Manappuram Housing Finance Ltd. Loan Against Property

Loan Against Property 940 views

Loan Against Property

    Personal Details


     

    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

    ParticularsDetails
    Interest RateCustomized
    Loan AmountRs. 2 lakh onwards
    Tenure60 months
    Processing FeeNot Available
    MarginUp to 50% of the market value of the property
    Prepayment ChargesNIL 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
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    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.)
    15,00,00012.50%11,33,6241,03,49216,03,492
    15,00,00012.50%270,9612,03,06317,03,063
    15,00,00012.50%350,1803,06,49618,06,496
    15,00,00012.50%439,8704,13,76019,13,760
    15,00,00012.50%533,7475,24,81420,24,814

    Amortization Table

    YearPrincipal Interest OutgoBalance Amount  
    12,30,3661,74,59812,69,634
    22,60,8691,44,0951008765
    32,95,4141,09,5507,13,351
    43,34,530704343,78,821
    53,79,16926136

    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.

    Must Read  Bajaj Finance Loan Against Property

    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:

    1. Manappuram Finance Ltd. Mumbai, Maharashtra
    2. Manappuram Finance Ltd. Chennai, Tamil Nadu
    3. Manappuram Finance Ltd. Kerala, Tamil Nadu
    4. Manappuram Finance Ltd. Karnataka, Tamil Nadu
    5. Manappuram Finance Ltd. Pune, Maharashtra
    6. Manappuram Finance Ltd. Hyderabad
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    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