What is the interest rate of magma fincorp home loan?

Poonawalla Fincorp, formerly known as Magma Fincorp, offers home loans at interest rates starting from 9.5% p.a. But it can fluctuate depending on the customers’ tenure plan and credit history. When I bought my first apartment, I availed a housing loan from them as I had heard good things about their low interest rates and processing charges. So, I can share with you some necessary information about the Magma Housing Finance rate of interest and other charges.

What is the Magma Finance Home Loan Interest Rate?

As I have mentioned above, the Magma Housing Finance home loan interest rate starts from 9.5% p. a. onwards, and can get higher depending on several factors. You can take a loan up to Rs. 25 Crores, and there are some fees and charges you must know before availing loan. 

• The processing fee is up to 2% of the loan amount.

• Foreclosure Charges - 4% + taxes

• Maximum Tenure - 15 years

• Default Charges - 24% per annum

• Repayment Instrument Dishonour Charges - Rs. 500 per bounce plus taxes

• Stamp Duty - As per state

Tips for Foreclosing Loan Against Property

I learned about it from my friend who had taken a housing loan from Magma Fincorp, and he gave me some tips on quick foreclosure, which I am sharing for your reference. The major advantage of foreclosure is you can save on interest payments. 

• You can do a cost-benefit analysis to know your true savings.

• My friend advised me to use an online foreclosure calculator for a more detailed analysis.

I hope this helps you understand about the Poonawalla Fincorp, also known as Magma Finance Home Loan. 

When my sister booked a flat, I came to know about Magma Fincorp. It was then that I realised that Magma Home Finance is a big name for home loans. If you invest in your new house with a comprehensive and clear documentation process, Magma provides assistance at every stage. They have a very competent team of committed in-house Mortgage specialists, who tell you all about Magma Fincorp home loan interest rates and also help you get loans approved within minutes even before you finalise your property.

Magma housing finance rate of interest

The loan amount is dependent on income and the valuation of the Property. Before authorising the house loan, experienced legal and technical agents are appointed to conduct swift and complete title appraisals.

Magma Finance home loan interest rate

Every citizen's daily life is impacted by Magma Housing Finance (now known as Poonawalla Housing Finance) home loan programs.

The loan amount is based on the income and valuation of the property you are planning to buy. Before authorising the house loan amount for you, the legal and technical team performs swift and thorough title appraisals. Magma offers home loans with interest rates starting as low as 9.55% p.a.

What is the interest rate of Magma Fincorp home loan?

With adaptable and customer-friendly terms and circumstances, Magma offers its customers an excellent home loan interest rate. Magma offers home loans with interest rates starting as low as 9.55% p.a. The table that follows provides an explanation of the foreclosure fees and processing fees.

Magma Housing Finance: Interest Rate & Other Charges

Foreclosure Charges

• 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.

I hope this explains to you about Magma Fincorp home loan interest rate.

Almost 235 branches of Magma Fincorp exist today in India. The company was founded in 1989. Magma Home Loan Scheme, which is Poonawalla Fincorp now, provides loans for both residential and commercial uses, with loan amounts starting as low as Rs. 3 Lakhs. It also provides developers with ways to finance their real estate plans. Let me list down the

poonawalla fincorp home loan interest rate here.

What is Magma housing finance rate of interest?

Poonawalla housing loan interest rate or Magma finance home loan interest rate goes as low as 9.55% p.a. The amount of the loan is based on your income and the property's value. Before approving your application for a house loan, the legal and technical team performs swift and thorough title verification. This should help you understand what is the interest rate of Magma Fincorp home loan.

What are Magma home loan's advantages include?

Home Loans are supplied for the following purposes:

• Constructing a home or purchasing land.

• Purchasing a site to build a house.

• For remodelling, extending, or improving the residence.

• Balance transfer or top-up of the existing home loan.

• Loan against property for personal or professional use.

• The smallest loan amount available is Rs. 3 Lakh.

• The highest house loan length is 20 years and the smallest home loan tenure is 1 year.

• Simple and little documentation

• Your loan applications are processed quickly.

• Magma further provides doorstep assistance to you throughout the application process.

• Dedicated and knowledgeable staff providing end-to-end customer service

What is Magma housing financing eligibility:

If you fit the following criteria, you may apply to Magma Fincorp for a property loan:

• Home loans from Magma are available to individuals, partners, proprietors, corporations, and partnerships entities.

• Developers that have completed residential developments/townships can also apply for housing loans from Magma.

If you are in the following categories and are salaried or self-employed, then you are also eligible to apply:

• Service companies

• Manufacturers

• Traders & Retailers

• Business owners

Magma Fincorp home loan interest rate must be clear to you now.