Auscultation of heart dispenses identification of the cardiac valves. An electronic stethoscope is used for the acquisition of heart murmurs that is further classified into normal or abnormal murmurs. The process of heart sound segmentation involves discrete wavelet transform to obtain individual components of the heart signal and its separation into systole and diastole intervals. This research presents a novel scheme to develop a semi-automatic cardiac valve disorder diagnosis system. Accordingly, features are extracted using wavelet transform and spectral analysis of input signals. The proposed classification scheme is the fusion of adaptive-neuro fuzzy inference system (ANFIS) and HMM. Both classifiers are trained using the extracted features to correctly identify normal and abnormal heart murmurs. Experimental results thus achieved exhibit that proposed system furnishes promising classification accuracy with excellent specificity and sensitivity. However, the proposed system has fewer classification errors, fewer computations, and lower dimensional feature set to build an intelligent system for detection and classification of heart murmurs.