Manappuram Housing Finance Ltd. Loan Against Property
Last Updated : Dec. 6, 2016, 10:43 a.m.
Loan Against Property
Other than gold loans, Manappuram Enterprises is popular for providing mortgage loans, SME loan, etc. as well. Maben Nidhi Limited Company offers Maben mortgage loans to businessmen, professionals, and employed persons. You can avail this loan facility to meet any personal or business needs. Personal Loans gives you an opportunity to get funds for your child’s education, marriage, expanding your business, home renovation, etc. without hurting your pocket much.
Manappuram Housing Finance Ltd offers personal loans at low-interest rates and higher loan amount with the add-on facility of fewer charges. The housing finance company offers rates that are calculated as per the income profile of the applicant and their needs. Read this article, to know the details of the Maben Ltd. loan against property scheme or mortgage loan scheme.
Manappuram Housing Finance Ltd. LAP Details
| Particulars | Details |
|---|---|
| Interest Rate | Customized |
| Loan Amount | Rs. 2 lakh onwards |
| Tenure | 60 months |
| Processing Fee | Not Available |
| Margin | Up to 50% of the market value of the property |
| Prepayment Charges | NIL after 6 months |
How to Apply
Individuals who want to take a loan from Manappuram Finance have to follow these 3 simple steps:
- Fill up the loan application form
- Attach all the required documents
- Submit all the documents at the nearest branch
Loan EMI Calculator
EMI calculator is used for calculating the monthly EMIs. With the help of this calculator, you can know the total interest outgo, total amount including the principal and the interest as per the chosen loan amount, rate of interest and repayment period.
To get a loan from Manappuram Housing Finance Ltd., the rate of interest charged is decided as per the profile and needs of the borrower. Here is an example for you to get an idea of how much interest you need to pay back. Let us assume that you are taking a loan of Rs. 15,00,000 at the rate of interest 12.50% per annum for the tenure of 5 years. What will be the EMI that you will have to pay? The details are given below:
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.) |
|---|---|---|---|---|---|
| 15,00,000 | 12.50% | 1 | 1,33,624 | 1,03,492 | 16,03,492 |
| 15,00,000 | 12.50% | 2 | 70,961 | 2,03,063 | 17,03,063 |
| 15,00,000 | 12.50% | 3 | 50,180 | 3,06,496 | 18,06,496 |
| 15,00,000 | 12.50% | 4 | 39,870 | 4,13,760 | 19,13,760 |
| 15,00,000 | 12.50% | 5 | 33,747 | 5,24,814 | 20,24,814 |
Amortization Table
| Year | Principal | Interest Outgo | Balance Amount | ||
|---|---|---|---|---|---|
| 1 | 2,30,366 | 1,74,598 | 12,69,634 | ||
| 2 | 2,60,869 | 1,44,095 | 1008765 | ||
| 3 | 2,95,414 | 1,09,550 | 7,13,351 | ||
| 4 | 3,34,530 | 70434 | 3,78,821 | ||
| 5 | 3,79,169 | 26136 | 0 | ||
Eligibility Criteria
To get a loan against property from Maben Nidhi Limited., you must come under the below-mentioned eligibility criteria:
- Individuals/Proprietorship
- Self-employed Professionals
- Self-employed Non-Professionals
- Partnership & Limited Companies
Documents Required
It is important to have all the documents along with you at the time of applying for a mortgage loan and the details in the documents must be genuine and should be matching with the details that you have given to the loan provider institution.
The list of documents that you must have to get the fund are as follows:
- Loan application form
- Identity proof (any one)
- Voter ID card
- Driving license
- PAN card
- Photo credit card
- Employee ID card
- Government department ID card
- Income proof
- Latest salary slip or Form 16
- Recent salary slip certificate
- Bank statements/passbook with salary transaction details
- Residence proof (any one)
- Bank account statement
- Latest electricity bill
- Latest mobile/telephone bill
- Latest credit card statement
- Employer’s letter certifying the current mailing address
- Other document mentioning address
- Guarantor form (optional)
- Copy of lease agreement
For other applicants:
- Loan application form
- Identity proof (any one)
- Voter ID card
- Driving license
- PAN card
- Photo credit card
- Income proof
- ITR returns
- Bank statement/passbook
- Residence proof
- Bank statement
- Latest electricity bill
- Latest mobile/telephone bill
- Latest credit card statement
- Employer’s letter certifying the current mailing address
- Other document mentioning address
Loan Application Form
The mandatory fields that you need to fill in the application form are:
- Applicant’s Name
- Date of birth
- Permanent Address
- Monthly/Annual Income
- Loan amount
- Purpose of loan
Loan Against Property Interest Rates
For LAP, Manappuram Housing Finance Ltd has customized rate of interest i.e., the interest is calculated as per the profile of the customer like his/her income and the property against which he/she is applying for the loan.
Manappuram Finance Ltd Branches
To get any kind of loans, you can contact your nearest branch as per your convenience. The list is here:
- Manappuram Finance Ltd. Mumbai, Maharashtra
- Manappuram Finance Ltd. Chennai, Tamil Nadu
- Manappuram Finance Ltd. Kerala, Tamil Nadu
- Manappuram Finance Ltd. Karnataka, Tamil Nadu
- Manappuram Finance Ltd. Pune, Maharashtra
- Manappuram Finance Ltd. Hyderabad
Features & Benefits of LAP
The key features of Manappuram Housing Finance LAP are:
- Loan for Businessmen, Professionals, Employed persons and Individuals
- Multi-purpose loan facility
- Loan against commercial or residential property
- Higher loan amount as per your needs
- Tenure up to 5 years
- Easy documentation
- Borrow up to 50% of the market value of the property
- No penalty after 6 months
- Facility of daily remittance
- Customized rate of interest