FAQ'S

  • Who all can get loans from Magma Housing?

    A. Magma will be financing Resident INDIANS, and ALSO NON-RESIDENT INDIANS (NRIS), Salaried Individuals, Self-employed professionals, Self-employed non-professionals, Partnership firms, Private Limited Companies, Proprietory Entities & selective Trusts as permitted by statute & policy.

  • I am a Bachelor, can I get a loan?

    A. Yes Magma Housing will give loans to Bachelors by taking a family member as a co applicant. The minimum age of the bachelor applicant has to be 21 years.

  • Can I purchase property anywhere in India?

    A. No, Magma Housing will finance properties which fall in the cities where it is operational, with predefined boundaries within the city limits as specified from time to time and to be confirmed during the due diligence process.

  • How far can the property be located from the city?

    A. Magma Housing will finance property within a radius of 50-75 Km from the city, which will be confirmed prior to final disbursal decision.

  • I am an agriculturist(farmer), can I get a loan?

    A. Yes, Magma will finance farmers based on your agricultural and other incomes.

  • I am filing very less ITR, can I get a loan?

    A. Magma Housing will consider various sources of income and assess the overall household income to decide loan eligibility.

  • What is the maximum loan amount that can be financed?

    A. Magma will finance loans ranging from 3 lakhs to 5 crs for individual customers.

  • What can be maximum tenor of the loan?

    A. Magma will finance for a tenor ranging from 3 yrs to 20 yrs based on several parameters that will be assessed and disclosed at the time of loan processing.

  • What if I don't have the income that is required to qualify for a loan?

    A. Magma Housing considers income of blood related co-applicants as well, towards assessing the household income to arrive at EMI eligibility.

  • Is a co-applicant/guarantor mandatory for every Home Loan?

    A. No. However, all owners of the property necessarily need to come in as co-applicant. You may choose to also get a blood relative as co-applicant for the sake of income eligibility, or, joint ownership of property, which is acceptable

  • What are the tax benefits of home loans?

    A. Both principal as well as interest of home loans attract tax benefits.

  • What is the maximum loan amount that can be financed?
    A. Magma will finance loans ranging from 3 lakhs to 5 crs for individual customers.
  • What can be maximum tenor of the loan?

    A. Magma will finance for a tenor ranging from 3 yrs to 20 yrs based on several parameters that will be assessed and disclosed at the time of loan processing.

  • Interest paid on the Home Loan

    As per Sec 24(b) of Income Tax Act, a deduction up to Rs. 150,000 towards the total interest payable on the home loan towards purchase/construction of house property can be claimed while computing the income from house property. (The deduction stands reduced to Rs. 30,000 in case of loans taken prior to March 1, 1999). The interest payable for the pre-acquisition or pre-construction period would be deductible in five equal annual installments commencing from the year in which the house has been acquired or constructed. Please remember that in case of self- occupied property, this deduction is allowed only for one such self - occupied property. The interest towards home loan taken for purchase, construction, repairs, renewal or reconstruction of house property is eligible for deduction u/s 24(b).

  • Principal Repayment of the Home Loan

    As per Section 80C along with section 80CCE of the Act, the principal repayment up to Rs. 100,000 on your home loan will be allowed as a deduction from the gross total income subject to fulfilment of prescribed conditions.