|Product||Scheme for granting loans to landlords of Muthoot Finance branch offices against the rent payable to them.|
|Eligibility||Landlords of premises let out to Muthoot Finance branches all over the country|
|Quantum of finance|
Minimum - 1 Lakh
Maximum - 10 Lakhs
Muthoot Finance sanctions higher amounts depending on the merits of the case.
|Repayment tenure||60 months|
|Rate of interest|
|Security||Muthoot Finance does not insist on the creation of the equitable mortgage. Depositing the original or copy of the title deeds of the property is enough.|
|Processing fee||1% of the loan amount plus applicable GST|
|Turnaround time||Maximum of 2 days|
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.
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.
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:
|Product||Characteristics In Brief|
|Soch Badaliye||Business expansion, take dealership, build a new showroom, and increase your stock - Overdraft facility available.|
|Aagey Badhiye||Unique Gold Loan scheme @ 1% per month|
|Taking India Forward||Reach the unserved and underserved segment of the Indian population with an array of services.|
|Gold Loan||Loan against gold jewellery|
|Gold Coin||Sale of gold coins of the maximum purity|
|Money Transfer||Money transfer service, international, domestic, and Indo-Nepal transfer|
|Foreign Exchange||Buy and sell foreign currency, sale of travel cards, outward remittances and inward money transfers.|
|Travel Jango||IATA accredited travel agency services|
|Insurance Services||Various insurance solutions like Money back policy, health insurance, smart kid policy, Pension plans, and so on.|
|ATM Facility||Provide White label ATM services|
|PAN Card||Apply for a PAN Card from any of Muthoot Finance branches|
|Mutual Funds||Invest in shares through Muthoot Finance mutual funds|
|Personal Loan||Personal loans to meet your individual and business requirements|
|Muthoot iWill||Write your will online through Muthoot Securities, a subsidiary of Muthoot Finance.|
|Housing Finance||Purchase, construct your house with financial assistance from Muthoot Homefin, a housing loan subsidiary.|
|Digital & Cashless||Services like Aadhar enabled e-KYC, iMuthoot app, pre-paid Visa Card, and so on|
|Microfinance||Finance business needs of the underserved population through Belstar Microfinance, a Muthoot Finance subsidiary.|
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ICICI bank loan against property up to Rs. 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.
No, the Muthoot Finance LAP is a unique product that is available only to landlords who have let out their property to Muthoot Finance.
Muthoot Finance LAP is probably the only Loan Against Property facility that does not stipulate the creation of equitable mortgage of property. The borrower can deposit the original title deeds and pay interest @ 18% per annum. Alternatively, he/she can deposit the photocopies of the title deeds and pay interest @ 19% per annum.
The Loan Against Property is available only to landlords who have let out their property to Muthoot Finance. The company ensures that the EMI is less than the monthly rent they pay to the landlord. It enables them to deduct the EMI from the rent payable and recover the instalment. Therefore, there is no default.
No, the landlord cannot offer any other property. Muthoot Finance accepts only the property that it occupies. In that way, it ensures to deduct the EMI when paying the rent every month.
Muthoot Finance offers a maximum amount of 10 Lakhs against the property. There are options to provide higher amounts in deserving cases.
Muthoot Finance offers the facility of Loan Against Property to landlords of the premises they occupy. Therefore, they have already done KYC. Thus, the landlords need not submit KYC documents again.
Yes, Muthoot Finance carries out the title search and valuation to ensure that they adhere to the LTV ratio.
The maximum repayment tenure for the Loan Against Property is 60 months. However, if the residual lease period is less than 60 months, Muthoot Finance stipulates the repayment tenure accordingly.
The Loan Against Property is available for meeting individual and business emergencies. The purpose can range from catering to medical expenses, education, and marriage expenses, and so on. On the business front, this loan is available for meeting working capital requirements and for purchasing business assets.
If the property is in joint names, there has to be a co-applicant. Otherwise, the applicant cannot do so in joint names.