- Home
- Loan Against Property
Instant online approval. Apply online and get approved in 3 working days
Loan amount from Rs 50,000 - Rs 30 Lakhs
Flexible repayment tenures between 1 to 5 years
Apply for Loan Against Property
Features of Loan Against Property
Attractive Interest Rate
At MAKS Finserv get interest rate on loan against property as low as 8.35%
Online account management
Use our online portal to access your loan details anytime, anywhere.
Quick to arrange
Our efficient loan processing services ensure you quick and easy loans
Simple loan process
Not all loan processes are complicated. Enjoy simple loan processing at MAKS Finserv.
No hidden charges
Read about the fees and charges on your business loan and stay informed.
Loan within 72hrs
MAKS Finserv offers you quick loan against property within 72hrs.
Calculate EMI with MAKS Finserv Loan Against Property EMI Calculator
0
0
0
Loan Against Property eligibility criteria
For Salaried applicants
Nationality
Indian
Age
Between 23 to 62 yeas of age
Employment
Salaried employee of any private, public or multinational organization
Self Employed applicants
Nationality
Indian
Age
25 to 70 years
Employment
Self-employed with a steady income from business
Documents required
For salaried applicants
- Latest salary slips
- Bank account statements of the previous 3 months
- PAN card/ Form 60 of all applicants
- ID proof
- Address proof
- Document of the property to be mortgaged
- IT returns
For Self-employed applicants
- Primary bank account statements of the previous 6 months
- PAN card/ Form 60 of all applicants
- Address proof
- ID proof
- Income documents like ITR/ financial statements, etc.
- Documents of the property to be mortgaged
Current Loan against property interest rate, fees and charges
| Types of fees | Charges applicable |
|---|---|
| Interest rate | Low interest rates starting from 8.35% p.a. |
| Processing fees | This is a one-time non-refundable fee that is to be paid to the business loan provider after the loan application has been approved. The processing charge varies depending on the loan scheme you are applying for. |
| Penal interest | Loan providers also charge a penalty on delayed repayments i.e., if you fail to make your Equated Monthly Instalments (EMIs) or Pre-EMIs on time. The defaulting charges vary from one bank to another. |
| Prepayment charges | Prepayment penalty is the fee you will have to pay the lender if you plan on repaying your home loan before the completion of the loan tenure. |
| Cheque dishonor charges: | The fee is levied when the loan provider finds that a cheque issued by the borrower is found to be dishonored due to reasons such as insufficient funds in the borrower’s account. |
Types of personal loan interest rates
Personal loans come with two types of rates of interest: Fixed interest rate and floating interest rate.
1. Fixed interest rate
As the name suggests, the interest rate remains the same throughout the loan tenor. Thus. the loan E Ils will also remain constant.
2. Floating interest rate
A floating, adjustable, or variable interest rate is linked to an internal benchmark of a financial institution. Changes to this benchmark will affect the rates. Hence, floating rates vary throughout the loan tenor.
Both of these rates have advantages and disadvantages. Fixed rates keep ENls constant, which helps in budgeting. On the other hand, floating rates go up or come down along with the internal benchmark rate.
Methods for Interest Calculation on Personal Loan
1. Flat rate method
In this method, the applicable rate of interest is charged on the entire principal throughout the tenor.
2. Reducing balance method
In the diminishing balance or reducing balance method, the applicable rate of interest is chargeable on the outstanding principal after each EMI is paid off. Thus, the interest is calculated every month on the loan balance. Borrowers pay lower interest on the loan compared to the flat rate method.
Interest rate calculation formula
The interest rate for a personal loan through the flat rate method and the reducing balance method is calculated using the following formula:
1. Flat rate method
The rate of interest is chargeable on the entire loan principal. The formula for this method is — ENI = (principal + total interest payable) / loan tenor in months Wherein, total interest payable = P x r x n/100
Contact MAKS Finserv Customer Care
If you are a new customer who is looking for information about the
MAKS Finserv Loan Against Property
- Visit our branch by finding us on Google
- SMS HELP to +91 9717708810
Frequently Asked Questions
MAKs Finserv offers loans against property that come with a host of features and benefits, including:
- Affordable high value loan
- Disbursal in 72 hours*
- Easy eligibility
- Flexible tenor
- Easy balance transfer facility
- Doorstep service
Complete the application form online and get your loan against property without any hassle.
The following parameters are taken into consideration for eligibility:
- Age
- Income
Property value
- Existing debt obligations if any
- Continuity/ stability of business/ employment
- Credit history
Yes, in which case the co-owners will also be marked as co-applicants of the loan.
