Home Loan

Whether you are buying your first home, refinancing or investing, Magma Finance can help you with expert advice throughout the whole process.

  • First Home Buyers

  • Property Investments Loans

  • Refinancing & Debt Consolidation

  • Expat Loans

  • Equity Release & Cash-outs

Features and Benefits

  • Speedy loan approval

  • Get loan up to 85% of project cost

  • Minimal paperwork

  • Loan amount up to Rs.1500 Lakhs

  • Longer repayment period

Housing Loan can be used for construction of house, acquisition of land & construction of house, repairs / renovation / remodeling / extension of house, reimbursement of debt incurred for construction / purchase / furnishing / beautification / purchase of flat / villa / house plots / takeover of housing loans / supplementary housing loan to employees of well-run companies / purchase of house plot for subsequent construction of house etc.

  • Loan amount up to Rs. 1500 Lakhs with a margin of 15 – 20%

  • Longer repayment period – up to 20 Years

  • Repayment can be done as easy EMIs.

  • Security for the loan will be Mortgage of land and building.

Indicative List of Documents Required for Loan processing

KYC documents

  • Proof of Identity – Copy of valid Passport

  • Copy of valid Visa for continuance of employment

  • Copy of valid address proof

  • Passport size photos of the applicant and / co-obligant - Two copies each.

Proof of Income

  • NRE a/c statement with us/other banks for the past two years.

  • Salaried NRI's shall produce Embassy attested Salary Certificate/Slip

  • For non-salaried NRI's, Balance Sheet/Profit & Loss Account for the past two years shall be submitted.

Other documents

  • Documents of Title - ie, Tittle Deed & Prior Deeds

  • Encumbrance Certificate (13 Yrs) From Sub. Registrar Office

  • Land Tax Receipt ( Latest)

  • Possession Certificate

  • Approved Building Plan

  • Property Sketch

  • Any other documents as required by the bank

For Purchase of Ready Built House / Flat

  • Agreement of Sale
  • Building Tax Receipt (latest)
  • Any other documents as required by the bank

In the case of flat/villas, following documents are also needed:

  • Sale & Construction Agreements (original)
  • Letter of Allotment from the Builder
  • Tripartite Agreement – Where the flats are under construction & the possession is not immediate
  • Any other documents as required by the bank

For House Construction / Extension / Repairs & Renovation:

  • Estimate report from Civil Engineer / Architect Permission for Construction from local authorities
  • Any other documents as required by the bank

Interest Rates on Loans and Advances

Marginal Cost of funds based Lending Rate (MCLR) with effective from

For Salaried Individuals

Overnight MCLR 7.85%
One Month MCLR 7.90%
Three Months MCLR 7.95%
Six Months MCLR 8.05%
One Year MCLR 8.10%

Base Rate of the Bank – 9.63%

Floating Rates Loans (Interest Rates on Retail portfolio linked to RBI Repo Rate)

Description of loan scheme/ product Range of Spread over EBR (% p.a)*
Home Loan - Salaried
Loan Amount Interest Rate
Upto 30Lakhs 7.65 (Repo Rate + 3.65)
Above 30Lakhs and upto 75Lakhs 7.70 (Repo Rate+ 3.70)
Above 75Lakhs 7.75 (Repo Rate+ 3.75)
Home Loan – Self-employed
Loan Amount Interest Rate
Upto 30Lakhs 7.70 (Repo Rate+ 3.70)
Above 30Lakhs and upto 75Lakhs 7.75 (Repo Rate + 3.75)
Above 75Lakhs 7.80 (Repo Rate + 3.80)
Car Loan - New
Type Interest Rate
New 8.50 (Repo Rate + 4.50)
Used 13.80 (Repo Rate+ 9.80)
Other Loans
Type Interest Rate
Property Power Loan (LAP) 10.10 (Repo Rate+ 6.10) Onwards
Education Loan 10.05 (Repo Rate+ 6.05) Onwards

Who can apply

NRI individuals including salaried people, self-employed and business persons are eligible for Housing Loan.

Persons of Indian Origin (PIO) are also eligible for Housing Loan subject to following conditions:

  • The loan is covered by primary / collateral security of immovable property in India in the name of PIO.
  • The PIO should hold a valid PIO Card accompanied by a valid foreign passport.
  • A close relative (as defined in Companies Act) residing in India should join as co-obligant to the loan.

Age of the borrower should not exceed 55 years at the end of loan tenure.

Monthly income should be not less than Rs. 50000/-.

To avail the loan, you can apply online in simple steps. After submitting the application, bank will process your application and will be informing further details. You can track the progress of application too.

Frequently Asked Questions about Home Loan

1. What is "ASBA"?

Answer:  ASBA means "Application Supported by Blocked Amount". ASBA is an application containing an authorization to block the application money in the bank account, for subscribing to an issue. If an investor is applying through ASBA, his application money shall be debited from the bank account only if his/her application is selected for allotment after the basis of allotment is finalized.

2. Who can apply through ASBA facility?

Answer: SEBI has been specifying the investors who can apply through ASBA. In public issues w.e.f. January 1, 2010 all the investors other than Qualified Institutional Buyers (QIBs) can apply through ASBA. In rights issues, all shareholders of the company as on record date are permitted to use ASBA for making applications provided he/she/it: a. is holding shares in dematerialized form and has applied for entitlements or additional shares in the issue in dematerialised form; b. has not renounced its entitlements in full or in part; c. is not a renouncee; d. who is applying through blocking of funds in a bank account with the Self Certified Syndicate Bank.

3. Is it mandatory for investors eligible for ASBA, to apply through ASBA only?

Answer: No, it is not mandatory. An investor, who is eligible for ASBA, has the option of making application through ASBA or through the existing facility of applying with cheque.

4. Can I make application through ASBA facility in all issues?

Answer: Yes, you can make application through ASBA facility in all the issues i.e public and rights.

5. What is Self certified Syndicate Bank (SCSB)?

Answer: SCSB is a bank which is recognized as a bank capable of providing ASBA services to its customers. Names of such banks would appear in the list available on the website of SEBI.

6. Can I submit ASBA in any of the banks specified in the list of SCSBs?

Answer: No, ASBA can be submitted to the SCSB with which the investor is holding the bank account.

7. How many applications can be made from a bank account?

Answer: Five (5) applications can be made from a bank account per issue.

8. Am I required to submit ASBA only physically?

Answer:No, you can either fill up the physical ASBA form available with SCSB and submit the same to the SCSB or apply electronically through the internet banking facility (if provided by your SCSB).

9. Do I necessarily need to have a DP account with the SCSB where I intend to submit the ASBA application?

Answer: No. Investors need not necessarily have their DP account with the SCSB, where they are submitting the ASBA form.

10. Can I submit my ASBA to a broker as is being done in the present issue process applying through cheque?

Answer: You are required to submit ASBA to the SCSBs only.

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Now apply for a Home Loan online, All you need to do is provide your details below application form.

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