Housing Loan Scheme from Muthoot!
Posted on: 16/Apr/2015 3:13:19 PM
Muthoot, a leading company which offers loan on Gold jewellery, has planned to start a housing loan facility.
It will be called ‘Muthoot Home Finance.
Muthoot is a non-banking organisation, set to give housing loans from Rs. 1 Lakh up to Rs. 1 Crore.
The interest rate will be 10.20%.The maximum period for repayment is 30 years.
EMIs (Equated Monthly Installments) will be based on reducing principal amount.
The facility is inaugurated on Wednesday, 15th April, the day of the grand Vishu Festival in the state of Kerala.
It has also been decided to give loan on mortgage of properties from Rs. 10 Lakhs up to Rs. 5 Crores.
The duration for payment will be 15 years.Interest rate will be 13%.
As an introductory offer, a special concession of 50% reduction in processing fee has been announced by the organisation.
