Manipal Housing Finance Home Loan

Last Updated : May 19, 2017, 12:57 p.m.

About Manipal Housing Finance Home Loan

In life, there could be many reasons for you to abandon your dreams. One of those dreams could be buying your dream home, especially when you have saved your hard-earned money for providing a permanent shelter to your loved ones. But why to give up on your dreams when so much housing finance companies are there to comfort you? Manipal Housing Finance Syndicate Ltd. is one such home loan company that has come up to bridge the gap between your dreams and reality. With the provision of home loans , the company aids general and low-income groups in particular for granting them home loans as an investment in housing and acquiring properties. These properties can also be used as a collateral for securing bank finance for generating income.

The prime purpose of Manipal Home Loans are:

• Purchase of House
• Construction of house on self-acquired plot
• Purchase of Flat/Apartment

There are two main stages involved at the time of obtaining home loans from MHFSL:

• Sanction of the loan whereby you get a loan offer letter from MHFSL, mentioning the loan amount sanctioned and the terms and conditions of sanction
• Disbursement of the loan amount.

Manipal Housing Finance Eligibility Criteria

• Home loans are available upto 90% of the cost of the house, Flat/Apartment and upto 90% on the estimated cost of construction.
• Home loans are provided to salaried individuals and self-employed professionals on the basis of following terms:
  • Salaried Individuals: 20 Years or up to the age of retirement, whichever is earlier
  • Self-employed: 20 Years or up to the attainment of 65 years of age, whichever is earlier.

• The rate of Interest will be applicable on ‘floating basis’, linked to the PLR of the company and the rate will be subject to change as per the change in the PLR. You need to contact the nearest branch for knowing the prevailing rate of interest.
• If you get the sanction of your home loan against your property, then it will be the ‘security’ by way of registered/equitable mortgage through the deposit of title deeds. Collateral, wherever required, can be obtained.
• Co-owners of the property are allowed to become as co-applicants. Co-applicants should usually be blood relations of the loan applicant.

Manipal Home Loan EMI Calculator

You can calculate your EMI with the help of Manipal Home Loan EMI Calculator . Just enter the details such as loan amount, tenure, and interest rate. You will find the results displayed in front of you.

Suppose, you are a software professional, earning ₹55000 p.m and working in a reputed MNC based out at Noida. You are in a look out for the purchase of your own home but your current salary doesn’t allow to permit higher loans. So, you have applied for ₹20 lakhs with Manipal Housing Finance and have been sanctioned ₹15 lakhs for a tenure of 15 years at floating interest rate 10.25%. The following table gives you details on your calculated EMI along with interest and the total amount that costs you against your sanctioned home loan.

Documentation for Manipal Housing Finance

Features and Benefits of Manipal Housing Finance

• Extensive Housing Loan Scheme with a broad range of products.
• Loans are available for both salaried individuals and self-employed
• Long loan tenure to provide easy repayment
• Speedy processing of home loan at maximum possible loan amount
• There will be no pre-closure charges in view of the sanctioned housing loans to individual customers. However, another housing loan to a non-individual may attract prepayment charges.
• Personalized service in a customer-oriented environment, together with flexibility. Modes of repayment is made under the following forms:
  • ECS
  • PDCs(Post-Dated Cheques)
  • Standing Instruction
  • Salary deduction

• Personalized post-disbursement service
• Top-up loan and additional loan to existing customers
• Repayment of your home loan is applicable on the following basis:
  • Pre-EMI: Pre-EMI interest is payable until the loan is fully disbursed
  • EMI: EMI has to be paid after full disbursement of the loan

Resident Indians are entitled to availing tax benefit on the principal amount of repayment and interest component of a loan under the Income Tax Act, 1961.

Also, you will avail the tax benefit under Section 80C on repayment of a principal portion of the loan up to ₹1,50,000/- per annum which can help further reduce your tax liability by about₹50,000/-.

Manipal Housing Finance Customer Care Contact Number

In the case of knowing about prevailing rate of interest, changes in any processing fees from time to time, sanctioned limit or discussing the eligibility criteria or unavailability of producing any document for evidence, reach out to an experienced customer care representative of Manipal Housing Finance on (0820) 2570741.