Muthoot Group forays into home loan segment

Kochi: Muthoot Group, one of the leading gold loan portfolio in the country, has entered into the home loan segment with the launch of Muthoot Homfin.

"Muthoot Homefin will offer housing loans from Rs 1 lakh to Rs 5 crore at interest rates from 10.20 percent per annum onwards for periods up to 30 years. Repayment of the amount shall be through equated monthly instalments and on diminishing balance basis."

Muthoot Homefin will launch the services from tomorrow, which is Vishu, an auspicious day for the people of Kerala.

The group will offer competitive pricing and speedy decisions to create an edge in the housing loan segment, it said.

"Loan Against Property will be offered in the range of Rs 10 lakh to Rs 5 crore for a period up to 15 years with interest rate of 13 percent onwards," it said.

The group said it will offer a discount of 50 percent on processing fee to the applications received for the first month period up to May 16.

It plans to commence operations in Kerala and will expand to other parts of the country successively, it said.

Present at the launch were George Alexander Muthoot, Managing Director, The Muthoot Group, George Thomas Muthoot, Managing Director, Muthoot Homefin India and K P Padmakumar, Executive Director, Muthoot Group.