Bhartiya Mahila Bank Loan Against Property
Last Updated : June 8, 2017, 4:21 p.m.
If you are looking for a loan that will give you huge loan amount at low-interest rates and minimal charges, Bhartiya Mahila Bank is the one that might fulfill your desire. For any personal or business need like starting a business or the expansion of business, children’s wedding or foreign education, abroad travelling, home renovation, etc. Bhartiya Mahila Bank loan against property is a good choice.
In this blog, you will know all the information about the loan against property scheme of BMB like interest rate, loan tenure, loan amount, processing fees, prepayment charges, etc.
Bhartiya Mahila Bank Loan Details
| Particulars | Details |
|---|---|
| Interest Rate | 13.00% p.a. |
| Loan Amount |
Minimum Loan amount: Rs. 5 lakhs
Maximum: Rs. 1 Crores for Individual Rs 2 Crores for proprietorship in service industry Rs 5 Crores for Manufacturing industry Rs 10 Crores for Corporates |
| Tenure | Up to 7 years |
| Processing Fees |
Term Loan: 1% of the sanctioned amount
Minimum: Rs. 5000/- Maximum: Rs. 1 lakh Overdraft: 0.50% of the sanctioned limit/renewed limit, minimum Rs. 5000/-and maximum of 1 Lakh |
| Foreclosure Charges | NIL for Individuals else 2% |
How to Apply
Do you want to take a loan but do not have much time to stand in long queues? Well, do not worry as the procedure to get a loan from BMB is quick and simple with less documentation and instant loan approval facility.
To get a loan instantly, you have to follow these below steps:
- Fill up the loan application form
- Attach the documents as asked by the bank
- Submit the above particulars at the nearest bank branch
Loan EMI Calculator
Be it any loan amount, a loan borrower would always want to know the monthly EMI for the better understanding of the expenses and for the further financial planning also. By calculation of EMI in advance, it becomes easier to take a decision regarding the loan affordability and loan repayment capacity. Nowadays, there are lots of online EMI calculators available for the convenience of the borrower. A loan EMI calculator is the tool that works on the basis of the below data:
- Loan Amount
- Tenure
- Interest Rate
For eg., If you want to take a loan with these particulars:
- Loan Amount- Rs. 15,00,000/-
- Interest Rate- 13% per annum
- Loan Tenure- 7 years
The EMIs that you will have to pay and the total amount (Principal + Interest) can be seen here:
Table for EMI per month, Total Interest Outgo and Total Amount
| Amount (in Rs.) | Interest Rate (p.a) | Loan Tenure (in years) | EMI (in Rs.) | Total Interest Outgo (in Rs.) | Total Amount (Principal + Interest) (in Rs.) |
|---|---|---|---|---|---|
| 1500000 | 13.00% | 1 | 133976 | 107711 | 1607711 |
| 1500000 | 13.00% | 2 | 71313 | 211506 | 1711506 |
| 1500000 | 13.00% | 3 | 50541 | 319473 | 1819473 |
| 1500000 | 13.00% | 4 | 40241 | 431580 | 1931580 |
| 1500000 | 13.00% | 5 | 34130 | 547777 | 2047777 |
| 1500000 | 13.00% | 6 | 30111 | 668003 | 2168003 |
| 1500000 | 13.00% | 7 | 27288 | 792187 | 2292187 |
Here is the amortization table that tells you the total principal, total interest outgo and balance amount during the last year of your loan tenure.
Amortization Table
| Year | Principal (in Rs.) | Interest Outgo (in Rs.) | Balance Amount (in Rs.) |
|---|---|---|---|
| 1 | 140641 | 186815 | 1359359 |
| 2 | 160054 | 167402 | 1199305 |
| 3 | 182144 | 145312 | 1017161 |
| 4 | 207286 | 120170 | 809875 |
| 5 | 235901 | 91555 | 573974 |
| 6 | 268462 | 58994 | 305512 |
| 7 | 305804 | 21937 | 0 |
Eligibility Criteria
Bhartiya Mahila Bank has set certain eligibility criterion as per the profession of the applicant. The individuals who come under these criteria are only eligible to take a loan against their property from the bank.
Bhartiya Mahila Bank offers LAP to the following categories:
- Individuals/Proprietorship concerns
- Partnership firms
- Private Limited Companies
- Closely held Public Ltd Companies (not listed on any stock exchange)
Salaried Individual
- Any individual employed permanently in any Public sector Undertaking, Government undertaking, Multi National Company, Listed public limited company or well-known private limited company can apply
- Minimum age at the time of loan application should be 21 years & maximum age at loan maturity should be lower than retirement age
Self Employed Professional/Non-Professionals
- Doctors, Charted Accountants, Cost Accountants, Architects, Engineers, Company Secretary, CFA’s can apply
- Any individual filing Income Tax returns can apply
- Minimum age at the time of loan application should be 21 years & maximum age at loan maturity should not exceed 70 years
Documents Required
Before applying for a loan against your property, an applicant must make sure that he/she carried all the documents. SO, the list of the documents as per the profession is as follows:
| Category | Individuals | Non-Individuals |
|---|---|---|
| Loan Application Form | Loan Application Form with photograph | Loan Application Form with photograph |
| KYC Documents |
Valid Identity Proof (Voter ID Card/Adhaar Card/PAN Card/Driving License,etc.)
Valid Residence Proof (Voter ID Card/Adhaar Card/Driving License,etc.) Signature proof |
Valid Identity Proof (Voter ID Card/Adhaar Card/PAN Card/Driving License,etc.)
Valid Residence Proof (Voter ID Card/Adhaar Card/Driving License,etc.) Signature proof |
| Proof of Income | Latest Form 16/ITR copy/Appointment letter and latest 3 months’ salary slips / Salary Certificate | Latest 2 years ITR along with Computation and Acknowledgement. 2 years financials with full schedules & audit report (Form 3CD & 3CB). Financials to be audited for T/O > 40 /60 Lacs case else shd be CA certified |
| Bank Statement | Latest 6 months bank statement of the MAIN CA/SA/CC/OD account | Latest 6 months bank statement of the MAIN CA/SA/CC/OD account |
| Property documents | Copy of all property documents of the concerned property that you wish to mortgage for loan | Copy of all property documents of the concerned property that you wish to mortgage for loan |
| Processing fee | Processing fee cheque | Processing fee cheque |
Bhartiya Mahila Bank Loan Against Property Interest Rate
When it comes to taking a mortgage loan, the rate of interest that you will be offered by the bank is one of the lowest in the market making it more feasible for the customers to pay back the loan amount. BMB calculates the rates on the basis of MCLR and the present rate of interest on LAP is MCLR + 3.70% p.a. that is 13.00% per annum.
Processing Fees
Banks charge a certain processing fees on the loan amount other than the annual rate of interest. So, when you are taking a mortgage loan from Bhartiya Mahila Bank, you will also have to give a processing fee of 1% of the loan amount on Term Loan or a minimum of Rs. 5,000/- and a maximum of Rs. 1 lakh. However, on Overdraft loan facility, the charges are 0.50% of the sanctioned limit/renewed limit or a minimum of Rs. 5,000/- and a maximum of Rs. 1 lakh. Also, there is a concession of 50% on the processing fee to MSME.
Foreclosure Charges
For a loan against property from Bhartiya Mahila Bank, there are NO foreclosure charges for Individuals. However, for other applicants, it is 2% on the principal outstanding.
Features & Benefits of BMB Loan
Some of the key features and advantages of taking LAP from Bhartiya Mahila Bank are:
- Higher loan amount up to Rs. 10 Crores
- Longer tenure up to 7 years
- 50% concession in processing fees for MSME units
- Facility as term Loan/Overdraft
- Interest rate of 13% per annum on daily reducing balance
- Age: Minimum 21 years and maximum 70 years
- Income should be min Rs 3 lacs per annum for at last 3 consecutive years
- NO Foreclosure Charges for Individuals
Bhartiya Mahila Bank Contact Details
For any query related to a loan, you can contact BMB at the Landline No. – 011- 47472100.