment period of 12 months to 240 months.
As applicable and specified in the Terms & Conditions
Interest rate starts from 8.5%
Other fees and 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/-
Legal, Repossession &Incidental charges: At actuals
Duplicate No Due Certificate / NOC: Rs.
Statement of Account: Rs 200/-
Special NOC: Rs. 500/- per request
Valuation charges for BT/Home Equity/Refinance cases: Rs.1,500/-
To avail the home loan from Magma Fincorp, you need to have the following eligibility criteria.
Important documents to be submitted while applying for home loans with Magma Fincorp
For guarantor (wherever applicable):
Your Magma Fincorp home loan can be repaid in following three ways.
Standing Instruction (SI):
If you are an existing account holder with Magma Fincorp, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Magma Fincorp account you specify.
Electronic Clearing Service (ECS):
This mode can be used if you have a non-Magma Fincorp account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.
Post-Dated Cheques (PDCs):
You can submit post-dated EMI cheques from a non-Magma Fincorp account at your nearest Magma Fincorp Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.
It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.
You can either apply online or visit a nearby Magma Fincorp branch for the application. You can also download the home loan application form from the Magma Fincorp official website, complete the form and submit it the bank representative.
A good credit score is really the starting point to get the best offers on home loans from all lenders, with a score above 750+ you will be able to get flexible repayment tenor, reduced interest rates and save on monthly EMIs.
You can also check your eligibility for a home loan through CreditMantri and apply for it.
1. What are processing fees on Magma Fincorp Home Loans?
2. Is there penalty for prepaying the Magma Fincorp Home Loan?
3. What is the maximum loan repayment period for Magma Fincorp home loans?
Repayment period of 12 months to 240 months.
4. How Can I apply for a Magma Fincorp home loan?
You can either apply online or visit a nearest Magma Fincorp branch and take the help of the bank’s representative.
5. Does Magma Fincorp Bank facilitate balance home loan transfer?
Yes, you can transfer your existing home loan to Magma Fincorp Bank.
6. Can I get tax benefits from Magma Fincorp Home Loan?
As per Section 80C read with section 80CCE of the Income Tax Act, 1961 the principal repayment up to INR 150,000 on your home loan will be allowed as a deduction from the gross total income subject to fulfilment of prescribed conditions.
"Got home loan at low interest rate!
Wherever I turned, I couldn’t find any guidance on how to apply for the best home loan offer. Having saved for a down payment, I was on my search for a good housing loan when I stumbled upon CreditMantri. This is simply the best website for loan comparison. I just needed to create my profile (which is automated, free and very easy, by the way), and a list of home loans I was eligible for appeared on the page. I compared all the rates and decided to settle for Magma housing loan. They offered the lowest interest rate, documentation is kept to the minimum, representatives are friendly. What more do I say? Thanks CreditMantri!"
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