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Why You Should Opt For The Muthoot Finance Home Loan Interest Rate?

The interest rate on any kind of loan facility plays a huge role in defining your monthly installments and choosing a higher interest can make you pay a hefty EMI consequently. This factor becomes important in a home loan facility, as generally, itu2019s for a longer tenure. Muthoot Homefin (India) Limited (MHIL) is one of the leading housing finance companies functioning since 2014, that gives loan to its customers so that they can pursue their dream of owning a home.

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Why You Should Opt For The Muthoot Finance Home Loan Interest Rate?

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  1. Why You Should Opt For The Muthoot Finance Home Loan Interest Rate?

  2. The interest rate on any kind of loan facility plays a huge role in defining your monthly installments and choosing a higher interest can make you pay a hefty EMI consequently. This factor becomes important in a home loan facility, as generally, it’s for a longer tenure. Muthoot Homefin (India) Limited (MHIL) is one of the leading housing finance companies functioning since 2014, that gives loan to its customers so that they can pursue their dream of owning a home.

  3. One of the many things that make this loan highly preferred by the customers is the Muthoot Finance home loan interest rate which is pretty competitive seeing the current market standards. Also, when you opt for a loan, you must have an estimate about the EMI amount that you’ll be paying in order to repay the loan amount. For that, Muthoot Homefin has provided the EMI calculator which can help you in calculating the monthly installments. In this article, we will give you every bit of information about the calculator and also, the needed documents to apply for a loan.

  4. How to smartly use the Muthoot Finance Home Loan EMI Calculator? It’s essential to have an estimate about the monthly installments which can align with your repayment capability otherwise a hefty EMI amount can make a dent in budget every month. This situation can lead you to become a defaulter. So it’s suggested to use the EMI calculator so that you can have a fair knowledge about how much you can afford to pay in a month.

  5. There are a few details that you need to fill in the EMI calculator available on the official website of Muthoot Homefin which are mentioned below. Loan Amount: This is the first thing that you need to fill in it. You can fil the desired amount by adjusting the slider to your desired amount. Muthoot Finance offers the home loan to a maximum amount of INR 50,00,000. Till the amount of INR 30,00,000, you can get a loan upto 90% of the property value and between INR 30,00,001 to 50,00,000, a loan upto 80% of property value can be availed.

  6. Rate of Interest: You can also adjust this to your desired rate with the help of a slider. Currently, the Muthoot Finance home loan interest rate is fixed at 12.50% per annum onwards. It also depends on a few secondary factors like your age, employment type, monthly income, current obligations, etc. Tenure Period: The third and last thing which you need to fill in the EMI calculator is the number of years for which you want to take the amount. With the help of a Muthoot Finance home loan, you can take the amount for a maximum of 30 years. You should remember to choose the tenure according to your repayment capability.

  7. After putting all these details, you will get the exact amount of monthly installment which will help you in managing your finances in a better way. On having any dissatisfaction with the current EMI amount, you can use the calculator again with the new details as this calculator is endlessly flexible.

  8. What Documents will I need to apply for a Muthoot Finance Home Loan? Below are the documents that you’ll be needing to apply for it. You can have a look at them. • Duly signed Application form • ID Proof • Address Proof • Salary slip for the last three months • Latest ITR for the last two years

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