Loan Against Property by Muthoot Housing Finance Company Ltd.
Avail loan against property (LAP) for your personal or business needs at an affordable interest rate. The Loan against property is offered by Muthoot Housing Finance Ltd and is available through select branches of Muthoot FinCorp Ltd.
Features and Benefits of Loan against Property
Loan against Property comes to your rescue in your time of need! Since the value of a property is high, it can be used to meet the expenses related to milestone events in the life of your family or business. Understanding you needs, Loan Against Property is designed to meet specific needs of a wide range of customers.
Loans for Different Needs
A loan against property is one of the easiest ways to access money and meet expenses ... read more related to business expansion, debt consolidation, education, weddings, medical needs, buying a second home, home improvement, travel and other personal expenses.
Differential Loan Amounts & Interest Rates
When pledging your property, finance is offered up to 50% of the value of your property, for loan tenures ... read more ranging from 3-20 years. Loans are available on fixed and variable interest rates - you can get in touch with our customer care representative at 1800 102 1616 for more details.
Simple & Efficient Processes
We offer simple documentation, broad eligibility criteria, flexible repayment schedules and easy tenures as part... read more of our processes for approval and disbursal of a loan against property. Once your loan is approved, the amount is deposited in your account, and you can use the money to meet a personal expense.
Loan against Property Eligibility Criteria
Eligibility criteria to make the process of getting a loan against property quick. Just fulfil the below-mentioned requirements and walk away with the desired amount to meet a personal or business need.
- Minimum age at the time of application should be 21 years
- Maximum age at the time of loan maturity should be 65 years
- The applicant should either be salaried or self-employed
- The applicant must own a bank account
- There should be a Muthoot FinCorp branch in the borrower’s city
- The co-owner of the property should be the co-applicant for the finance
- Property should be self-occupied
- All owners of the property being financed should be co-applicants on the loan
- All individuals whose income has been considered for the loan should be co-applicants on the loan
Documents Required For Loan against Property
Loan against Property is subject to certain documents depending on your employment status. Here’s your checklist of the loan against property documents required.
Address Proof
- Passport / Ration card / Voter ID / Driving License / Registered Rental Agreement / Electricity or Landline bill issued within the previous 3 months
Identity Proof
- Driving License / Voters ID Card / Passport / Ration Card / Driving License / Photo Credit Card / PAN Card / Employee ID card for Government servants
For Self-employed
- Bank statement stating transactions for the previous three months
For Salaried Persons
- Three months salary slips with ITR or Form 16 for salaried applicants seeking housing loan in India
Property Documents
- Original sale deed/Possession letter/NOC from Society
Please remember that each document that you submit for verification against your loan against property in India should be self-attested. You can contact our customer care representatives at
1800 102 1616 for more details.
How to Apply for a Loan against Property
The process for applying for a loan against property is simple and quick, and are designed to help you at every step. Some of the ways to get a loan against property India with Muthoot FinCorp:
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Call
You can call our toll-free number 1800 102 1616 and talk to our customer care executive for details to get started
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Visit the nearest Muthoot FinCorp Branch
You can visit the nearest Muthoot FinCorp branch and our customer care executives will help you through the process.
Frequently Asked Questions
There are several ways to get a loan against property. But, first you must determine if you are meeting our eligibility criteria and have the required documents to avail the loan. You can then fill your details in the form provided and our customer care executive will get in touch with you as soon as possible. Otherwise, you can call our customer care directly at 1800 102 1616 or walk into the nearest Muthoot FinCorp branch to start the process of getting a loan. Please remember, you must be a resident of a city which has a Muthoot FinCorp branch to avail the loan. Further, the property should be self-occupied and all the owners must be co-applicant for the loan.
You can repay your loan against property instalment directly via a bank account. You can set up an auto-debit facility. Our customer care executives will be happy to help with any queries.
Generally, you cannot use the same property as collateral for two different loans. That said, you may be able to apply for a loan against property if the existing loan is near maturity, you have a good repayment capacity and the asset value is high. If you require more information, please feel free to contact our customer care representative at 1800 102 1616 or walk into your nearest Muthoot FinCorp branch.
The amount of loan that you can get against a property depends on:
- The market value of the property
- Your ability to repay the loan
The loan against property can be for maximum of 50% of the value of the property. The maximum loan amount that can be sanctioned is Rs. 10,00,000.
You do not need any additional security or guarantors to avail loan against property, except for the asset you are pledging as collateral.
The following charges and fees are involved when availing a loan against property:
- Application fees: 0.5% of the amount applied for
- Processing fees: 2.5% of the loan amount approved
- Pre-payment fees: No fee is applicable if the loan is prepaid from own sources or if the loan had a floating rate of interest.
The above charges are subject to change as per company policies. Please get in touch with a customer care executive at 1800 102 1616 or visit your nearest Muthoot FinCorp branch to know the charges applicable for your loan.
First-hand account of customer experiences
MUTHOOT BLUE SOCH STORIES
I am a silk merchant from Ramanagar and I was looking out for a home loan. One day I came across a person from Muthoot Housing Finance subsidiaries of Muthoot FinCorp Ltd. doing a marketing activity near my Business Premises. After that it struck my mind that I may require a home loan as my savings might not be sufficient to complete my house construction. So, I approached Muthoot for a home Loan. One thing what I liked about Muthoot ...
Same is the case with another Customer, Shantaraju. He also was working under someone and wanted to set up his own Silk Twisting machinery. Muthoot Housing Finance subsidiaries of Muthoot FinCorp Ltd. has helped Shantaraju set up his own business by providing home loan. Below is the picture of Shantaraju and his wife working on their Silk Twisting Machinery. Shantaraju , has set up his own business, employs 2 people, and earns a lot. Not only this, he pays his monthly ...
This is Sheshadri, who was working in a power loom. Although he had his dreams of setting up his own power loom, he didn’t have the sufficient capital to start up his own power loom. He approached Muthoot FinCorp Ltd. for a gold loan for this purpose and he was informed there about the home loan available from Muthoot Housing Finance subsidiaries of Muthoot FinCorp Ltd. He also got to know about the process and procedures of the housing finance ...
I am Kumar from ramanagar. I own a floor mill and I grow mulberry plants and I harvest cocoons. Everyone has their own dream of building a house. Even I had one to construct a house in my plot I own in ramanagar. I had a shortage of funds and even some relatives refused me to offer help. That time I went to Muthoot FinCorp Ltd. in search of a gold loan, and they told that Muthoot FinCorp Ltd. is ...
I run a chicken shop in Anekal. I always thought of expanding my business and wanted to open my own poultry farm. For this to come into existence, I needed some funds. My savings also was not sufficient. And one of my friend referred me to Muthoot Housing Finance Company Ltd. subsidiaries of Muthoot FinCorp Ltd. and asked me to go and enquire there for a housing loan. Thankfully, Muthoot Housing Finance Company Ltd. came to support me by offering ...
Why Choose Muthoot Blue for A Loan Against Property?
Muthoot Blue (Muthoot Pappachan Group) has a reputation that has been shaped over decades with high-quality practices, total customer satisfaction, and steady growth. Today, Muthoot FinCorp, our flagship company, is one of the largest NBFCs in India and we continue to work with the aim of providing timely credit to the common man with Blue Soch. Loan against property services are designed to help you get the loan amount easily and with minimum hassles.
- We have over 4200 branches across India. Visit your nearest Muthoot Blue branch to get a loan quickly and without any hassle.
- Nearly 1,00,000 customers walk into our branches daily and are assured of trustworthy and simple services.
- Our customer-centric approach and innovation over the past 133+ years without compromising on the God-given values of trust, truth, transparency and tradition is what helps us in empowering the human ambitions.
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