Home Loan Rates 20182898 views
Table of Contents
- 1 About Magma Housing Finance Home Loan
- 2 Magma Housing Finance Home Loan EMI Calculator
About Magma Housing Finance Home Loan
Magma Housing Finance touches a million lives every minute through its home loan. Invest in your dream home with robust and clear documentation process, with support at every stage. Under the effective guidance of a committed in-house team of Mortgage experts, your home loan gets sanctioned within minutes even before you finalize your property.
The loan amount is subject to income and valuation of Property. Expert legal and technical agents are empanelled for quick and thorough title appraisals before sanctioning you specified home loan amount.
Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Comfortable Tenure
Home Loan is offered for the following purposes:
- Builder/Society/Authority Residential flats (constructed and Under-Construction Projects).
- Loans for Self-Construction of Bungalows/Independent Houses.
- Purchase of New House/Flat/Villas within municipal limits
- Purchase through Re-sale of Houses/Flats/Apartments/Villas/Bungalows
- Home/Flat extension/renovation/improvement
- Refinance within 6 months of purchase as Home loans and >6 months in loan against property.
Salaried Individuals and/or business-owners of the following segments are eligible for home loans :
- Service providers
- Traders & Retailers
- Self Employed Professionals
Magma Housing Finance Home Loan Eligibility Criteria
- Any Individual, Proprietor, Partner, Partnership Entity, Corporate-entity, developers making residential projects/townships are eligible for housing loans from Magma.
- Valid KYC documents must be available in the borrowers’ name.
- Continuity of income with necessary stability norms
- Clear banking and loan repayment history
- Legal & technical clearance of the property-collateral
- Positive checks & references
Magma Housing Finance Home Loan EMI Calculator
An applicant should evaluate his/her eligibility before applying for the home loans. The most appropriate method for checking the eligibility is through Magma Housing Finance Home Loan EMI Calculator. By entering few basic details, one can know about the eligible amount, interest repayable against home loan which helps them in taking prudent decisions accordingly.
For example, a salaried class professional earning ₹45,000 p.m dream to buy his own home. He applied for a loan amount of ₹5,00,000 payable after 15 years at a floating interest rate 8.50%-16.00%. Subsequently, interest will be decided on the prevailing condition at the time of maturity of the loan. Below table gives you a highlight about the calculated EMI, interest payment and the total amount(EMI+Interest) required to be paid each year on your home loan.
Table showing EMI, interest outgo and total amount payable on your home loan:
|Loan Amount(in Rs.)||Loan Tenure(in years)||Interest Rate(% p.a.)||EMI(in Rs.)||Total Interest Outgo(in Rs.)||Total Amount(EMI+Interest)(in Rs.)|
|5,00,000||1||8.50%-16.00%||43,610- 45,365||23,319- 44,385||5,23,319- 5,44,385|
|5,00,000||2||8.50%-16.00%||22,728- 24,482||45,468- 87,557||5,45,468- 5,87,557|
|5,00,000||3||8.50%-16.00%||15,784- 17,579||68,216- 1,32,827||5,68,216- 6,32,827|
|5,00,000||4||8.50%-16.00%||12,324- 14,170||91,559- 1,80,167||5,91,559- 6,80,167|
|5,00,000||5||8.50%-16.00%||10,258- 12,159||1,15,496- 2,29,542||6,15,496- 7,29,542|
|5,00,000||6||8.50%-16.00%||8,889- 10,846||1,40,022- 2,80,906||6,40,022- 7,80,906|
|5,00,000||7||8.50%-16.00%||7,918- 9,931||1,65,132- 3,34,207||6,65,132- 8,34,207|
|5,00,000||8||8.50%-16.00%||7,196- 9,264||1,90,822- 3,89,382||6,90,822- 8,89,382|
|5,00,000||9||8.50%-16.00%||6,640- 8,763||2,17,085- 4,46,364||7,17,085- 9,46,364|
|5,00,000||10||8.50%-16.00%||6,199- 8,376||2,43,914- 5,05,079||7,43,914- 10,05,079|
|5,00,000||11||8.50%-16.00%||5,843- 8,072||2,71,302- 5,65,449||7,71,302- 10,65,449|
|5,00,000||12||8.50%-16.00%||5,550- 7,829||2,99,240- 6,27,394||7,99,240- 11,27,394|
|5,00,000||13||8.50%-16.00%||5,306- 7,634||3,27,720- 6,90,829||8,27,720- 11,90,829|
|5,00,000||14||8.50%-16.00%||5,100- 7,474||3,56,732- 7,55,670||8,56,732- 12,55,670|
|5,00,000||15||8.50%-16.00%||4,924- 7,344||3,86,266- 8,21,831||8,86,266- 13,21,831|
|Year||Principal(in Rs.)||Interest(in Rs.)||Balance Amount (in Rs.)|
|1||8,751- 17,249||41,839- 79,377||4,82,751- 4,91,249|
|2||10,259- 18,777||40,311- 77,869||4,63,974- 4,80,990|
|3||12,028- 20,434||38,654- 76,100||4,43,540- 4,68,962|
|4||14,097- 22,240||36,848- 74,031||421,300- 4,54,865|
|5||16,526- 24,205||34,883- 71,602||3,97,095- 4,38,339|
|6||19,372- 26,346||32,742- 68,756||3,70,749- 4,18,967|
|7||22,710- 28,674||30,414- 65,418||3,42,075- 3,96,257|
|8||26,624- 31,210||27,878- 61,504||3,10,865- 3,69,633|
|9||31,209- 33,968||25,120- 56,919||2,76,897- 3,38,424|
|10||36,587- 36,971||22,117- 51,541||2,39,926- 3,01,837|
|11||40,238- 42,891||18,850- 45,237||1,99,688- 258,946|
|12||43,794- 50,276||15,294- 37,852||1,55,894- 2,08,670|
|13||47,665- 58,940||11,423- 29,188||1,08,229- 1,49,730|
|14||51,877- 69,093||7,211- 19,035||56,352- 80,637|
|15||56,386- 80,729||2,623- 7,133||0|
- There is no charge admissible on all Floating Rate Home Loans.
- As permissible from time to time, mentioned in the Loan agreement for Loan Against Property & Fixed Rate Home Loans.
- Or depending on the Terms & conditions prescribed by NHB from time to time.
- Foreclosure charges differ from client to client and are based on the factors such as market interest rates, Credit Evaluations etc.
Processing Fees: According to the Terms & Conditions as permissible.
Documentation for Magma Housing Finance Home Loan
1. For Salaried Employee:
- Filled up loan application form
- 2 Passport Size Photo
- Identity Proof – Passport/ Driving Licence/ Voter ID/ PAN
- Residential Address Proof – Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport
- Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement disclosing salary credit and any EMI debits
2. For Self-Employed Professionals:
- Filled up loan application form
- 2 Passport Size Photo
- Identity Proof – Passport/ Driving License/ Voter ID/ PAN
- Residential Address Proof – Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
- Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets duly attested by CA, copy of partnership deed and proof of business existence and business profile
Features and Benefits of Magma Housing Finance Home Loan
- Flexible documentation
- Wide home loan tenures ranging from 1 to 20 years.
- Home loans starting from as low as Rs. 3 lakhs onwards.
- The facility of Loan against Property is available for personal or business objectives.
- Quick processing.
- End-to-end doorstep service through the nearest Magma office.
- Competitive home loan interest rate, terms & conditions.
- Well-trained and knowledgeable team.
Magma Housing Finance Home Loan Customer Care Contact Number
You often might have felt that shortage of funds could pose hindrance in acquiring the home loan. Well, this doesn’t stand true always. Your tenure can be outstretched at your convenience, helping in repayment of your EMIs smoothly and efficiently. Also, this depends on your monthly income.
Speak to your experienced customer care representative for discussing it in detail. You can reach them through branch locator.
Magma Housing Finance has its presence in 22 states through 267 offices. Mentioning some of the addresses as follows:
Magma Housing Finance branches
1. Unit No. 617, 6th Floor, Neelkanth Corporate Park, Kirol Road, Near Vidyavihar Railway Station, Vidyavihar West
Mumbai, Maharashtra 400086
Phone: 9825004999 / 9892333238
2. Unit 516 & 517, Neelkanth Corporate Park, Kirol Road, Vidyavihar (West)
Mumbai, Maharashtra 400086
3. 401, Rustomjee Aspree, 4th Floor, IMAX DomeTheatre Road, Off Eastern Express Highway, Everad Nagar, SION (East)
Mumbai, Maharashtra 400022
Phone: 022- 67284800
4. 2nd Floor, Sumanglam Plaza, Above IDBI Bank Ltd., Opp. Dak Bunglow, Near Bus Stand, Agra Road
Dausa, Rajasthan 303303
Phone: 01427-223313 / 223317
5. 1st Floor, Jawahar Ganj, Bhitarwar Road
Dabra, Madhya Pradesh 475110