Magma Fincorp Loan Against Property

About Magma Fincorp

Magma Fincorp is a Non-Banking Financial Company, which was founded in 1988. It offers a wide array of financial products - both wholesale and retail. Magma offers loans for various purposes: loans for cars and utility vehicles, construction equipment, commercial vehicles, tractors, second hand vehicles, SME businesses, mortgage loans, home loans and General Insurance. It has over 230 branches in India.

Magma Fincorp Loan Against Property

Everyone, at some point or the other, needs that much-needed support in the form of a loan, credit card etc. Unexpected situations can crop up any time of your life - be it loss of a job, or to fund a business. With a loan against property from Magma Fincorp, you can now source funds at a cheaper cost rather than going for a personal loan. A loan against property from Magma Fincorp has various benefits like:

• Flexible documentation
• Instant approvals
• Doorstep service through the nearest Magma office
• Competitive interest rate, and the best terms & conditions
• Loan Against Property for personal and business expenses

Magma Fincorp Loan Against Property Eligibility

Magma Fincorp loan against property can be availed by salaried individuals, self-employed professionals, and businessmen. They should be able to show a stable source of income, and should be over 21 years old at the time of application of the loan.

Magma Fincorp Loan Against Property Interest Rate

Magma Fincorp offers attractive interest rates depending on a host of eligibility criteria which might include but is not limited to - your credit score, borrowing history and other factors that reflect your financial capability and behavior. For the latest interest rates, it is advisable to contact Magma Fincorp directly.

Magma Fincorp Loan Against Property Documents

The documents that you need to submit are as follows:

For the Salaried

• Application form with Passport Size Photographs
• PAN Card
• Identity Proof – Voter ID / Driving License / Passport (Any one can be submitted)
• Address Proof – Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement / Bank Statement (Any one can be submitted)
• Last 3 months salary slip / latest Form 16 issued by the employer.
• Six months bank statement (where salary is credited)
• Processing fee cheque

For the Self-employed Professional

• Application form with Passport Size Photographs
• PAN Card
• Identity Proof – Voter ID / Driving License / Passport (Any one can be submitted)
• Address Proof – Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement / Bank Statement (Any one can be submitted)
• Last six months bank statement
• Educational Qualifications Certificate and Proof of business existence
• Last 3 years Income Tax returns (self and business)
• Last 3 years Profit /Loss and Balance Sheet, duly attested by a CA
• Processing fee cheque

For the self-employed businessman

• Application form with Passport Size Photographs
• PAN Card
• Identity Proof – Voter ID / Driving License / Passport (Any one can be submitted)
• Address Proof – Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement / Bank Statement (Any one can be submitted)
• Educational Qualifications Certificate and Proof of business existence
• Last 3 years Income Tax returns (self and business)
• Last 3 years Profit /Loss and Balance Sheet duly attested by a CA
• Last 6 months bank statements (self and business)
• Processing fee cheque

Magma Fincorp Loan Against Property Status Check

You need to keep your Magma Fincorp loan against property application reference number handy for future referencing. You can approach Magma’s customer care while quoting the application number.

Magma Fincorp Loan Against Property FAQs

How do I apply for Magma Loan Against Property?

You can apply for Magma LAP in the following ways:

• Leave your contact details at Contact Us Form on the website
• Write to Magma at the “Contact Us” section
• Visit your nearest Magma branch

Is there a pre-payment option for Magma LAP?

Yes. You can prepay the loan, subject to terms & conditions specified at the time of application of the loan.

What is the maximum loan amount that I can avail?

The maximum loan amount depends on the market value of the property as assessed by Magma Fincorp. It will specify the exact amount after approval and successful verification.

What is the mode of repayment?

You can pay in EMIs by way of ECS, by standing instruction to auto debit your account with the monthly EMI amount, by Postdated cheques, or by way of salary deduction.

Magma Fincorp Loan Against Property Review

Magma offers an array of finance products to suit every need and budget, and facilitates quick completion of the formalities once the loan is approved. It is a multi-purpose loan which you could use in times of financial crisis—for personal as well as business expenditure. Unlock the hidden value of your property by availing Loan Against Property.

How to Get Loan Against Property from Magma Fincorp

You can apply for Magma Loan Against Property in the following ways:

• You can request a Callback by filling the “Contact Us” form available on the website online with your basic contact details. A representative from Magma will get in touch with you and assist you in the loan process and advice you on eligibility.
• You can visit your nearest Magma branch to discuss your eligibility and for details on your loan. You can submit a completed application form along with the required documents.

Once you submit your LAP application with all required documents for KYC, Income, Property title and Valuation, an official from Magma will visit you for personal discussion and verification purposes. Once all queries related to Income, Property Title and valuation are cleared, the loan authorization decision is made. Once your loan amount is approved, you need to submit all requisite documents for disbursal. Upon the successful verification of documents, the loan is disbursed.

Alternatively, if you think you need help with your Loan Against Property application process and advice on loan eligibility, CreditMantri can guide you and match you with the loan offer that best suits your profile.