Magma Fincorp

Magma Fincorp

Bank Name
Interest Rate Range
Processing Fee Range
Loan Amount
Tenure Range

Rate of Interest

  • Floating rate of Interest : 10.5% p.a. to 14.25% p.a.

Eligibility Criteria

  • Minimum 21 years of age and maximum 60 years
  • Loan period from 3 years to 20 years
  • Should be either salaried or self-employed and have regular source of income
  • Should have sufficient income to pay EMI on required loan
  • Applicant must be Indian Citizen, in case of NRI or person of Indian origin it should be properly documented

Fees and Charges

  • Processing Fees 0.00% to 1.00% depends on type and category of borrower
  • Preclosure Charges – Rs 0
  • Part Payment charges- Rs 0
  •  No any other hidden charges

Documents Required

  • KYC- Pan Card, Adhar Card, ID Proof and Address proof
  • ITR with computation for 3 years with Income proof
  • Bank Statement
  • Photograph
  • 2 references

Value Additions

  • Doorstep services
  • E- approvals
  • Part payment allowed

Special Feature

  • No guarantor required
  • No pre-closure or part payment fees
  • Balance Transfer Allowed
  • Top up available

Overview about Magma Fincorp

Magma Fincorp Limited is a non- banking Financial Company, which has its headquarters in Kolkata. It is a Kolkata based non- banking financial company, it is registered with the Reserve Bank of India as an Asset Finance Company. Is was incorporated in 1988 and commenced operation in 1989.

Your Eligibility depends on following

You should be minimum 21 years old

You should be maximum 60 years old

You should be salaried or self employed

You should have sufficient income to pay EMI on required loan

You can increase your eligibility by doing following

Make your spouse as co applicant , her/his income will also be added in eligibility
Choose longer tenure of loan period maximum upto 20 years
Add more than one co applicant if required to enhance your eligibility
Close short term loans, this will also increase your eligibility

Rate of Interest and Other Charges for Home Loan are following

Rate of Interest :


Loan Schemes

Interest Rates


Magma Fincorp (floating)


Existing Loan take over or New Loan

Magma Housing Finance Home Loan , it provides attractive features.

  • Flexible documentation
  • Quick processing.
  • End-to-end doorstep service through the nearest Magma office.
  • Competitive home loan interest rate, terms & conditions.
  • Well-trained and knowledgeable team.

Features of Loan

Here are some special features for Magma Fincorp:

  • Construction of house or purchase of property
  • Purchase of plot for constructing a house
  • For home improvement, extension or renovation
  • The minimum loan amount that can be availed is Rs.4 Lakh
  • The maximum home loan tenure is 20 years and the minimum home loan tenure is 1 year.
  • Easy and minimal documentation
  • Fast processing of loan applications
  • Magma also offers doorstep service throughout the application process.

Documents Required for applying  Home Loan  with Magma Fincorp

For Salaried:

  1. Form 16 of last 2 years or Income Tax Returns.
  2. Salary slips of last 3 months.
  3. Last 6 months bank statement reflecting salary credits.
  4. ID/ Age Proof - PAN Card/ Passport/ Signature Proof/ Aadhar Card and Residence Proof .
  5. Passport/Utility bills/ Bank Statements.
  6. Cheque of Processing Fee.

For Self Employed:

  1. Proof of Business-Shop and Establishment Certificate/ Vat Registration Certificate/ Service Tax      Certificate.
  2. Last 3 years IT tax returns with profit and loss account and balance sheet duly audited by CA.
  3. Existing Loans’ Sanction letters accompanied with repayment track.
  4. Business profile on the letterhead of the company.
  5. ID/ Age Proof - PAN Card/ Passport/ Signature Proof/ Aadhar Card and Residence Proof –
  6. Passport / Utility bills/ Bank Statements.
  7. Cheque of Processing Fee.