Bhartiya Mahila Bank Loan Against Property

Loan Against Property

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

ParticularsDetails
Interest Rate13.00% p.a.
Loan AmountMinimum 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
TenureUp to 7 years
Processing FeesTerm 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 ChargesNIL 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
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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.)
150000013.00%11339761077111607711
150000013.00%2713132115061711506
150000013.00%3505413194731819473
150000013.00%4402414315801931580
150000013.00%5341305477772047777
150000013.00%6301116680032168003
150000013.00%7272887921872292187

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

YearPrincipal (in Rs.)Interest Outgo (in Rs.)Balance Amount (in Rs.)
11406411868151359359
21600541674021199305
31821441453121017161
4207286120170809875
523590191555573974
626846258994305512
730580421937

 

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
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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:

CategoryIndividualsNon-Individuals
Loan Application FormLoan Application Form with photographLoan Application Form with photograph
KYC DocumentsValid 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 IncomeLatest Form 16/ITR copy/Appointment letter and latest 3 months’ salary slips / Salary CertificateLatest 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 StatementLatest 6 months bank statement of the MAIN CA/SA/CC/OD accountLatest 6 months bank statement of the MAIN CA/SA/CC/OD account
Property documentsCopy of all property documents of the concerned property that you wish to mortgage for loanCopy of all property documents of the concerned property that you wish to mortgage for loan
Processing feeProcessing fee chequeProcessing 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.

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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.