Magma Fincorp Home Loan

Magma Fincorp Home Loan Rate Of Interest

About Magma Fincorp Housing Loan

Magma Fincorp Limited (MFL) is a Kolkata based non-banking financial company registered with the Reserve Bank of India as an Asset Finance Company. The company operates more than 235 branches in 21 states and a union territory and has a strong presence in rural and semi-rural India.

MAGMA FINCORP HOME LOAN

Over 60% of the Indian population resides in rural areas. Our goal is to reach the household of every Indian at the grassroot level and turn it into a dream home. Consequently, more than 80% of our 270+ branches are located in semi-urban and rural India. Our 6900+ dedicated Magmaites promise unmatched support and guidance in procuring a home loan. This, along with an experience of over 25 years, has enabled us to serve the large masses that remain impervious to the traditional financial systems. Current FRR for Magma Housing Finance - 18.75%


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BRANCH IN MUMBAI
Branch Address
Magma - Everad Nagar 401, Rustomjee Aspree, 4th Floor, IMAX DomeTheatre Road, Off Eastern Express Highway, Everad Nagar, SION (East) Mumbai, MAHARASHTRA 400022
Magma Fincorp - Mumbai 5 th Floor,Jaswanti Land mark, Asha Usha Compound, LBS MARG VIKROLI (WEST) Mumbai, Maharashtra 400079
Magma Fincorp, Vashi Mumbai Shop No 16, 1st Floor, Mahavir center, Plot No. 77, Sector-17, Vashi Mumbai, MAHARASHTRA 400703
Magma Fincorp - Thane Mumbai 2nd floor, Lake View Heritage, CTS No. 114, Tika No. 8, Beside Babubhai Petrol Pump, Manorpada Thane (W), Mumbai, Maharashtra 400602
Magma Fincorp - Mumbai 3rd Floor, "Bhajanlal Complex" , Seth Bhajanlal Marg, Daulat Nagar, Borivili (East) Mumbai, Maharashtra - 400066
Everything You Need To Know About

Magma Fincorp Home Loan

Overview

Online Lowest Home Loan interest rates for Magma Fincorp bank loans on Loanadda. India top bank loans providers. Apply Online Buying a house can be the most rewarding decisions of your life. We make it both memorable and hassle free by bringing you the best offers across banks and NBFC’s. LoanAdda makes the whole process simpler and faster with various options ranging from purchase of home, balance transfers of existing home loan, purchase of plot, home improvement etc. LoanAdda, the leading marketplace for loans brings you a real time quote for all your loan requirements. Your dream home is now just a click away.

Types of Home Loan

There is a home loan for every requirement, take a look:

  • Ready Property Purchase Loans: These are for buying a new home.
  • Land Purchase Loans: These loans are for buying a new plot either as an investment or to construct a house.
  • Home Construction Loans: Opt for a home construction loan, if you plan to build a house over an already owned land.
  • Home Improvement Loans: These loans are applicable when you want to renovate or re-build your house.
  • Balance Transfer Loans: All banks are competing to bring the best rates to the customer. The customer can make use of the lower interest rate facilities to move his existing loan to another service provider at a better rate. As per the RBI guideline, there is no longer any pre-payment penalty for foreclosure of the loan.
  • NRI Home Loans: Specially designed for the benefit of non-resident Indians. The maximum tenure is 15 years and the rate of interest is a little higher than existing rates. The paperwork is also a little longer and complicated.
Housing Loan For Magma Fincorp

Most banks follow the same general rules in terms of document requirement. There may be a few changes in certain cases, in which case, our loan officers will guide you personally to complete the documentation process. Salaried individuals.

1. Form 16 of last 2 years or Income Tax Returns.

2. Salary slips of last 3 months.

3. Last 6 months bank statement reflecting salary credits.

4. ID/ Age Proof - PAN Card/ Passport/ Signature Proof/ Aadhar Card and Residence Proof – Passport/      Utility bills/ Bank Statements.

5. Cheque of Processing Fee.

1. Proof of Business - Shop and Establishment Certificate/ Vat Registration Certificate/ Service Tax      Certificate.

2. Last 3 years IT tax returns with profit and loss account and balance sheet duly audited by CA.

3. Existing Loans’ Sanction letters accompanied with repayment track.

4. Business profile on the letterhead of the company.

5. ID/ Age Proof - PAN Card/ Passport/ Signature Proof/ Aadhar Card and Residence Proof – Passport/      Utility bills/ Bank Statements.

6. Cheque of Processing Fee.

1. Age proof of all the partners in the form of PAN Card, Passport or Aadar Card.

2. PAN Card of the company.

3. Residence proof of all the partners – Utility Bills/ Passport/Bank statement/ Registered rent      agreement.

4. Proof of Business - Shop and Establishment Certificate/Vat Registration Certificate/ Service Tax      Certificate.

5. Latest 3 years Income Tax returns with profit and loss and balance sheet duly audited by CA.

6. Latest 12 months bank statement of the Company and of the Partners’ Savings Bank Account.

7. Existing Loans' Sanction letters accompanied with repayment track.

8. Business profile on the letterhead of the company.

9. ID/ Age Proof - PAN Card/ Passport/ Signature Proof/ Aadhar Card and Residence Proof – Passport/      Utility bills/ Bank Statements.

10. Cheque of Processing Fee.

1. Application form duly filled with photographs of directors.

2. Age Proof of Directors - PAN Card, Aadhar Card, passport.

3. Residence Proof of Directors - Utility Bills/ Passport/Bank statement/ Registered rent agreement.

4. PAN Card of Company.

5. Education Qualification - A professional qualification certificate in case of Doctors/CA/Architects.

6. Proof of Business - Shop and Establishment Certificate/Vat Registration Certificate/ Service Tax      Certificate.

7. MOA, AOA, List Of Directors, Share Holding Pattern of the Company.

8. Last 3 years IT returns with Profit and Loss account and balance sheet duly audited by CA.

9. Latest 12 months bank statement of Company of all current accounts and the same for Director’s      Savings Bank Account.

10. Existing Loans’ sanction letter with repayment track of company and Individual Directors.

11. Business Profile on the Letter Head of the Company.

12. ID/ Age Proof - PAN Card/ Passport/ Signature Proof/ Aadhar Card and Residence Proof –         Passport/ Utility bills/ Bank Statements.

13. Cheque of Processing Fee.

1. Occupancy Certificate.

2. Approved Plan of building.

3. Share certificate copy.

4. Past 13 years Chain of deeds.

5. Nil Encumbrance Certificate - EC (if applicable).

6. Current Sale agreement/ Draft Agreement to sell.

Home Loan Eligibility
Documents required for Guarantor:

Your Magma Fincorp Home Loan eligibility is determined by the following factors:-

Income/ Other Income

Age

Qualification

Property value

No of dependents

Bank Balance

Assets/Liabilities