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Manappuram Home Finance Loan Against Property

Home Loan Against Property Manappuram Home Finance Loan Against Property

Manappuram Home Finance Loan Against Property interest rates range between 13% to 26% p.a. The HFC offers LAP, also known as Vyapar Plus, for up to 50% of the property's market value and repayment tenure of up to 12 years. Manappuram Home Finance also offers three other variants of LAP, namely, Commercial LAP and Mahila LAP

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Check Pre-Approved Loan Against Property Offers

Check Now Check Loan Against Property Offers
Updated: 28-11-2024 11:04:39 AM
Manappuram Home Finance Loan Against Property Highlights
Interest rate 13% to 26% p.a.
Loan amount Up to 80% of the market value
Repayment tenure 12 years
Processing fee 2.5% of the loan amount +taxes

Note: Interest rates updated as of 5 November 2024

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Manappuram Loan Against Property Interest Rate

Type of LAP Interest rate (p.a.)
Vyapar plus (Loan Against Property) 16.50% to 26%
Commercial LAP 18.50% to 26%
Mahila LAP 19.50% to 26%
Flexi LAP 13% to 26%

The final loan against property interest rate may depend on the age, credit score, monthly income, occupation profile, etc. of the loan applicants.

Fees and Charges of Manappuram Loan Against Property

Processing fees

Particulars Fees and Charges
Application fee Rs 2,500 + taxes
Processing fee 2.5% of the loan amount + taxes

Foreclosure/part prepayment charges

Particulars Fees and Charges
Part prepayment charges
  • For up to 20% for the loan amount from own funds: NIL
  • For more than 20% of the amount: 4% of the prepaid amount + taxes
  • Payment from outside sources: 4% of the prepaid amount
Foreclosure charges
  • Full prepayment/preclosure from own funds: NIL
  • Full prepayment/preclosure from borrowed funds: 4% of the amount

Other fees and charges

Particulars Fees and Charges
Stamp duty At actuals + taxes
CERSAI registry Rs 500 + taxes
Cheque/ECS swapping Rs 750 + taxes
Security/PDC retrieval charges Rs 500 + taxes
Copy of property documents Rs 500 + taxes
Statement of account Rs 500 + taxes
Documents list Rs 1,000 + taxes
Collection picks up charges Rs 500 + taxes
Recovery charges At actuals + taxes
Conversion charges 1% + taxes
Loan cancellation charges Rs 3,000
Foreclosure statement Rs 500 + taxes
Penalty for delayed payments Rs 1,200 + taxes
Cheque/ECS bounce charges Rs 1,200 + taxes
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Types of Manappuram Home Finance Loan Against Property

Vyapar Plus (Loan Against Property)

  • Loan amount: Up to 50% of the property value
  • Repayment tenure: Up to 12 years

Commercial Property LAP

  • Loan amount: Up to 50% of the property’s market value
  • Repayment tenure: Up to 12 years

Mahila LAP

  • Loan amount: Up to 40% of the property’s market value
  • Repayment tenure: 8 years

Flexi LAP

  • Loan amount: Up to 80% of the property’s market value
  • Repayment tenure: 12 years

Eligibility Criteria for Manappuram Loan Against Property

Manappuram Housing Finance Ltd offers loan against property only to Indian residents. Borrowers can avail this loan as individuals or in joint capacity. All owners/ proposed owners of the property are also required to be co-applicants.

Along with the above mentioned factors, the HFC may also consider various other factors like credit score, age, income profile, occupation profile, property value, etc of its applicants to check their loan against property eligibility.

Documents Required for Manappuram Home Finance Loan Against Property

Identity and Residence Proof

  • Voter ID Card/ PAN Card / Valid Passport/ Valid Driving License (Only for Residential Proof)/ Aadhar Card
  • Utility bill which is not more than 02 months old. (Electricity bill, telephone bill, post-paid mobile bill, gas connection bill)
  • Latest Property/ Municipal Tax Receipt
  • Updated Bank Account Passbook/ Post Office Passbook
  • Copy of the Lease/ Leave & License Agreement duly executed and registered as per the state laws

Income proof

  • Permanent Account Number (PAN Card)
  • Current Account Statements of business entity and Savings Account Statements of the Individual for last 06 months
  • Copies of Bill-Book/ Order Book/ Payment Receipts evidencing business transact
  • Latest Form 26AS( if available)

Other documents

  • Business Profile
  • Details of any outstanding amount as per CIBIL report
  • Certificate of any outstanding (in refinance/ balance transfer case
  • List of documents submitted to lender(in refinance/ balance transfer cases)
  • Cheque for application fee @ 0.5% of amount of loan sought favouring ‘Manappuram Home Finance Ltd’

Note: Manappuram Home Finance may also ask for additional loan against property documents based on customer profile.

 

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