Documents Required for Magma HFL Home Loan
1. Application Form and Photographs
- • Duly filled and signed home loan application form.
- • Recent passport-sized photographs of the applicant and co-applicants.
2. Identity Proof (Any One)
- • PAN Card (mandatory for income tax purposes)
- • Aadhaar Card
- • Passport
- • Voter ID Card
- • Driving License
3. Address Proof (Any One)
- • Aadhaar Card
- • Passport
- • Voter ID Card
- • Driving License
- • Utility bills (electricity, telephone, water, up to 3 months old)
- • Registered rent agreement or leave and license agreement
4. Age Proof
- • PAN Card
- • Birth Certificate
- • Aadhaar Card
- • Passport
- • School leaving certificate or 10th marksheet
5. Income Proof
For Salaried Applicants:
- • Last 6 months’ salary slips
- • Form 16 for the last 2 years
- • Bank statements for the last 6 months showing salary credits and any loan repayments
- • Employment or appointment letter (especially if newly employed)
For Self-Employed Professionals:
- • Business proof such as GST registration or service tax certificate
- • Audited profit and loss account and balance sheet certified by a Chartered Accountant for the last 2 years
- • Income Tax Returns (ITRs) for the last 2 years along with income computation
- • Bank statements of business and personal accounts for the last 6 months
- • Partnership deed or Memorandum of Association (if applicable)
6. Property Related Documents
For Purchase of New Properties:
- • Allotment letter or agreement to sell
- • Payment receipts made to the builder or seller
- • Approved building plan and layout sanctioned by competent authorities
- • Possession letter and NOC from builder or housing society
- • Encumbrance certificate ensuring the property is free of legal dues
- • Occupancy certificate (OC) or construction completion certificate for ready properties
For Resale Properties:
- • Sale deed or registered agreement to sell
- • Proof of ownership and chain of title deeds
- • Property tax receipts for current and previous years
- • Encumbrance certificate
- • NOC from housing society or builder
7. Other Supporting Documents
- • Cancelled cheque or bank statement passbook for EMI deduction
- • Processing fee cheque in favor of Magma Housing Finance Limited
- • Loan statements of existing loans (if any)
- • Passport, visa, overseas address proof, and bank statements for NRIs
- • Power of attorney if applying through a representative
Major Details About Magma HFL Home Loans
1. Eligibility Criteria
- • Age: Applicants must be between 21 and 65 years at loan maturity
- • Residency: Indian residents, NRIs, and Persons of Indian Origin (PIO) are eligible
- • Employment: Salaried employees, self-employed professionals, business owners, and pensioners can apply
- • Credit: Applicants should have a good credit score and stable income source
- • Co-applicants: Spouses or other family members can be co-applicants to improve eligibility
2. Loan Amount and Tenure
- • Loan amounts range from ₹3 lakhs to ₹5 crores, subject to borrower eligibility and property valuation
- • Loan tenure flexible up to 20 years or more based on applicant age and repayment capacity
3. Interest Rates and Processing Fees
- • Competitive floating and fixed interest rates starting around 9%, varying by borrower profile and market conditions
- • Processing fees typically range from 0.5% to 1% of the loan amount
- • Other charges may include legal fees, administrative costs, and stamp duty
4. Repayment and Prepayment Options
- • EMIs are paid monthly through ECS, NACH, or post-dated cheques
- • No prepayment or foreclosure penalties for loans with floating interest rates repaid with own funds
- • Flexible repayment options include step-up and step-down EMI schemes under specific plans
5. Tax Benefits
- • Repayment of principal qualifies for deduction under Section 80C of the Income Tax Act, up to ₹1.5 lakh annually
- • Interest paid on home loans is eligible for deduction under Section 24(b), up to ₹2 lakh annually
- • Tax benefits reduce the effective cost of borrowing, making home loans more affordable
6. Advantages of Magma HFL Home Loans
- • Flexible documentation suited to various borrower categories
- • Wide range of loan amounts and tenures to accommodate different financial plans
- • Quick processing and loan sanctioning
- • End-to-end doorstep service for document collection and verification
- • Competitive interest rates and transparent fee structures
- • Tailored home loan products for salaried professionals, businessmen, NRIs, and pensioners
- • Option for loan against property for personal and business needs
7. Tips for a Smooth Home Loan Application
- • Collect all necessary documents in original and self-attested copies
- • Ensure accuracy in income and property documents to avoid delays during verification
- • Maintain a good credit score and timely repayment history on existing loans
- • Use online tools offered by Magma HFL to estimate eligibility and EMIs
- • Engage directly with authorized representatives for any clarifications or assistance
Applying for a home loan through Magma Housing Finance Limited involves submitting a
comprehensive set of documents to establish identity, address, income, and property ownership.
Being aptly prepared with the right documentation speeds up the processing time and increases
the odds of a successful loan sanction. Magma HFL’s competitive interest rates, flexible
tenures, and wide-ranging loan products make it a reliable partner in financing your dream home.
With proper planning and adherence to all documentation requirements outlined here, prospective
borrowers can navigate the home loan journey effectively and securely.