About Manappuram Finance
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.
About Manappuram Finance Loan Against Property
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.
Eligibility Criteria for Manappuram Finance Loan Against Property
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:
- 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.
Interest and Charges for Manappuram Finance Loan Against Property
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|
2500 for all types of loans
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
Collection pick up charges
Stamp duty or Franking charges
As per actuals
Copy of property documents
Statement or regulatory charges
As per actuals
List of documents
1000 + GST
Duplicate No Dues Certificate
CERSAI Registration charges
Processing Fees and Security for Manappuram Finance Loan Against Property
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 eligibility criteria and profile, you may be asked to provide third party guarantee or additional collateral in order to avail the loan.
Types of Manappuram Finance Loan Against Property
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.
Advantages of Manappuram Finance Loan Against Property
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:
- You can get a high loan quantum without a lengthy loan application process.
- The repayment tenure is flexible and allows you to manage your EMI as per your budget and repayment capacity.
- The interest rate applied on these loans is extremely affordable.
- You can get loans for both salaried and self-employed individuals.
- The documentation process is simple.
- With Manappuram Finance, the turnaround time on the loan is also quick.
Documents Required for Manappuram Finance Loan Against Property
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.
Why Apply For Manappuram Finance Loan Against Property through My Money Mantra
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.
How to Use Loan Against Property Calculator
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 into www.mymoneymantra.com
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.
Why Use Loan Against Property Calculator
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.
What is a loan against property?
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.
What is the quantum of finance provided by Mannapuram Finance?
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.
How can I make repayments towards my Manappuram Finance Loan against property?
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.
Is it possible to jointly apply for a loan against property?
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.
Do you have a balance transfer option with Manappuram finance?
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.