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Benefits for Moneyfy Customers
Quick & Easy processing
We know that you need funds immediately, which is why we process your loan application swiftly. With minimal paperwork and online application, the entire process can be done online. It’s easy. It’s fast.
Variety of properties accepted
We accept a wide range of collateral to fund your immediate financial needs. From pre-owned residential, properties to commercial buildings, we work with you and for you.
Overdraft Facillity available
Looking for extra cash? Overdraft facility is made available to meet your financial contingencies
Family Income considered for eligibility
Getting extra finance couldn’t get easier. Our existing customer gets the facility of the Pre-qualified Top Up loan.
Eligibility Criteria and Documents Required for a Loan against Property
Here are the eligibility criteria for a loan against property from Tata Capital Moneyfy:
Criteria |
Details |
Nationality |
The applicant must be an Indian citizen who resides in the country and has property in the city where the lender operates. |
Age |
The applicant must be at least 25 years old (18 in the case of non-financial property owners) and no older than 85 years (including non-financial property owners) at the time of loan maturity. Note: A co-applicant’s upper age limit can be considered up to 95 years basis 2nd generation (legal heir) as long as they meet age norms. |
CIBIL Score |
The applicant must have a CIBIL score of 700 or higher. |
Occupation |
The applicant can be a salaried individual, a self-employed professional or a self-employed non-professional. |
Here is the list of documents required for a loan against property from Tata Capital Moneyfy:
1. Proof of Identity: Aadhaar card/ Passport/ Voter ID/ Driver’s License/ NREGA job card/ letter from NPR.
2. Proof of Address: Aadhaar card/ Passport/ Voter ID/ Driver’s License/ NREGA job card/ letter from NPR.
3. Proof of Income
4. Proof of business for self-employed applicants
5. Account statements for the last six months.
Fees & Charges for a Loan Against Property
Type of fee |
Details |
Rate of Interest |
Get a loan against property at an attractive interest rate. |
Processing Fee |
This fee is charged to process your loan request. This will be discussed during the loan application process. |
Documentation Charges |
This is a one-time payment that is made at the time of loan application. |
Prepayment Charges |
This charge is levied in case applicants wish to repay their loan ahead of schedule. |
Annual Maintenance Charges |
This is an annual fee that is charged for servicing and managing the loan account. |
Bounce Charges |
These refer to charges levied on non-payment of EMIs on their due dates. |
Penal Charges |
A delay in EMI payment can attract penal charges that will be levied on each delayed instalment individually. This will be discussed during the loan application process. |
Stamp Duty |
This amount will depend on the governing state law and will be deducted from the loan amount. |
Commitment Fee |
This is a fee charged by the lender to a borrower to compensate the former for keeping a credit line open. |
How to Apply for a Loan Against Property?
Here is how you can apply for a Loan Against Property with Tata Capital Moneyfy:
Step 1: Navigate to Tata Capital Moneyfy’s Loan Against Property page.
Step 2: Click on ‘Apply Now’. A pop-up window will appear, informing you that you’re being directed to a third-party website or platform. Click ‘Proceed.’
Step 3: A new pop-up window will appear, requiring you to log in or register for a Tata Capital Moneyfy account.
Step 4: Follow the steps on your screen.
You will be notified once your Loan Against Property application is approved.
Frequently Asked Questions (FAQs)
VIEW ALLIndividuals who meet the following eligibility criteria can avail of a loan against property:
1. The applicant must be an Indian citizen who resides in the country and has property in the city where the lender operates.
2. The applicant must be at least 25 years old (18 in the case of non-financial property owners) and no older than 85 years (including non-financial property owners) at the time of loan maturity.
Note: A co-applicant’s upper age limit can be considered up to 95 years basis 2nd generation (legal heir) as long as they meet age norms.
3. The applicant must have a CIBIL score of 700 or higher.
4. The applicant can be a salaried individual, a self-employed professional or a self-employed non-professional.
Individuals applying for a loan against property (LAP) must mortgage their commercial or residential property to receive the loan. Typically, financial institutions lend 50%- 60% of the property’s value.
Here is how you can apply for a Loan Against Property with Tata Capital Moneyfy:
Step 1: Navigate to Tata Capital Moneyfy’s Loan Against Property page.
Step 2: Click on ‘Apply Now’. A pop-up window will appear, informing you that you’re being directed to a third-party website or platform. Click ‘Proceed.’
Step 3: A new pop-up window will appear, requiring you to log in or register for a Tata Capital Moneyfy account.
Step 4: Follow the steps on your screen.
You will be notified once your Loan Against Property application is approved.
It's important to note that while longer tenures can offer lower EMIs, they also result in higher overall interest payments. The maximum term for which you can avail a loan against property (LAP) depends on factors such as the lender’s policy, the value of the property, etc. Please check our related product page for more information.
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