Magma Housing Finance Loan Against Property
Last Updated : Nov. 5, 2016, 7:26 a.m.
Magma housing finance offers loan against property at the interest rate ranging from 13.50% to 16.00% per annum. The longer tenure of 240 months makes this housing finance company a convenient one. The end-to-end doorstep service through the nearest Magma office becomes altogether a good deal for a loan against property.
Magma Housing Finance Loan Against Property Details
| Particulars | Details |
|---|---|
| Interest Rate | 13.50% to 16.00% per annum |
| Loan Amount | Loan amount is subject to income and valuation of Property |
| Tenure | 20 years |
| Processing Fees | Up to 2% |
| Repayment Mode | EMI |
| Prepayment Charges | NIL |
Features & Benefits of Magma Housing Finance LAP
- Flexible documentation
- Quick processing
- Door-to-door service
- No foreclosure charges
- Longer tenure period of 20 years
- Floating rate of interest starting from 13.50% p.a
Documents Required for Magma Loan Against Property
- Filled loan application form
- Identity Form
- Address Proof
- Continuity of Income
- Clear banking and loan repayment history
- Legal & technical clearance of the property collateral
- Positive cheques and references
Eligibility Criteria
- Individuals
- Manufacturers Service providers
- Traders & Retailers
- Self-employed professionals
- Entrepreneurs
- Proprietor
- Partner
- Partnership Entity
- Corporate-entity are eligible
How to Apply for Loan Against Property at Magma Housing Finance
You have to submit the filled application form along with the property documents and the KYCs at the nearest branch.
Magma Housing Finance EMI Calculator
With the help of EMI calculator, you can know the monthly instalments for each month of the tenure period. For eg. If you are taking a loan of Rs. 20,00,000 at the interest rate of 13.50% per annum for the tenure period of 20 years, your monthly EMI will be Rs. 24,147/-. For further details on EMIs, total interest outgo and total amount, refer to the below-given table:
Table for EMI per month, Total Interest Outgo and Total Amount
| Amount (in Rs.) | Interest Rate (p.a) | Loan Tenure (in years) | EMI (in Rs.) | Total Interest Outgo (in Rs.) | Total Amount (Principal + Interest) (in Rs.) |
|---|---|---|---|---|---|
| 20,00,000 | 13.50% - 16.00% | 1 | 1,79,104 - 1,81,462 | 1,49,249 -1,77,541 | 21,49,249 - 21,77,541 |
| 20,00,000 | 13.50% - 16.00% | 2 | 95,554 - 97,926 | 2,93,297 - 3,50,229 | 22,93,297 - 23,50,229 |
| 20,00,000 | 13.50% - 16.00% | 3 | 67,871 - 70,314 | 4,43,341 - 5,31,306 | 24,43,341 - 25,31,306 |
| 20,00,000 | 13.50% - 16.00% | 4 | 54,153 - 56,681 | 5,99,327 - 7,20,667 | 25,99,327 - 27,20,667 |
| 20,00,000 | 13.50% - 16.00% | 5 | 46,020 - 48,636 | 7,61,182 - 9,18,167 | 27,61,182 - 29,18,167 |
| 20,00,000 | 13.50% - 16.00% | 6 | 40,678 - 43,384 | 9,28,811 - 11,23,625 | 29,28,811 - 31,23,625 |
| 20,00,000 | 13.50% - 16.00% | 7 | 36,930 - 39,724 | 11,02,102 - 13,36,827 | 31,02,102 - 33,36,827 |
| 20,00,000 | 13.50% - 16.00% | 8 | 34,176 - 37,058 | 12,80,927 -15,57,527 | 32,80,927 - 35,57,527 |
| 20,00,000 | 13.50% - 16.00% | 9 | 32,085 - 35,051 | 14,65,140 - 17,85,454 | 34,65,140 - 37,85,454 |
| 20,00,000 | 13.50% - 16.00% | 10 | 30,455 - 33,503 | 16,54,583 - 20,20,315 | 36,54,583 - 40,20,315 |
| 20,00,000 | 13.50% - 16.00% | 11 | 29,160 - 32,286 | 18,49,085 - 22,61,798 | 38,49,085 - 42,61,798 |
| 20,00,000 | 13.50% - 16.00% | 12 | 28,114 - 31,317 | 20,48,465 - 25,09,577 | 40,48,465 - 45,09,577 |
| 20,00,000 | 13.50% - 16.00% | 13 | 27,260 - 30,534 | 22,52,534 - 27,63,318 | 42,52,534 - 47,63,318 |
| 20,00,000 | 13.50% - 16.00% | 14 | 26,554 - 29,897 | 24,61,095 - 30,22,681 | 44,61,095 - 50,22,681 |
| 20,00,000 | 13.50% - 16.00% | 15 | 25,966 - 29,374 | 26,73,947 - 32,87,323 | 46,73,947 - 52,87,323 |
| 20,00,000 | 13.50% - 16.00% | 16 | 25,473 - 28,942 | 28,90,885 - 35,56,904 | 48,90,885 - 55,56,904 |
| 20,00,000 | 13.50% - 16.00% | 17 | 25,057 - 28,584 | 31,11,705 - 38,31,088 | 51,11,705 - 58,31,088 |
| 20,00,000 | 13.50% - 16.00% | 18 | 24,705 - 28,285 | 33,36,199 - 41,09,547 | 53,36,199 - 61,09,547 |
| 20,00,000 | 13.50% - 16.00% | 19 | 24,404 - 28,035 | 35,64,164 - 43,91,963 | 55,64,164 - 63,91,963 |
| 20,00,000 | 13.50% - 16.00% | 20 | 24,147 - 27,825 | 37,95,398 - 46,78,029 | 57,95,398 - 66,78,029 |
Amortization Table
| Year | Principal (in Rs.) | Interest (in Rs.) | Balance Amount (in Rs.) |
|---|---|---|---|
| 1 | 21,033 - 14,965 | 2,68,731 - 3,18,935 | 19,78,967 - 19,85,035 |
| 2 | 24,056 - 17,545 | 2,65,708 - 3,16,355 | 19,54,911 - 19,67,490 |
| 3 | 27,511 - 20,565 | 2,62,253 - 3,13,335 | 19,27,400 - 19,46,925 |
| 4 | 31,462 - 24,110 | 2,58,302 - 3,09,790 | 18,95,938 - 19,22,815 |
| 5 | 35,984 - 28,261 | 2,53,780 - 3,05,639 | 18,59,954 - 18,94,554 |
| 6 | 41,156 - 33,129 | 2,48,608 - 3,00,771 | 18,18,798 -18,61,425 |
| 7 | 47,069 - 38,841 | 2,42,695 - 2,95,059 | 17,71,729 - 18,22,584 |
| 8 | 53,831 - 45,530 | 2,35,933 - 2,88,370 | 17,17,898 - 17,77,054 |
| 9 | 61,564 - 53,374 | 2,28,200 - 2,80,526 | 16,56,334 - 17,23,680 |
| 10 | 70,408 - 62,568 | 2,19,356 - 2,71,332 | 15,85,926 - 16,61,112 |
| 11 | 80,526 - 73,347 | 2,09,238 - 2,60,553 | 15.05,400 - 15,87,765 |
| 12 | 92,094 - 85,982 | 1,97,670 - 2,47,918 | 14,13,306 - 15,01,783 |
| 13 | 1,05,327 - 1,00,793 | 1,84,437 - 2,33,107 | 13,07,979 - 14,00,990 |
| 14 | 1,20,459 - 118,159 | 1,69,305 - 2,15,741 | 11,87,520 - 12,82,831 |
| 15 | 1,37,765 - 1,38,514 | 1,51,999 -1,95,386 | 10,49,755 - 11,44,317 |
| 16 | 1,57,559 - 1,62,375 | 1,32,205 - 1,71,525 | 8,92,196 - 9,81,942 |
| 17 | 1,80,197 - 1,90,348 | 1,09,567 -1,43,552 | 7,11,999 - 7,91,594 |
| 18 | 2,06,087 - 2,23,138 | 83,677 -1,10,762 | 5,05,912 - 5,68,456 |
| 19 | 2,35,694 - 2,61,580 | 54,070 - 72,320 | 2,70,218 - 3,06,876 |
| 20 | 2,70,494 - 3,07,245 | 20,206 - 27,259 | 0 |
Magma Housing Finance Loan Against Property Interest Rate
The interest rates applicable on loan against property or mortgage loan at Magma Housing Finance are floating ranging from 13.50% to 16.00% per annum.
Magma Housing Finance Customer Care
For any query related to loans, you can contact Magma housing finance at 033 44017231 or 033 44017200.