Muthoot Finance
Loan Against Property

• Loan Against Property available to landlords of Muthoot Finance
• Loan available for meeting various personal and business needs
• Individual requirements include the construction of a house, marriage of children, meet medical expenses, and so on.
• Business requirements can be for the expansion of trade and achieve business liabilities
• Assured repayment as the EMI is deducted from the rental amount every month
• No need for creating the equitable mortgage
• Attractive rates of interest
• Low processing fees
• Quick sanction

Landlords of premises let out to Muthoot Finance can take advantage of this facility of Loan Against Property to satisfy their business and individual requirements. The easiest way to apply for this loan is to approach the branch office of Muthoot Finance and apply in person.

An easy alternative is to apply for the loan through MyMoneyMantra.com. Applying for the Loan Against Property through MyMoneyMantra has its benefits.

How to apply through MyMoneyMantra?

• Visit the official website of MyMoneyMantra and select the option, 'Loan Against Property'
• Enter the purpose of the loan by selecting the option from the drop down menu
• Enter the loan amount you are looking for
• Provide details of the market value of the property
• Provide details about the location of the property and your occupation and income.
• Enter your name and the city where you reside
• Provide your email address and mobile number

MyMoneyMantra.com will send you an OTP for verification purposes. Enter the OTP and access the comparison page. MyMoneyMantra offers the facility to compare different products on a single page. Select Muthoot Finance as your preferred lender and proceed to complete the application. MyMoneyMantra officials are available to guide you through the entire process.

• Get a lump sum amount against the future rent receivables
• One of the most straightforward loans to obtain because of the quality and value of security available to the company.
• Can use the amount for meeting individual and business requirements
• No need to create the equitable mortgage in favour of the company
• The borrower can choose not to deposit the original title deeds of the property with the company. Under such circumstances, the rate of interest on loan against property is 1% more at 19% per annum.
• The borrower can deposit the copies of the title documents with the company

• The safest possible loan that the company can give
• The repayment is assured because the company deducts the EMI from the rent payable to the landlord.
• The account does not become bad because of assured repayment

• Application form: The applicants should ensure to complete the form in all respects. Muthoot Finance would like to know everything about the customer. It is an integral part of KYC norms. The company does not seek the reasons for availing this loan. However, the borrower should ensure not to use the funds for speculative purposes.
• Request letter from the landlord: The company seeks a request letter from the landlord offering the property as security for the loan. The borrower authorises the company to deduct the EMI from the monthly rent amount.
• Copies of title deeds: The company does not stipulate the requirement of creating the equitable mortgage. However, the company needs to satisfy itself about the genuineness of the title to the property.

• The Loan Against Property is available to landlords who have let out their property to Muthoot Finance.
• The landlord should agree to pay the EMI by way of a deduction from the rent amount payable by Muthoot Finance.
• The landlord should agree to deposit the original or the copies of the title deeds with Muthoot. In the case of deposit the copies of the documents, the rate of interest applicable is 19% per annum, 1% more than the standard rate.
• The borrower must meet the income criteria to qualify for the Loan Against Property

Generally, the security for a Loan Against Property is an equitable mortgage of the property. However, Muthoot Finance is different because it does not insist on the creation of the equitable mortgage. The borrower can deposit the original title deeds with the company and get the benefit of a lower rate of interest @ 18% per annum. The borrower can opt to deposit the copies of the title deeds and pay additional interest of 1%.

Muthoot Finance calculates interest on the Loan Against Property on the reducing balance method. The ideal mode of repayment for the Loan Against Property is the EMI. The equated monthly instalment comprises an interest component and a principal repayment component. Muthoot Finance assures the repayment of the Loan Against Property by deducting the EMI from the monthly rent payable to the landlord. Therefore, the Muthoot Finance Loan Against Property is the safest of all its assets.

Apart from the Loan Against Property, Muthoot Finance offers various other facilities: