About Muthoot Finance Loan Against Property
There are times when there is an urgent need of funds like financing a wedding, meeting a medical emergency, bearing education-related expenses, business expansion, and so on. At times like these, there are a few options left for you to fund your needs, i.e., using your own funds savings, getting a Personal Loan, or availing a Loan Against Property. While using your own savings is not a smart choice, and availing a Personal Loan can be an expensive affair, getting a Loan Against Property is the best alternative available for you. That is because it comes with affordable interest rate and longer repayment tenure. You can use funds for your needs at hand and repay in easy instalments in a flexible tenure.
You can either get a loan against your property or the rentals received through it. Muthoot Finance Limited offers the latter one. The product is named as Loan Against Lease Rentals to Landlords.
The loan is extended to landlords of premises (which is taken on lease by Muthoot Finance and is rented to them) against rent receivables through the premises on attractive terms. Landlords can use the loan to fund their personal needs, to expand business activities, for construction of the house, the marriage of children/ close relatives, and so on.
Features and Benefits of Muthoot Finance Loan Against Property
Following are key features of Muthoot Finance Loan Against Lease Rentals to Landlords that make them stand out in the competition:
- The loan is granted to landlords of the branches of Muthoot Finance against rent payable
- Minimum loan amount available is 1 Lakh, and the maximum is 10 Lakhs. The higher loan amount is sanctioned as per merits.
- The maximum repayment tenure available is up to 60 months. Repayment can be done by way of equated monthly instalment (EMI) from net rent.
- Equitable mortgage of the property is not required. Only original or copy of title deeds is required.
- Loan can be sanctioned in two days if all documents and the information provided by the borrower are accurate.
Muthoot Finance Loan Against Property - Interest Rate and Processing Fees
The following interest rate and charges are applicable on Muthoot Finance Loan Against Lease Rentals to Landlords:
- Rate of interest:
- If original title deeds of property rented to Muthoot Finance and kept with them: 18% p.a
- If a copy of title deeds of property rented to Muthoot Finance and kept with them: 19% p.a
- Processing fees: 1% of the sanctioned loan amount + GST
Eligibility Criteria for Muthoot Finance Loan Against Property
Below is the basic eligibility criteria required for Muthoot Finance Loan Against Lease Rentals to Landlords. For more information regarding eligibility for the loan, you can contact the customer care of Muthoot Finance.
- The loan is granted only to the landlords of the branches of Muthoot Finance against rent payable.
- The premises of the landlords should be taken on lease by Muthoot Finance or the premises should be rented to Muthoot Finance.
- The EMI will be deducted by Muthoot Finance from the monthly rentals and will be remitted to the loan account.
- The borrower must submit the original/copy of title deeds of the property rented and kept with Muthoot Finance.
- The borrower must meet the income, age, and other criteria of Muthoot Finance to be eligible for the loan.
Documents Required for Muthoot Finance Loan Against Property
Another important aspect of applying for a Loan Against Property or any other loan for that matter is providing proper documents. The most common reason people fail to be considered for the loan is that they do not have the proper documents to support them. Hence, before actually applying for the loan having an idea of what documents you are expected to provide goes a long way in ensuring the success of the application.
Though every person is expected to provide documents to prove their citizenship status, identity proof, residence proof, income status, educational qualifications, etc., depending on the individual and what they do for a living, the documents that they have to provide differ.
Here are some of the common documents that are required to avail Muthoot Finance Loan Against Property:
- Application form: This is one of the most important documents that you are expected to provide to get a Loan Against Property. The main reason this document is so important is that it has all the important and necessary information that Muthoot Finance wants to know about you and also the terms under which you want the loan. Hence, it is important that you fill the application very carefully and you fill in the information accurately and in a way that can be easily read by the company/person providing you with the loan. It is advantageous to recheck all the information provided before submitting the application.
- Identity proof: This is the document that proves you are who you claim to be and can include any government identity proof like your Aadhar card, Passport (in case you have one), your identity card in case you are a government servant, your voter identity, PAN card, etc. Care should be taken that it has your whole name, the right date of birth or age and your photograph.
- Residence proof: This is proof that you reside in the address that you have provided in the application. Hence any government-issued document that has your address can be provided. This includes Passport, Aadhar card, ration card, telephone, gas bill, driver's licence, etc.
- Income proof: Income proof and related documents are of prime importance when applying for a Loan Against Property. Basically, depending on the type of employment, the documents that are required also differ.
- Request letter from Landlord
- Copy of title deed
Why Apply for Muthoot Finance Loan Against Property on MyMoneyMantra
There are a number of ways in which one can apply for a Muthoot Finance Loan Against Property. Muthoot Finance is a popular NBFC and has branches in almost all the major cities of India. Additionally, they have a well-designed and easy to use website using which one can easily find out about the various loans being provided and apply for them. However, the most convenient way to apply for this loan is through MyMoneyMantra.
MyMoneyMantra is an online platform and has been solely created to help people get finance in the easiest and the most convenient way possible. Applying for a loan through our online platform not only helps you avail the loan in the most advantageous manner possible, but you will also have the help and the assistance of the financial specialists available with MyMoneyMantra. This way, you don't have to go through the whole process alone, and you will have the advantage of doing it with a knowledgeable partner like us.
How to Apply for Muthoot Finance Loan Against Property using MyMoneyMantra?
Right from identifying a particular type of loan, to deciding which company to get it from, to actually applying for the loan, MyMoneyMantra is there to help with every aspect of the research and the application for the loan.
We will help with the application, collecting and submitting the required documents, and the verification step, up till the loan amount is actually disbursed. Applying for a Muthoot Finance Loan Against Property using MyMoneyMantra is very easy.
All you have to do is:
- Go to the website of MyMoneyMantra
- Select Loan Against Property under Loans
- Choose Muthoot Finance Loan Against Property
- Enter your details and submit
You will get an OTP; enter it, and you will be immediately contacted by one of our financial experts.
Other Products by Muthoot Finance
Muthoot Finance also offers the products and services mentioned below, apart from Loan Against Property to landlords:
Digital & Cashless
Calculation of Muthoot Finance Loan Against Property EMI
An important aspect of any loan, and with a Loan Against Property, is the EMI that you are expected to pay towards the repayment of the loan. For most people, the EMI amount generally determines the amount of loan and hence being informed of the EMI before applying and getting the loan can be advantageous. For common people who aren't in touch with the way in which finance and financing work, making the necessary calculations can be an arduous process. So MyMoneyMantra decided to make things easy by providing an online EMI Calculator.
Using the EMI Calculator is very easy. Just visit the MyMoneyMantra website, select "EMI Calculator" that you will find under Financial Tools tab, enter the loan amount, interest rate and the tenure, and you will be provided with the approximate EMI you are expected to pay.
Muthoot Finance Loan Against Property - Customer Care
There are many ways in which you can contact a customer service executive at Muthoot Finance. You can call them, leave them an email but perhaps the best way to contact them is through their website https://www.muthootfinance.com/customer. You will not only be able to interact with their virtual assistant, but you will also be able to directly write to, email or just call customer care for queries, feedback, complaints, grievance redress or in extreme cases to contact the Principal Nodal Officer if you deem necessary.
They do have an 1800-number, and their office addresses are as follows:
North, East & West India Toll-Free No.:
1800 313 1212
Addresses in India:
Head Office (South):
Opp. Sarita Theater Complex
Kochi - 682018
Tel: +91-484-2396478/ +91-484-2394712
Corporate Office (North):
The Muthoot Group,
Muthoot Towers - Alaknanda
New Delhi - 110019Tel: +91 - 011-4669 7777
How long does it take to get the loan?
Once you have submitted the application and the related documents, the loan will be sanctioned within two days post successful verification of the documents and information provided.
How is the disbursement of the loan made?
The loan disbursement is made to the bank account of the individual who has been sanctioned the loan. The total amount will be deposited all at once.
How can I apply for the loan easily?
MyMoneyMantra is a great online platform that makes applying for loans easy and convenient.
How long is the maximum tenure of the loan?
The maximum loan tenure permitted by the bank is 60 months.
What is the maximum loan amount provided?
The minimum loan amount provided is 1 Lakh and maximum up to 10 Lakhs.
Muthoot Finance resumes gold loans after a hiatus of 3 days
Due to the continuous rise in the gold prices during the last two months, Muthoot Finance had stopped disbursing gold loans for 3 days from July 25th to July 29th. Though the company has now resumed disbursing gold loans, the LTV ratio has been reduced to 70% as compared to 75% recommended by RBI. Though, experts have analysed that as gold loans are secured loans, the sector does not face any stress as of now.
Muthoot Finance expected to launch its IPO soon
Muthoot Finance is preparing to launch its IPO soon, making it the second MFI (Micro Finance Institute) going the public route. It has already gotten the necessary permissions from SEBI and is expected to make the announcement in this regards soon.