Muthoot Finance Loan Against Property

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

Muthoot Fincorp Loan Against Property can be used for all personal as well business financial needs, such as children’s education/ marriage, property purchase, business expansion, etc. 

• You can avail of a maximum of up to Rs. 20 Lakhs as loan amount.
• Maximum tenure for Muthoot LAP can go up to 20 years.
• Disbursement of loan is done in Equated Monthly Installments (EMI) - Monthly Rest Basis.
• The loan is available to Indian Residents only. 
• Muthoot Loan Against Property Interest Rate
   vary between 14.50% to 16.50% p.a.
• The processing fee for LIC LAP is 2.50% of the loan amount plus applicable service tax.

• 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 muthoot mortgage loan interest rate applicable is 14.50% per annum, 1% more than the standard rate.
• The borrower must meet the income criteria to qualify for the Loan Against Property

Here is a checklist of Loan Against Property Documents Required for Muthoot Finance LAP:

1. Identity proof:

• Passport
• Driving license
• PAN card
• Aadhar card
• Voter ID card

1. Income proof:

For salaried:

• Last two-month salary slips
• Form 16 for the latest financial year
• Income tax returns for the latest financial year
• Last five months bank statements reflecting salary and rental income credit as applicable.
• For retired applicants, pension certificate is required.

For professionals:

• Income tax returns & audited financials for the last 3 years
• GST returns
• Profit and loss account & balance sheet for 3 years
• Bank statement of the firm for the last six months

1. Age proof:

• School Leaving Certificate
• LIC policy
• Birth certificate, passport, or PAN card
• Domicile certificate
• For government or PSU, employee ID is required

1. Address proof:

• Driving license, Passport, or Voter ID card
• Utility bills for the last 3 months
• Rent agreement
• Bank passbook
• Property sale deed (for non-salaried professionals or business persons.

You can use the Muthoot Finance Loan against Property EMI calculator available on our portal to know your EMI outgo before applying for the loan. To use the our Loan Against Property EMI calculator, follow the steps given below:

• Open the ‘Loan Against Property EMI Calculator’ available under the ‘Financial Tools’ tab.
• Enter the required loan amount, interest rate, and tenure (in years).
• As soon as you select the above details, the calculator will display the monthly EMI, total interest, and total payment.

Below is an example using our mortgage loan EMI calculator: 

Variables:

• Loan amount to be availed: Rs. 30 Lakhs
• Interest rate: 14.50% p.a.
• Loan tenure opted: 20 years

Outcome:

• Monthly EMI: Rs. 38,400
• Total interest: 62,15,984
• Total Payments: Rs. 92,15,984

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 or you can apply through mymoneymantra.com. 

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.

Apart from the Muthoot Finance Mortgage Loan offers various other facilities: