Muthoot Home Loan Statement Download

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Muthoot Homefin aims to leverage mortgage guarantee as a risk mitigation tool as demand for affordable and mid-income housing increases. The tie-up with IMGC will help Muthoot Homefin deepen its penetration in existing markets across its 108 branches/locations, enabling homeownership in the affordable housing segment, MHIL said in the official statement.

The loan offerings are targeted at borrowers who work for individuals or MSME and receive salary in cash at government pensioners who have limited access to a home loan with pension as the only source of income. They can get a home loan with maturity up to 70 years of age and those borrowers who have verifiable income but minimal documentary evidence for the same. Self-employed borrowers with higher equity infusion in the property can also avail this loan with minimal documentation and under this program, home loan tenure is extended to additional 10 to 15 years beyond retirement age, depending upon the borrower profile.

Muthoot Finance is one of the most valuable and trusted financial service brands in India. It also has the largest gold loan portfolio among other NBFCs. Accessible and convenient, it provides services in almost every corner of India with more than 5443 branches. Choosing Muthoot Finance Ltd home loan to apply for a home loan online can be the best option because:

Under this scheme, customers can transfer their existing home loan from a different financial organisation to Muthoot Finance with or without an additional top-up. 20 years is the maximum loan repayment time and Rs. 50 lakh is the maximum loan amount provided.

But doing the home loan EMI calculations manually can take a lot of time, increase the chances of error and become a struggle. Therefore, we introduce you to the advanced Urban Money Home Loan Calculator for instant EMI calculations.

Mortgage borrowers can be individuals mortgaging their home or they can be businesses mortgaging commercial property (for example, their own business premises, residential property let to tenants, or an investment portfolio). The lender will typically be a financial institution, such as a bank, credit union or building society, depending on the country concerned, and the loan arrangements can be made either directly or indirectly through intermediaries. Features of mortgage loans such as the size of the loan, maturity of the loan, interest rate, method of paying off the loan, and other characteristics can vary considerably. The lender's rights over the secured property take priority over the borrower's other creditors, which means that if the borrower becomes bankrupt or insolvent, the other creditors will only be repaid the debts owed to them from a sale of the secured property if the mortgage lender is repaid in full first.

In many jurisdictions, it is normal for home purchases to be funded by a mortgage loan. Few individuals have enough savings or liquid funds to enable them to purchase property outright. In countries where the demand for home ownership is highest, strong domestic markets for mortgages have developed. Mortgages can either be funded through the banking sector (that is, through short-term deposits) or through the capital markets through a process called "securitization", which converts pools of mortgages into fungible bonds that can be sold to investors in small denominations.

During the mortgage loan approval process, a mortgage loan underwriter verifies the financial information that the applicant has provided as to income, employment, credit history and the value of the home being purchased via an appraisal.[4] An appraisal may be ordered. The underwriting process may take a few days to a few weeks. Sometimes the underwriting process takes so long that the provided financial statements need to be resubmitted so they are current.[5] It is advisable to maintain the same employment and not to use or open new credit during the underwriting process. Any changes made in the applicant's credit, employment, or financial information could result in the loan being denied.

These arrangements are variously called reverse mortgages, lifetime mortgages or equity release mortgages (referring to home equity), depending on the country. The loans are typically not repaid until the borrowers are deceased, hence the age restriction.

Through the Federal Housing Administration, the U.S. government insures reverse mortgages via a program called the HECM (Home Equity Conversion Mortgage). Unlike standard mortgages (where the entire loan amount is typically disbursed at the time of loan closing) the HECM program allows the homeowner to receive funds in a variety of ways: as a one time lump sum payment; as a monthly tenure payment which continues until the borrower dies or moves out of the house permanently; as a monthly payment over a defined period of time; or as a credit line.[8]

In Canada, the Canada Mortgage and Housing Corporation (CMHC) is the country's national housing agency, providing mortgage loan insurance, mortgage-backed securities, housing policy and programs, and housing research to Canadians.[16] It was created by the federal government in 1946 to address the country's post-war housing shortage, and to help Canadians achieve their homeownership goals.

In an attempt to cool down the real estate prices in Canada, Ottawa introduced a mortgage stress test effective 17 October 2016.[20] Under the stress test, every home buyer who wants to get a mortgage from any federally regulated lender should undergo a test in which the borrower's affordability is judged based on a rate that is not lower than a stress rate set by the Bank of Canada. For high-ratio mortgage (loan to value of more than 80%), which is insured by Canada Mortgage and Housing Corporation, the rate is the maximum of the stress test rate and the current target rate. However, for uninsured mortgage, the rate is the maximum of the stress test rate and the target interest rate plus 2%.[21] This stress test has lowered the maximum mortgage approved amount for all borrowers in Canada.

Western European countries present a diversified landscape, with some countries (France, Belgium, Germany, the Netherlands, Denmark) where fixed-rate mortgages are the norm and some countries (Austria, Greece, Italy, Portugal, Spain, Sweden) favouring adjustable-rate mortgages.[25][26][33] Much of Europe has home ownership rates comparable to the United States, but overall default rates are lower in Europe than in the United States.[25] Mortgage loan financing relies less on securitizing mortgages and more on formal government guarantees backed by covered bonds (such as the Pfandbriefe) and deposits, except Denmark and Germany where asset-backed securities are also common.[25][26] Prepayment penalties are still common, whilst the United States has discouraged their use.[25] Unlike much of the United States, mortgage loans are usually not nonrecourse debt.[25]

Mortgages in Malaysia can be categorised into two different groups: conventional home loan and Islamic home loan. Under the conventional home loan, banks normally charge a fixed interest rate, a variable interest rate, or both. These interest rates are tied to a base rate (individual bank's benchmark rate).

Islamic Sharia law prohibits the payment or receipt of interest, meaning that Muslims cannot use conventional mortgages. The Islamic mortgage loan cancels any form of interest because of doctrines, so in the mortgage loan process, the lender and the borrower are more like a capital-shared partnership than a debt relationship.[39] However, real estate is far too expensive for most people to buy outright using cash: Islamic mortgages solve this problem by having the property change hands twice. In one variation, the bank will buy the house outright and then act as a landlord. The homebuyer, in addition to paying rent, will pay a contribution towards the purchase of the property. When the last payment is made, the property changes hands.[clarification needed]

Both of these methods compensate the lender as if they were charging interest, but the loans are structured in a way that in name they are not, and the lender shares the financial risks involved in the transaction with the homebuyer.[citation needed]

State Bank of India (SBI) said it will offer the special term loan at 8.45 per cent, for borrowings up to Rs 10 lakhs, for repair and renovation of homes for flood-affected victims in Kerala. The bank will levy no processing fee on such loans.

LIC Housing Finance will offer loans up to Rs 15 lakhs at a concessional rate of 8.5 per cent, the under Kerala Flood Scheme. Under the scheme, loans up to Rs 15 lakhs will be extended for properties located in the flood-affected areas of Kerala, for the purpose of reconstruction, repair, renovation or up-gradation of dwelling units, LIC Housing Finance said in a statement. 17dc91bb1f