Manappuram Home Finance Loan Against Property

Getting emergency financial funds for your personal or business needs is simplified with a Manappuram Finance Property Loan. For individuals who own a commercial or residential property, it is now possible to provide the property as security against the loan to get the funds. Loan quantum is based on the property value, allowing you to get a sizeable loan quantum for medical emergencies, higher education, business investment or any other non-speculative need.

You can also check the features & benefits of taking SBI Loan Against Property Online.

Manappuram Finance offers a loan against property for individuals as well as SMEs and other businesses. The idea behind these loans is to ensure that you have access to easy funding in case of an emergency.

To make sure that you are able to get the right kind of financing, this loan is loaded with several beneficial features as mentioned below:

Loan amount: The quantum of finance depends on several factors such as the eligibility of the candidate, the value of the property and the income of the applicant. You can get up to 50% of the value of the property that you have pledged against the loan. The final loan amount also depends upon the manappuram personal loan cibil score of the individual applying for the loan.

Repayment tenure: Manappuram offers a flexible repayment tenure on the loan against property. You can get up to 144 months to repay your loan. The repayment tenure is subject to the age of applicant at the end of the final term. It also depends upon the age of the property at the time of maturity of the loan tenure.

Interest rate: The interest rate offered by Mannapuram is extremely affordable, making it the best option for you to avail emergency funds. The current interest rate offered is between 9.99% per annum. The interest rate depends upon the property that is pledged and the repayment capacity of the individual applying for the loan.

Margin: You can get up to 50% of the value of the property as the final loan quantum. This depends upon the age of the property, the location and the type of property that you wish to pledge.

Security: The property owned by the applicant or the co-applicants is provided as primary security against the property. This is offered by way of depositing the property papers with the bank. Depending upon the profile of the applicant, additional collateral may also be required for this loan. You may also have to provide third party guarantee if required.

Processing fees: A processing fee is applicable on the loan against property provided by Manappuram Finance. The processing fee is 2.5% of the final loan amount that is sanctioned. Manappuram charges 2500 as an application fee for the loan which is deducted from the processing fee after the loan is sanctioned.

Prepayment fees: You have the option of making prepayments towards the loan or foreclosing the loan availed with Manappuram finance. However, you need to make at least 6 EMI repayments before you make any prepayment towards the loan. There are no additional costs levied for the same.

Below is the comparison of Muthoot Finance Mortgage Loan Interest Rate with loan against property interest rates of other lenders. You can compare the interest rate offered by different lenders to choose the best option:

You can also compare Loan Against Property Interest Rate from Top Banks Online from Top Lenders.

Manapopuram Finance is the most preferred option for personal loan as well as business loans because of the low interest rate that they provide. For a loan against property, the interest rate that is currently provided is between 9.99% per annum.

The Manappuram Loan Against Property Interest Rate that is levied on your loan depends upon several factors such as the eligibility of the candidate, the value of the property as well as the repayment capacity of the applicant.

With every loan application you will have to bear some additional costs for processing the loan. This also includes the legal fees and other fees that are applicable on the loan. Make sure that you are aware of all the fees that are payable towards the loan before you send in your application.

Here is a list of the most important fees and charges that are levied on a loan against property:

Flexi Loan Against Property

• Loan amount: Up to 80% of the property’s market value
• Repayment tenure: 12 years

Vyapar Plus (Mortgage Loan)

• Loan amount: Up to 50% of the property value
• Repayment tenure: Up to 12 years

Commercial Property Loan

• Loan amount: Up to 50% of the property’s market value
• Repayment tenure: Up to 12 years

Mahila LAP

• Loan amount: Up to 40% of the property’s market value
• Repayment tenure: 8 years

You can also check Loan Against Agriculture Land. 

Before you apply for a loan with Manappuram Finance, it is important to understand if you are eligible for the manappuram land loan or not. Like every NBFC, Manappuram Finance lays down certain eligibility criteria to understand the repayment capacity of the individual. Only when you fulfill all the requirements should you apply for a loan. That way, your chances of getting an approval on the loan are much higher.

The eligibility criteria for Manappuram Finance Loan against property are as follows:

• These loans are provided to both salaried and self-employed individuals.
• The application can be made by individuals as well as joint property owners.
• In case of an individual application, the applicant should be the owner of the property.
• In case of joint applications, the co-applicants must be co-owners of the property.
• These loans are only provided to Indian residents. POIs and NRIs are not eligible to apply for this loan.

The properties that are eligible for this loan are as follows:

• Residential properties that are self-occupied
• Commercial properties
• In corporations, land that exceeds 3 cents.
• In municipal areas, land that exceeds 5 cents.
• In rural areas, land that exceeds 10 cents.
• Plots and vacant land with an approach road is also eligible.

The documentation process for a loan against property with Manappuram Finance is fairly simple. Here is a complete checklist in order to get your loan application sanctioned faster:

Identity proof and address proof:

• Voters ID/ PAN Card/ Driving License (applicable only as an address proof)/ Adhaar Card
• Utility bill that is not over 2 months old. This includes telephone bills, electricity bills, post paid bills, gas connection bills etc.)
• Property tax receipts/ Municipal tax receipts
• Post office passbook or recently update passbook.
• Rental agreement or leave and license agreement.

Proof of income

• PAN Card
• Last 6 months current account statements for independent businesses or savings account or salary account statements for salaried individuals
• Bill book copies, payment receipts, order books or other proof of your business transactions.
• 6 month's salary slip and 2 years IT returns
• Current form 26AS if applicable.

Other documents required:

• Business profile
• Details of the current outstanding as per your CIBIL report.
• Cheque for the application fee and the processing fees applicable on your loan.

You can use the Manappuram Loan Against Property EMI Calculator available online to calculate how much EMI you would be paying. To use the tool, follow the steps given below:

• Open Loan Against Property EMI Calculator available online.
• Enter the required loan amount, desired repayment tenure, and the applicable Manappuram Home Loan Interest Rate.
• Click on the Submit/Calculate button.
• You will get the monthly EMI amount to be paid to the bank.