Getting emergency financial funds for your personal or business needs is simplified with a loan against property. 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 that they need. Loan quantum is based on the value of the property, allowing you to get a sizeable loan quantum to use for medical emergencies, higher education, business investment or any other non-speculative need.
For property owners, Manappuram Finance offers the perfect solution to leverage the value of the property. With loan against property, you have the option of getting a large loan amount for any business or personal use. Manappuram offers loans that are extremely affordable and are also loaded with several beneficial features.
When it comes to finance and investments, Manappuram Finance is a name that you can trust. This company is one of the pioneers in gold loans and is an NBFC offering several other loan products as well. The company originated in the year 1949 and has since grown to become one of the fastest and most reliable options for most Indians. Mannapuram was the first NBFC in India to receive the RBI certificate of registration as well. Today, there are over 4351 branches of the company across the country.
Before you apply for a loan with Manappuram Finance, it is important to understand if you are eligible for the 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:
The properties that are eligible for this loan are as follows:
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 15.50% to 22% per annum.
The 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:
|Charges description||Charges payable|
|Application fees||2500 for all types of loans|
|Processing fees||2.5% of the loan amount sanctioned. The application fee is deducted from this amount.|
|Cheque or ECS bounce charges||1200 + GST|
|ECS/Cheque swapping charges||750+ GST|
|Collection pick up charges||500+ GST|
|Stamp duty or Franking charges||As per actuals|
|Copy of property documents||500+ GST|
|Statement or regulatory charges||As per actuals|
|List of documents||1000 + GST|
|Duplicate No Dues Certificate||500+ GST|
|CERSAI Registration charges||500+GST|
For all loans a processing fee is applicable. The processing fees cover legal fees, inspection fees and other fees levied by experts who work on your loan application. In case of Manappuram Finance loan against property, the processing fee applicable is 2.5% of the loan amount that is sanctioned to you. For every loan application, an application fee of 2500 is charged. This is deducted from the processing fees duly. The processing fees are payable at the time of disbursement of the loan.
For a loan against property, the applicant will provide a commercial or residential property owned by him or her as security against the loan. The loan amount that is sanctioned is based on the value of the property. Usually this primary security is all that you need in order to get your loan application approved.
However, based on your LAP eligibility criteria and profile, you may be asked to provide third party guarantee or additional collateral in order to avail the loan.
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 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 15.50% and 22% 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.
Also Read - Use Loan Against Property to Start Your Business
Manappuram Finance is the most trusted NBFC to avail a Loan against Property from. There are several advantages of choosing Manappuram Finance as mentioned below:
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:
Proof of income
Other documents required:
My Money Mantra is one of the simplest options for anyone who is seeking a loan or any other financial product. It brings together the most reputed financial organizations under one portal to help customers make better choices.
There are several advantages of choosing My Money Mantra to apply for your Manappuram Finance loan as mentioned below:
It is convenient: The entire loan application process is online. This makes it possible for you to apply for the loan even when you are on the go. All you have to do is choose the type of loan that you want to apply for and register with details like the loan amount required, employment status and income. Based on these details, My Money Mantra will pick the best loan options for you.
Compare loans easily: With My Money Mantra, you have over 90 banks and NBFCs under one portal. The information about all the loans and products are provided in complete detail to help you compare the different offerings of these banks and NBFCs. This way, you will be able to find the perfect product to suit your budget and your current requirements. When you register on My Money Mantra, a detailed quotation is also prepared with the best products to suit your needs.
Access to experts: My Money Mantra provides access to a panel of financial experts who will help you find the best loan products and deals. You can also get in touch with relationship managers who can help you with the entire loan application process.
Get end to end services: One you have submitted your loan application online on My Money Mantra, all the other processes such as documentation and submission of the final documents to the bank will be taken care of by representatives of My Money Mantra.
Online financial tools: There are several financial tools on My Money Mantra such as the eligibility calculator or the EMI calculator that make it much easier for you to plan your budget and choose a suitable loan for yourself.
Reliable option: My Money Mantra has several customers all over the country. They are accessible in more than 500 cities in India, making them the most reliable choice to apply for a loan. For the unique services that are provided by My Money Mantra, they have also been awarded with more than 100 banking awards.
My Money Mantra offers a loan against property calculator which helps you understand if a certain plan is suitable for you or not. The loan against property calculator is very easy for you to use as well. Here are some simple steps that you need to follow in order to make the most of this useful financial tool:
Log in to the official website of MyMoneyMantra.
Register with details like your name, income and employment status.
Select the loan against property calculator.
Provide details like the loan amount, repayment tenure and the interest.
Once these details have been provided, all the information that you need about the loan such as the EMI payable will be displayed on the screen.
The loan against property calculator is one of the most beneficial tools when you are planning to send an application. The loan against property calculator helps you get all the important details pertaining to your loan such as the EMI and the repayment tenure of the loan etc. The benefits of using this calculator are as follows:
You will be able to check your eligibility: Using this calculator helps you understand if you fit into the eligibility criteria of the loan plan. This is very important before you apply for the loan to prevent any chance of rejection of your application. Any rejection in your loan application also affects you CIBIL score. It brings your credit score loan making it difficult for you get any financial assistance in the future.
Planning your finances becomes easy: This loan plan tells you the exact EMI that you will have to pay each month. This will help you decide if you will be able to afford the loan or not. It also helps you make adjustments in your regular budget to ensure that you make regular repayments towards your loan. Choosing a loan plan that is affordable is very important to ensure that you do not have any issues with the repayment each month. Any lapses in the payments brings your CIBIL score down. This can affect your chances of getting a loan in the future.
You can look for alternatives: Even though you have planned to apply for a particular loan, this tool helps you decide if it is the most feasible option for you. It is easier for you to look for alternatives when you know the exact details pertaining to each loan plan that you check on the calculator.
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ICICI bank loan against property up to 5 crore can be availed of online as well as offline by salaried and self-employed applicants. The LAP can be for applied for business expansion, long term working capital, debt consolidation, equipment purchase, medical exigency, education/ marriage of children, holiday and much more. Higher loan amounts are available for select customers.
A loan against property is very similar to a home loan. You can pledge the property that you own, be it commercial or residential against the loan. This is one of the quickest options to get a larger loan amount. While a home loan can only be used to buy a new property or repair or rebuild your property, the application of a loan against property is more diverse. You can make use of it for any personal or business requirements that you have. This includes medical expenses, higher education, business investment and other non speculative purposes.
Manappuram Loan Against property gives you a maximum loan amount of up to 50% of the value of the property. This however depends upon several other factors such as the type of property, the age of the property, location, the CIBIL score of the applicant and other factors.
With Manappuram Finance, you get several flexible repayment options. You have a tenure of up to 144 months with this loan. Repayments are usually made through ECS or auto debit from the account that is associated with the loan.
Yes, you can apply for a loan against property with a co-borrower. However, the co-applicants must also be co-owners of the property. You need to be able to provide the necessary documents to show that the co-applicants jointly hold the title for the property.
Yes. Balance transfer facility is available with Manappuram Finance Loan Against Property. This means that any outstanding towards another Loan Against Property held in a different banking institution can be transferred to Mannapuram Finance. This helps you make the most of the low interest rates offered by this NBFC and helps you save quite a bit on the interest that you pay towards the loan.