Are high EMIs on your existing Loan Against Property (LAP) weighing down your finances? It might be time to consider a smarter move. With SMFG India Credit’s Loan Against Property balance transfer, you can shift your current LAP to SMFG India Credit and enjoy attractive interest rates, potentially lower monthly EMIs, and added financial flexibility – all through a quick and hassle-free process.
A balance transfer on a Loan Against Property allows you to move your existing LAP from one lender to another, often to take advantage of lower interest rates, better customer service, or additional features such as a top-up facility. This process, also referred to as property loan refinancing, can help reduce your monthly EMIs or extend your repayment tenure.
If you’re currently repaying a mortgage with a higher interest rate or restrictive terms, a Loan Against Property transfer to another lender like SMFG India Credit could be a smarter choice for improving your long-term financial well-being.
A LAP loan balance transfer to SMFG India Credit comes with several valuable benefits:
With SMFG India Credit’s mortgage loan balance transfer solution, you can enjoy greater financial flexibility without compromising your property’s ownership.
To apply for a balance transfer of an existing LAP, you must meet the following eligibility conditions:
Please note that this is only the basic eligibility criteria. The final eligibility will depend on a number of factors, including SMFG India Credit’s policy at the time of loan application.
You can view the complete Loan Against Property eligibility requirements here.
Documents Needed for LAP Balance Transfer
To ensure smooth and timely loan processing, applicants must submit certain documents based on their employment type. Here’s a category-wise breakdown of the key Loan Against Property documentation:
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Type of Document |
Salaried |
Self-Employed / SMEs |
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PAN Card |
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Identity Proof (any one) |
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Address Proof reflecting the applicant’s current address (any one) |
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Age Proof (any one) |
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Bank Statements |
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Income Documents (with CA certification wherever applicable) |
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Property Documents |
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Other Documents (one or more may be requested) |
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If the loan involves co-applicants, they must also provide basic documentation such as PAN details, KYC proofs, and other necessary records.
The list above is illustrative and not exhaustive. Additional documents may be required based on the specific loan product, your profile, and the prevailing policies at the time of your application.
Please Keep in Mind:
SMFG India Credit offers competitive Loan Against Property interest rates, with the final rate depending on factors such as your credit score, repayment capacity, existing financial obligations, and other applicable criteria.
Below is a summary of the interest rates and key applicable charges:
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Factor |
Rates/Charges |
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Interest Rate |
Lowest applicable interest rate (depends on various factors such as net income, stability of employment or business, current monthly commitments, etc.) |
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Processing Fees |
Up to 3% of the loan amount |
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Loan Cancellation Charges (Loan Is Cancelled Before the 1st EMI) |
INR 5,000/- if the loan is cancelled at the borrower’s request after disbursement, but before the encashment of the loan disbursal cheque. If loan cancellation is requested after the loan amount’s encashment, the prepayment conditions as specified herein shall apply. |
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Cheque/ECS/ACH Direct Debit Dishonour Charges (Note: The Cheque/ECS/ACH Direct Debit Dishonour Charges as referred to above are not compensatory and/or to be construed as any form of consideration towards the act of dishonour, and in no way should the same be construed as fees recovered under this facility. It is abundantly clarified that SMFG India Credit does not tolerate dishonour of instruments and/or deposit of an invalid, fake, or unworthy instrument issued towards meeting payment obligations under this facility and any Charges collected thereof are not intended to compound such acts of dishonour. Notwithstanding any Charges collected hereof, SMFG India Credit reserves its right to invoke the appropriate civil and criminal laws |
INR 500/- per instance shall also be payable for each instance of the dishonour of a Cheque/ECS/ACH Direct Debit. |
Here’s when a transfer of a Loan Against Property can be a smart choice:
However, before proceeding, it is important to review the interest rates, associated costs such as processing fees, and the lender’s credibility. This ensures the transfer truly benefits you in the long run and does not come with unexpected drawbacks.
Here’s why you should consider SMFG India Credit if you’re exploring lower-interest LAP refinance solutions:
Experience peace of mind by transferring your Loan Against Property to SMFG India Credit.
Applying for a Loan Against Property transfer with SMFG India Credit is quick and straightforward:
Alternatively, you can visit your nearest SMFG India Credit branch for personalised assistance.
Don't let a high-interest LAP weigh you down. Take control of your finances with SMFG India Credit’s Loan Against Property balance transfer solution. Apply online today and unlock competitive interest rates, flexible repayment tenures, and additional top-up options.
For more information, call our toll-free number 1800 103 6001 to connect with an SMFG India Credit representative. We are available from 9:00 AM to 7:00 PM, Monday to Saturday (excluding public holidays and the fourth Saturday of every month).
* Please note that loans are disbursed at the sole discretion of SMFG India Credit. Final approval, loan terms and disbursal process will be subject to SMFG India Credit's policy at the time of loan application. If you are an existing customer and wish to foreclose your loan, please note that foreclosure terms and charges will be applicable as per our policy at the time of loan foreclosure.
Both salaried and self-employed individuals, as well as SMEs, with an existing LAP and a strong repayment history, can apply. You must also meet our Loan Against Property eligibility criteria.
Eligible applicants typically include Indian residents aged between 21 and 60 (salaried) or 25 and 65 (self-employed), and Indian SMEs with at least two years of business operations.
You can opt for a repayment tenure of up to 180 months*, depending on your profile and our policies at the time of application.
If you’re paying a high interest rate or want to access better service and features, transferring your LAP can help reduce your EMIs, save on total interest costs, and provide additional funds via a top-up facility (subject to eligibility and lender policies).
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