Muthoot Finance has launched a product ‘Home Down Payment Loan’ to finance margin money needed to avail of home loans. As per the norms, a home loan borrower has to pay 20 per cent margin money or his own contribution to avail of housing loan up to 80 per cent.
With repayment period of five years, this product has been designed for the down payment of a new property or renovation or extension of an existing property. Loan under this plan is provided instantly with no property or income documents required even before the property is selected.
It provides cheaper interest rates as compared to taking personal loans or from local pawn shops. The loan, available at 11 per cent interest rate, would range from Rs 1 lakh to 10 lakh for a period of 12 to 60 months.
Besides, the company has also launched consumer loan to offer convenient credit options to customers for buying consumer durable.
