Eligibility Criteria for Loan Against Property
A loan against property eligibility calculator is a software designed to help you know the loan amount you can get based on your eligibility. Your eligibility is the prime factor considered by Muthoot Fincorp Ltd. when offering you a loan against property. Our loan against property eligibility criteria is intuitive, as well as simple and convenient making it easily accessible to all.
Our eligibility requirements and assessment process are transparent. You can view your eligibility through the loan against property eligibility calculator or let our representatives guide you through the process.
How does Loan Against Property Eligibility Calculator Work?
The loan against property eligibility calculator makes it easy to understand the loan amount you can get depending on your eligibility. The maximum amount offered by Muthoot Fincorp Ltd. is Rs 10,00,000. The factors that impact the loan amount eligibility are:
- Your Monthly Income
- Your Pre-existing debts
- Place of Residence
- Date of Birth
- PAN Card Details
When using the loan against property calculator, input the details in the form. The calculator gauges your repayment capacity through net income, job profile, and existing debts. In an instant, you can see the amount you can get as a loan. It is a free tool and you can use it for multiple members of your family. If you want a higher amount, you can improve your eligibility or apply with a co-applicant.
Once you have the information and insight, you can begin the process of applying for a loan against property. Competitive interest rates, streamlined processes, fast sanctioning and disbursals make Muthoot Fincorp a trusted housing finance partner.
To know more, visit your nearest Muthoot Fincorp branch or call our customer care centre at 1800 102 1616.
Eligible People to Apply for a Loan Against Property:
Here is a breakdown of the eligibility conditions to avail a loan against property at Muthoot Fincorp. If you are an individual who meets these conditions, you are eligible to apply for the loan:
- Minimum age at the time of application should be 21 years
- Maximum age at the time of loan maturity should be 65 years
- The applicant should either be salaried or self-employed
- The applicant must own a bank account
- There should be a Muthoot FinCorp branch in the borrower’s city
- The co-owner of the property should be the co-applicant for the finance
- Property should be self-occupied
- All owners of the property being financed should be co-applicants on the loan
- All individuals whose income has been considered for the loan should be co-applicants on the loan
If you are eligible for a loan against property, call us at 1800 102 1616 to speak to our representative.
Factors that affect Loan against Property Eligibility
Muthoot Fincorp makes a loan against property easy to avail. Here are the factors that decide your eligibility:
- Age of the applicant: The applicant should be a minimum of 21 years of age during application and 65 years of age at the time of maturity. If you are nearing your retirement, your eligibility may be low due to a higher risk of missed payments or default.
- Income and Existing Debts: Your income is a primary factor deciding your eligibility. Your income decides your repayment capacity. Through official documents, you will be required to show proof of regular income to ensure that the loan will be repaid. .A person with a higher income can avail a loan of a higher amount. If you have existing loans, your repayment capacity will reduce and so will your eligibility.
- The value of the property: Muthoot Fincorp offers a maximum loan-to-value ratio of 50% up to Rs 10,00,000. If the value of your property is higher, you can avail a larger loan.
- Work experience: An experienced professional has a higher eligibility than a fresh graduate. Also, Muthoot Fincorp requires you to prove your job stability through documents to ensure your repayment capacity.
Documents required to be submitted for Loan Against
Muthoot FinCorp requires you to submit your loan against property eligibility documents at the time of application. They are:
Address Proof (Any one of the documents)
- Passport / Ration card / Voter ID / Driving License / Registered Rental Agreement / Electricity or Landline bill issued within the previous 3 months
Identity Proof (Any one of the documents)
- Driving License / Voters ID Card / Passport / Ration Card / Driving License / Photo Credit Card / PAN Card / Employee ID card for Government servants
- Bank statement stating transactions for the previous three months
For Salaried Persons
- Three months’ salary slips with ITR or Form 16 for salaried applicants
- Original sale deed/Possession letter/NOC from Society
Frequently Asked Questions
Any property wholly owned by you and not under any existing mortgage or legal activity, can be mortgaged for loan against property. The property types are:
- Residential Property
- Commercial Property
If there are multiple owners of the property, all of them need to sign as a co-applicant as a loan against property eligibility.
Muthoot FinCorp requires the applicant to be a minimum of 21 years of age during application and 65 years of age at the time of maturity. If you are nearing your retirement, your loan against property eligibility may be low due to a higher risk of missed payments or defaulting.
You can check your eligibility amount through Muthoot FinCorp’s loan against property eligibility calculator.
There is no minimum income criteria for a loan against property eligibility. However, your repayment capacity is assessed through your income. So, if you have a lower income, the amount you will be eligible for, as a loan against property, will be lower.
Muthoot Fincorp offers a 50% loan-to-value ratio on a loan against property. The maximum amount you can get is Rs 10,00,000. You can avail the maximum amount on meeting the eligibility. Please use our loan against property eligibility calculator to know your eligibility.