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
In the case of flat/villas, following documents are also needed:
For House Construction / Extension / Repairs & Renovation:
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:
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.
Now apply for a Home Loan online, All you need to do is provide your details below application form.
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