Muthoot Finance Loan Against Property (15 Lac.+)

what is Muthoot finance Loan Against Property :

I Am Sure, that you must have heard the name of Muthoot Finance, it is a respected company of India. In which the trust of the people is very high. For some of its financial services, it has also got the ranking of number -1 . The company has received many awards, one of which is the Golden Bikes Award, which was given in 2022. He also received the Chanakya Award in 2022 for running a better company.

It is more famous among people for gold loan. Their offices can be seen in most of the local cities as well. And if we talk about property loan, then both types of property loans are provided, in which both residential and commercial come.

Let's Get to Know What is a Loan Against Property :

As we know from the name that there is a type of loan against property, in most of the cases we take our personal loan unsecured. But in some cases we are not able to get personal loan then we go for secured loan. “Secured Loan” is the best option for loan companies, in this you keep your property as free collateral for your secured loan amount.

Now Let's Get to know What is Collateral :

A few years ago, even I did not know the meaning of this word, but when we want to know something, we find the answer. So let’s come to understand this thing in a better way, you should understand that the loan is either secured or unsecured. In secured loan, we do not have to keep any of our valuables with the loan company. While in secured loan we have to pledge some of our things to the loan company to avail the loan, this is what we call collateral. Accordingly, when we apply for loan against property, then in this case our property itself becomes As a collateral for the loan.

Criteria For getting Muthoot Finance Loan Against Property :

There are basic requirements that must be matched to avail Muthoot Finance Loan Against Property –

• You must be a citizen of India
• Your age should be more than 18 years
• CIBIL score should be decent

Keep Reading this Article you will get to now all Conditions

How much maximum Amount Can I get :

Whatever loan amount you want to avail, keep in mind that the value of your property should be twice that amount and Muthoot Finance Loan Against Property can be availed from ₹3,00,000 to ₹25,00,000

What are the Interest rates and fees :

If we talk about the interest rate of Muthoot Finance Loan Against Property, then it is different for everyone. The interest rate varies depending on the location of your property, civil score, and Many more things.
Talking about the average interest rate, it is only slightly higher than the home loan. Average interest rate can go from 10% to 15%.

Fees that are going to be charged At the time of Process the Application are given below –

When you apply for the loan – Aprox Rs.5000/- ( Non-Refundable)
At the time of loan disbursement – 2% Of Loan Amount 3% Of LPA ( Of the sanction amount)
Prepayment penalty – As per Company Current Terms.
Late payment Charges – Whenever you miss EMI, these charges have to be paid.
Prepayment penalty – If you want to finish your loan before the tenure that you had decided while taking the loan, then in this case you may have to pay some charges from your side, according to the current term running in the company.

Important Terms And Conditions of the loan :

Well in most of the cases –

Location of your property
your loan amount
Your Civil Score
your employment status

Due to all these things, there are different term and conditions for the Applicant . Whenever you apply for a loan, you can know all the terms and conditions for yourself by showing your application to the branch manager.

Repayment Period for Muthoot Finance Loan Against Property :

This criteria is set according to the loan amount of each individual customer. But here you can take maximum time of up to 15 years to repay your loan.

Applying Process for Muthoot Finance Loan Against Property :

The best way and what I would like to suggest – is to visit any branch of Muthoot Finance near you and consult a good Financial advisor there and then proceed with your application process.

Well You Can Apply This Application Process Online Also Directly From Muthoot Finance Website Which I Am Giving Below And If You Are Visiting The Branch Then Carry Some Basic Photo-Copies of Documents with You So That, 0Correct information can be given by the executive.

Official Website: https://muthoothousing.com/product/loan-against-property-lap/

Basic Documents Keep With You-

Ownership papers
Employment proof
Age Proof
Proof For Checking Location Of Property
Others – You can keep Owner Bank Account Details

One good thing about Muthoot Finance Loan Against Property is that, the application process is done very quickly here, And the decision of your loan application is in front of you within a few days.

Should We GO for Muthoot Finance Loan Against Property ?

First of all one thing that we all should understand – having one’s own house in India is not just the same as having a house. We have an very emotional connection with it. Which assures us to be a successful person, especially when you have built your home with your own hard work. This is a place where you are going to grow your family, build a better life for your children, you cannot use it only as collateral.

YES, I can understand, we put such things at risk only when we need a lot of money. But you should keep one thing in mind, if you are not able to pay the EMI, then your hard-built house will go out of your hands and You will not be able to do anything.

Now if we talk about Muthoot Finance Company, then I have already told that you can trust this company. Just keep in mind that before taking the loan, understand all the terms and conditions carefully.

We cannot tell all the things here because with time the company keeps on changing its terms. At that time “when you are thinking of taking loan” you can know by visiting the branch. Or we will provide the details of the helpline number of the company below. You can know by calling directly.

Official Website: https://muthoothousing.com/product/loan-against-property-lap/

Customer Care Number : 18001021616

One more thing which I would like to suggest you – if you want to take Loan Against Property from Muthoot Finance. So there are some other companies which also provide loan against property like these.

Do compression about their interest rate, fees and other Terms. then make your Final decision.

Pros & Cons :

Pros

Quick and easy application process .
Competitive interest rates with Others .
Long repayment Tenure is Maximum .
Easy to qualify for Loan.
Good Support System.
Branch Available is pretty Good.

Cons

High interest rates
Late payment fees
Prepayment penalties
Application Processing Fee
Collateral required

FAQs

What is a Muthoot Finance Loan Against Property?

Muthoot Finance, it is a respected company of India. The Company provides you Loan Against your Property.

Can I get a Muthoot Finance Loan Against Property?

There are basic requirements that must be matched to avail Muthoot Finance Loan Against Property –

• You must be a citizen of India
• Your age should be more than 18 years
• CIBIL score should be decent

For Complete detail plz read Complete Article .

How much maximum amount can I borrow ?

Muthoot Finance Loan Against Property can be availed from ₹3,00,000 to ₹25,00,000

What are the interest rates and fees ?

it is slightly higher than the home loan. Average interest rate can go from 10% to 15%.

Fees that are going to be charged –

When you apply for the loan – Aprox Rs.5000/- ( Non-Refundable)
At the time of loan disbursement – 2% Of Loan Amount 3% Of LPA ( Of the sanction amount)
Prepayment penalty – As per Company Current Terms.
Late payment Charges – Whenever you miss EMI, these charges have to be paid.
Prepayment penalty – If you want to finish your loan before the tenure that you had decided while taking the loan, then in this case you may have to pay some charges from your side, according to the current term running in the company

What are the terms of the loan ?

You Should visit there Branches for Exact Running Terms in Your Area for the Loan .

But Still you can find your Answer by customer Care Number –