Apply Now for Micro Finance Home Loan

Micro Housing Finance

Apply for Micro Finance Home Loan

✓ Home Loan from ₹2 Lakhs To ₹15 Cr ✓ Multiple Lending Partners ✓ Interest Rates Starting @ 7.70%

 

In today’s burgeoning real estate market, housing loans have become one of the easiest ways to purchase a home. Microfinance home loans are one such popular option. Microfinance home loans provide financing to those in the lower-income bracket of India. For many Indian residents, it may well be the only means to afford a home. Micro finance home loans have arisen out of this need, where many people require home loans at low interest rates and with various other benefits. There are several features of micro finance home loans which make them most sought after. Read on to learn what these are.

Benefits of Micro Housing Finance

  • Micro finance home loans can be availed for maximum amounts ranging upto Rs. 10 Lakhs. This makes it easy for people, especially those in the lower income groups, to buy a house comfortably through easy accessibility to loans.

  • Up to 85% of the current market value of the property can be availed in micro finance home loans with the utmost ease.

  • Borrowers have the flexibility to repay their micro home finance loans within 15 years of the loan being availed. This provides customers with the comfort of repaying their loans at ease over a period of time.

Popular NBFCs for Micro Finance Home Loan

Some of the major financial institutions that offer Microfinance Home Loans are as follows:

Bank Name

Interest Rate

Processing Fees

Bajaj Housing Finance

7.10% p.a. onwards

Up to 0.35% of the sanctioned amount

PNB Housing Finance

6.99% p.a. onwards

Up to 0.5% of the sanctioned amount

Home First Finance Company

11.90% p.a. onwards

Between ₹9,990 - ₹21,990

Union Bank of India

6.90% p.a. onwards

0.50% of the sanctioned amount or ₹15,000, whichever is higher.

ICICI Bank

7.10% p.a. onwards

₹3,000 + (Higher of ₹5,000 or 0.25% of the loan amount (Plus 18% GST on the total amount)

Eligibility Criteria of Micro Home Finance

Before applying for a microfinance home loan one must fulfill the below mentioned eligibility criteria:

  • The applicant should be an Indian resident and above 21 years of age

  • The applicant must earn the kind of income which falls within the lender’s compliance guidelines

  • Applicants are only required to submit copies of their income, and proof of identity and residence in order to avail the loan.

Documentation Required for Micro Finance Home Loan

To avail a Micro Housing Finance loan, you will need the following documents:

  • Identity proof (Any one): PAN Card, Aadhaar Card, Driving License, Voter’s ID

  • Address proof (Any one): Bank passbook, Driving License, Voter ID, Aadhaar Card

  • An updated copy of your bank statement/passbook

  • Property documents: Allotment Letter/Agreement for sale/Receipt for payments made

  • Cheque for processing fee made in the favor of MHFC/ATM Card

How to Calculate Micro Finance Home Loan EMI

The micro finance home loan can be repaid over a flexible tenure in the form of Equated Monthly Installments (EMIs). To calculate this EMI amount, customers can easily use the online housing loan EMI calculator and input details regarding the amount they wish to borrow and the loan tenure that works best for them. Once these details are entered, the EMI amount can be easily calculated.

Micro Finance Home Loan Fees and Charges

While availing a microfinance home loan allows customers to purchase property at affordable rates, below mentioned are the certain charges involved at the time of initiation of the home loan:

  • At the time of availing the loan, a minimal processing fee of up to 2.5% of the loan amount is charged if the payment is made via cheque. If the cheque bounces, a fine of up to ₹250 is further levied. If the payment is being made through a Credit Card/Debit Card or a Demand Draft, the applicable processing fee will only be up to 2%.

  • In case of payment of EMI, if there is a delay, the borrower can charge up to an additional 2% of the due amount.

  • If the borrower wishes to withdraw their documents from the lender, they are required to pay up to ₹500 in case of one document and up to ₹1000 if all the documents are to be withdrawn.

  • No penalties will be levied for advance payment of the loans.

Disclaimer: The charges and figures mentioned above are subject to constant change and can vary from bank to bank. We will recommend that you check with the lender first before applying.

Microfinance home loans can come in particularly handy, in a number of situations. However, if you’re looking for a larger loan amount, you can do so with the Bajaj Housing Finance Home Loan on Bajaj Markets. Your dream home could be yours in the shortest possible time, apply for a home loan available on Bajaj Markets.

Microfinance Home Loans FAQs

  • ✔️What is the collateral required for a Housing Loan?

    Despite these processing charges, what makes microfinance home loans so attractive to most borrowers is the fact that no additional collateral is required for availing the loan.

  • ✔️Where can I file a complaint for a microfinance home loan?

    You can file a complaint on the easily accessible website of your lender or, if you’d like to have an in-person chat, you can visit the nearest branch.