Magma Housing Finance Loan Against Property

Loan Against Property 297 views

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

ParticularsDetails
Interest Rate13.50% to 16.00% per annum
Loan AmountLoan amount is subject to income and valuation of Property
Tenure20 years
Processing FeesUp 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.

Must Read  Syndicate Bank Loan Against Property

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.)
20,00,00013.50% - 16.00%11,79,104 - 1,81,4621,49,249 -1,77,54121,49,249 - 21,77,541
20,00,00013.50% - 16.00%295,554 - 97,926 2,93,297 - 3,50,22922,93,297 - 23,50,229
20,00,00013.50% - 16.00%367,871 - 70,3144,43,341 - 5,31,30624,43,341 - 25,31,306
20,00,00013.50% - 16.00%454,153 - 56,6815,99,327 - 7,20,66725,99,327 - 27,20,667
20,00,00013.50% - 16.00%5 46,020 - 48,6367,61,182 - 9,18,16727,61,182 - 29,18,167
20,00,00013.50% - 16.00%640,678 - 43,3849,28,811 - 11,23,62529,28,811 - 31,23,625
20,00,00013.50% - 16.00%7 36,930 - 39,724 11,02,102 - 13,36,82731,02,102 - 33,36,827
20,00,00013.50% - 16.00%834,176 - 37,05812,80,927 -15,57,52732,80,927 - 35,57,527
20,00,00013.50% - 16.00%932,085 - 35,051 14,65,140 - 17,85,45434,65,140 - 37,85,454
20,00,00013.50% - 16.00%1030,455 - 33,50316,54,583 - 20,20,31536,54,583 - 40,20,315
20,00,00013.50% - 16.00%1129,160 - 32,28618,49,085 - 22,61,798 38,49,085 - 42,61,798
20,00,00013.50% - 16.00%1228,114 - 31,31720,48,465 - 25,09,577 40,48,465 - 45,09,577
20,00,00013.50% - 16.00%1327,260 - 30,534 22,52,534 - 27,63,31842,52,534 - 47,63,318
20,00,00013.50% - 16.00%1426,554 - 29,89724,61,095 - 30,22,68144,61,095 - 50,22,681
20,00,00013.50% - 16.00%1525,966 - 29,37426,73,947 - 32,87,323 46,73,947 - 52,87,323
20,00,00013.50% - 16.00%1625,473 - 28,94228,90,885 - 35,56,90448,90,885 - 55,56,904
20,00,00013.50% - 16.00%1725,057 - 28,58431,11,705 - 38,31,08851,11,705 - 58,31,088
20,00,00013.50% - 16.00%18 24,705 - 28,28533,36,199 - 41,09,54753,36,199 - 61,09,547
20,00,00013.50% - 16.00%1924,404 - 28,03535,64,164 - 43,91,96355,64,164 - 63,91,963
20,00,00013.50% - 16.00%20 24,147 - 27,82537,95,398 - 46,78,02957,95,398 - 66,78,029
Must Read  Union Bank of India Loan Against Property

Amortization Table

YearPrincipal
(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
224,056 - 17,545
2,65,708 - 3,16,355
19,54,911 - 19,67,490
327,511 - 20,565
2,62,253 - 3,13,335
19,27,400 - 19,46,925
431,462 - 24,110
2,58,302 - 3,09,79018,95,938 - 19,22,815
535,984 - 28,261
2,53,780 - 3,05,639
18,59,954 - 18,94,554
641,156 - 33,129
2,48,608 - 3,00,771
18,18,798 -18,61,425
747,069 - 38,841
2,42,695 - 2,95,059
17,71,729 - 18,22,584
853,831 - 45,530
2,35,933 - 2,88,370
17,17,898 - 17,77,054
961,564 - 53,3742,28,200 - 2,80,526
16,56,334 - 17,23,680
1070,408 - 62,568
2,19,356 - 2,71,33215,85,926 - 16,61,112
1180,526 - 73,3472,09,238 - 2,60,553
15.05,400 - 15,87,765
1292,094 - 85,982
1,97,670 - 2,47,918
14,13,306 - 15,01,783
131,05,327 - 1,00,7931,84,437 - 2,33,107
13,07,979 - 14,00,990
141,20,459 - 118,159
1,69,305 - 2,15,741
11,87,520 - 12,82,831
151,37,765 - 1,38,514
1,51,999 -1,95,386
10,49,755 - 11,44,317
161,57,559 - 1,62,375 1,32,205 - 1,71,525
8,92,196 - 9,81,942
171,80,197 - 1,90,3481,09,567 -1,43,552
7,11,999 - 7,91,594
182,06,087 - 2,23,13883,677 -1,10,762 5,05,912 - 5,68,456
192,35,694 - 2,61,580
54,070 - 72,320
2,70,218 - 3,06,876
202,70,494 - 3,07,245
20,206 - 27,259

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.