Instant online approval. Apply online and get approved in 3 working days

Loan amount from Rs 50,000 - Rs 30 Lakhs

Flexible repayment tenures between 1 to 5 years

Apply for Home Loan

    Features of Home Loan

    Home loans in private approved projects

    Home Loans for purchase of a flat, row house, bungalow from private developers in approved projects.

    Home Loans Development Authorities properties

    Home Loans for purchase of properties from Development Authorities such as DDA, MHADA etc.

    Home Loans for pre-existing property

    Loans for purchase of existing property in Co-operative Housing Society, Development Authorities settlements, or privately built-up homes.

    Expert Guidance

    Legal and technical counselling to help you make the right home buying decision.

    Integrated Network

    Integrated branch network for availing and servicing the Home Loans anywhere in India.

    Special arrangement with AGIF

    For Home Loans for those employed in the Indian Army.

    Calculate EMI with MAKS Finserv Home Loan EMI Calculator

    EMI:

    0

    Total Interest Payable:

    0

    Total of Payments (Principal + Interest):

    0

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    Home Loan eligibility criteria

    Nationality

    Indian

    Age

    18 years to 70 years

    Employment

    Working at an MNC, public or private company

    CIBIL score

    750 or higher

    Income

    At least 5-6 lakhs per annum.

    Documents required

    You need the following while applying for a MAKS Finserv Home loan
    • Identity proof: (Driving License/PAN/Voter ID/Valid Passport)
    • Address proof: (Copy of Electricity Bill/Water Bill/Telephone Bill/ Copy of valid Passport/Aadhaar Card/Driving License)
    • Indian Embassy/Consulate
    • Overseas Notary Public
    • FOs/Representative Offices
    • Officials of Branch/Sourcing Units based in India

    Other Documents:

    • Attested copy of the applicant’s/co-applicants’/guarantor’s valid passport and visa
    • Proof of residence indicating the applicant’s current overseas address
    • Employer Identity Card
    • If the applicant is employed in the Merchant Navy, the applicant is required to submit a copy of Continuous Discharge Certificate (CDC)
    • PIO Card issued by the Government of India in case the applicant/co-applicant is a Person of Indian Origin (PIO).
    • The completed loan application form duly filled with three passport size photographs of the applicant and co-applicants.
    • The attestation of the documents can be done by:

    Income proof

    For Self Employed For Salaried
    Proof of income if the applicant/co-applicant is a self-employed professional/businessman.  Valid work permit 
    Business address proof  Employment contract (translated in English) attested by the employer/consulate/embassy/Indian foreign office if the contract is in another language. 
    Balance Sheet and Profit and Loss accounts audited by a certified CA for the last 2 years  Salary slips for last three months 
    Individual Tax Return for the last 2 years – Not applicable to NRIs/PIOs located in the Middle East countries.  Bank statements indicating salary credit for the last 6 months 
    Bank statement of the individual’s as well as the business/company’s overseas account for the last 6 months.  Copy of the Identity Card issued by the current employer along with the latest salary slip (original). 
      Copy of the individual Tax Return for the last assessment year. – Not applicable to employees in the Merchant Navy and NRIs/PIOs located in the Middle East countries. 

    Property documents

    1. Agreement of Sale (any one):
    2. Registered Agreement of Sale
    3. Stamped Agreement of Sale
    4. Allotment Letter
    5. Occupancy Certificate in case the property is a ready-to-move-in property
    6. Copy (blueprint) of the Approved Plan and Registered Development agreement of the builder
    7. Conveyance Deed in case of a new property
    8. Bank account statements indicating all payments made to the seller or builder

    Current home loan interest rate, fees and charges

    Types of fees Charges applicable
    Interest rate Low interest rates starting from 6.70% p.a.
    Processing fees This is a one-time non-refundable fee that is to be paid to the home loan provider after the loan application has been approved. The processing charge varies depending on the loan scheme you are applying for.
    Penal interest Loan providers also charge a penalty on delayed repayments i.e., if you fail to make your Equated Monthly Instalments (EMIs) or Pre-EMIs on time. The defaulting charges vary from one bank to another.
    Part—prepayment charges** Prepayment penalty is the fee you will have to pay the lender if you plan on repaying your home loan before the completion of the loan tenure.
    Cheque dishonor charges: The fee is levied when the loan provider finds that a cheque issued by the borrower is found to be dishonored due to reasons such as insufficient funds in the borrower’s account.

    Types of personal loan interest rates

    Personal loans come with two types of rates of interest: Fixed interest rate and floating interest rate.

    1. Fixed interest rate
    As the name suggests, the interest rate remains the same throughout the loan tenor. Thus. the loan E Ils will also remain constant.

    2. Floating interest rate
    A floating, adjustable, or variable interest rate is linked to an internal benchmark of a financial institution. Changes to this benchmark will affect the rates. Hence, floating rates vary throughout the loan tenor.

    Both of these rates have advantages and disadvantages. Fixed rates keep ENls constant, which helps in budgeting. On the other hand, floating rates go up or come down along with the internal benchmark rate.

    Methods for Interest Calculation on Personal Loan

    1. Flat rate method
    In this method, the applicable rate of interest is charged on the entire principal throughout the tenor.

    2. Reducing balance method
    In the diminishing balance or reducing balance method, the applicable rate of interest is chargeable on the outstanding principal after each EMI is paid off. Thus, the interest is calculated every month on the loan balance. Borrowers pay lower interest on the loan compared to the flat rate method.

    Interest rate calculation formula

    The interest rate for a personal loan through the flat rate method and the reducing balance method is calculated using the following formula:

    1. Flat rate method
    The rate of interest is chargeable on the entire loan principal. The formula for this method is — ENI = (principal + total interest payable) / loan tenor in months Wherein, total interest payable = P x r x n/100

    Contact MAKS Finserv Customer Care

    If you are a new customer who is looking for information about the
    MAKS Finserv Home Loan

      Frequently Asked Questions

      A home loan is a secured loan taken from a financial institution for the purpose of buying a residential property. You can avail a home loan to buy a ready-to-move in house or apartment or one that is under construction. Home loans can be availed from both banks and Non Banking Financial Companies (NBFCs).
      Usually, it takes 3 to 4 weeks to get home loan sanctioned. However, you need to keep a few factors in mind for a better understanding. First of all, you need a pre-approval of your home loan from the concerned lender to get your loan sanctioned. However, pre-approval doesn’t always mean that your loan will be disbursed immediately and depends on certain external as well internal factors. For instance, your loan sanction can be delayed if there’s delay in submission of property or income-related documents.
      • Banks/financial institutions consider the following factors when determining your loan eligibility:
      • Age
      • Annual Income
      • Occupational stability
      • Resident type [Indian Citizen, Non-Resident Indian (NRI), Person of Indian Origin (PIO)]
      • Number of co-applicants
      • Co-applicants’ income
      • Credit score
      • Other ongoing loans, if any
      The rate of interest associated with fixed-rate loans remains unchanged during the entire tenure of the loan. On the other hand, the interest rates applicable on floating-rate loans can be revised from time to time depending on the RBI’s key policy rates. The equated monthly installments can increase or decrease depending on the prevailing RBI rates in the case of floating rate type loans.

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      Contact us today to learn more about MAKS Finserv or to seek any financial assistance related to loans, insurance, investment and credit cards.

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