Step By Step Loan Against Property Process Explained

Planning to expand your business, or dreaming of the perfect wedding? Maybe you are facing an unexpected expense. Whatever your financial need, a loan against property (LAP) could be the ideal solution.

A loan against property allows you to borrow funds against your existing residential or commercial property. If you want to know how a loan against property is processed, you’ve come to the right place.

At SMFG India Credit, we provide customised LAPs depending on your requirements with an easy property loan process. In this article, we will give you an idea of the process for a loan against property at SMFG India Credit. You’ll also learn the main features that make our LAP solutions the perfect choice for you.

Key Features of SMFG India Credit Loan Against Property

Here are some of the most attractive features of SMFG India Credit’s loan against property:

• Loan Amount
  You can get a loan of up to INR 5 crores* or up to 70%* of your property’s market value. This can help you meet a variety of personal or business expenses.
• Competitive Interest Rates
  SMFG India Credit offers competitive interest rates for your loan against property. This not only lowers your monthly EMIs but also the overall cost of the loan. Please note that interest rates are determined during the property loan approval process.
• Repayment Tenures
  SMFG India Credit provides flexible repayment tenures of up to 180 months through the LAP loan process. You can select your most preferred repayment plan during the loan against property application process.
• Multi-Purpose Use
  After processing your loan against property, you can use the received funds for diverse needs. This includes business expansion, debt consolidation, higher education requirements and medical expenses.

Process for Loan Against Property With SMFG India Credit

SMFG India Credit has a seamless process to ensure a hassle-free experience during your property loan procedure. Below are the steps involved in the LAP loan process:

• Check Your Eligibility
  Before you start the LAP loan application procedure, check your eligibility here to increase the chances of loan approval with favourable terms.
• Choose Loan Amount and Tenure
  You must decide on your loan amount and preferred repayment plan during your property loan application process. You can use a Loan-to-Value calculator to estimate the loan amount you may get.
• Start Filling out the Application Form
  The next step involved in processing your loan against property is to start filling out its application form. Enter the requested details, employment, and property information for the loan against property procedure. Submit your application.
• Submit the Required Documents
  During the processing of a loan against property, you must submit the necessary documents. These may include but are not limited to income proof, identity proof, address proof and property papers. Submitting all the required, error-free documents can speed up the property loan approval process.
• Wait for the Next Steps
  Our representatives will get in touch with you for the next steps. Your financial and property details will be verified as a part of the LAP loan process. SMFG India Credit will also verify the submitted documents concerning your application, an important step in property loan processing.
• Look Forward to Loan Approval and Disbursement
  On completion of the concerned property loan processes, your loan may be sanctioned. You will now be required to sign a loan agreement and after the LAP loan approval steps are complete, your loan will be disbursed.

Certificates Required for Loan Against Property

You may need to submit the following certificates for a loan against property application and approval:

• Encumbrance Certificate
• Occupancy Certificate
• Possession Certificate
• Non-Encumbrance Certificate

Please note that additional documents may be required depending on your profile and our policy at the time of loan application. Submission of the correct certificates will aid in a smooth process for a loan against property.

Loan Against Property Processing Fee

SMFG India Credit charges a processing fee for the administrative expenses incurred during the process of a loan against property. We levy a minimal processing fee as part of the loan against property process.

Here is a detailed breakdown of the loan against property fees and charges you may expect.

Conclusion

This article sheds light on how to apply for a property loan and how LAP loans are processed at SMFG India Credit. We make your LAP application process quick and hassle-free with our 100% online application process, minimal documentation requirements, and no hidden charges. With competitive interest rates and flexible repayment options of up to 180 months, you can plan your repayments effectively while taking care of your immediate financial needs.

Apply for a loan against property today! For more information, contact us or pay us a visit at your nearest branch.