Muthoot Finance, the popular gold loan firm has announced a new product called Home Down Payment Loan. This scheme is targeted towards those loan seekers who are in need of margin money in order to avail home loans.
Well, as per the norms, any home loan seeker has to pay 20 percent margin amount or self contribution in order to avail house loan of up to 80 percent. This margin money is pretty important and many people who are eligible forhousing loan are getting rejected as they do not have margin money.
Eventually, Muthoot Finance has come up with this ‘Home Down Payment Loan’ that will resolve the margin money problem that the home loan seekers face, claims Avinav Chaubey, Muthoot Group AGM of Marketing.
Coming to the new product, there is a repayment period of five years and it is designed to provide the down payment of a new property or for the renovation or extension of an existing one. To avail this loan, borrowers need not provide any income documents or property proof, added the executive.
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