Muthoot Fincorp Interest Rate on Loan Against Property
Muthoot Fincorp understands that you only mortgage your precious property to fuel an important need. You can choose between fixed and variable loan against property interest rates as per your comfort. These plans are provided by Muthoot Housing Finance Limited - A sister concern of Muthoot Fincorp Limited.
To know more about our interest rates, call us at 1800 102 1616.
How is Interest Calculated on Loan Against Property?
Muthoot Fincorp’s interest rates are calculated based on the eligibility criteria.
Please visit our loan against property eligibility criteria page to know more. If you meet all our eligibility conditions, you can avail of a loan at a low-interest rate. You can use our loan against property eligibility calculator to view your eligibility amount at a flat interest rate. If you choose an amount higher than your eligibility, the interest rate will rise accordingly.
You can also view your EMIs using loan against property EMI calculator widely available on internet, which gives you the details of the entire cost of the loan you take from Muthoot Fincorp Ltd.
For more details, contact us at 1800 102 1616.
Factors that Impact Interest Rate for Loan Against Property
The following factors are considered by Muthoot Fincorp when calculating your loan against property interest rate.
- Your income: Your income indicates your repayment capacity. We offer loans to people of all income groups. However, your income will impact the interest rate.
- Loan tenure: A shorter tenure leads to higher EMIs but a lower interest rate. A longer tenure gathers a higher interest rate and increases the total cost of borrowing.
- Loan amount: The loan amount you opt for also has an impact on the interest rate payable.
- Credit Score: Your credit score is an indicator of your creditworthiness. It shows repayment and credit history. Please get in touch with us if you do not have a credit score or a high credit score.
How to Get Better Interest Rates on Loan Against Property
Get the best loan against property interest rates by taking the following steps:
- Meet eligibility criteria: Your eligibility is the main factor determining the interest rate on your loan against property.
- Improve Your Repayment Capacity: If you have multiple active debts, it impacts your loan approval chances. Consolidating your loan or paying off existing debts increases your chances of getting a loan approved with a lower interest rate.
- Choose a Shorter Tenure: A shorter tenure will increase the amount you pay as monthly instalment, but it will reduce the interest rate. This will lead to a lower cost of borrowing as a total. You can check your EMIs before applying for a loan against property through our loan against property EMI calculator.
Please get in touch with a customer care executive at 1800 102 1616 or visit your nearest Muthoot FinCorp branch to know the charges applicable to your loan.
Frequently Asked Questions
The interest rate depends on various factors. It will vary according to loan amount, tenure and eligibility. You can get in touch with our customers care representative at 1800 102 1616 for more details.
Any salaried or self-employed person between the age of 21-65 years is eligible for a loan against property. You must note that all the owners of the property must be co-applicants of the loan.
Please note you need to be a resident in a city with a Muthoot Fincorp Ltd to avail a loan.
Yes, Muthoot Fincorp charges a minimal amount as an application and processing fee towards your loan. They are as follows:
- Application fees: 0.5% of the amount applied for
- Processing fees: 2.5% of the loan amount approved
- Pre-payment fees: No fee is applicable if the loan is prepaid from your own sources or if the loan has a floating rate of interest.
The above charges are subject to change as per Muthoot Fincorp policies.
Muthoot Fincorp allows you to get a loan of up to 50% value of the property. The maximum amount that you can avail is Rs 10,00,000. The amount depends on your eligibility. You can check our loan against property eligibility calculator to know the amount you can borrow.
What Documents are required to avail gold loan on EMI?
Though you can use our Gold Loan calculator to calculate the EMI, you will require to submit a certain documents availing a gold loan on EMI:
- Original proof of identification. Any of the following are acceptable:
- Govt of India election ID card with address proof
- PAN card and address proof
- Driver’s licence
- Any Govt departmental ID card
- We are bound by and follow KYC norms as per the regulator’s guidelines
Please call our customer care representative at 1800 102 1616 or visit your nearest Muthoot FinCorp branch to know more.