Loan Against Property Eligibility

Eligibility for Loan Against Property

At SMFG India Credit, you can avail customized property loan depending on your requirement. Regardless of whether you are salaried, self-employed or an SME – you will find a product that meets your requirements.

An individual may require funds for any purpose. Such a person can get funds by availing a loan against property. If the individual is willing to pledge a residential property, then a loan amount equivalent to 60% of the property’s value can be disbursed. If this individual is willing to pledge a commercial property, then a loan amount equivalent to 70% of the property would be disbursed.

Therefore, if your residential property is valued at Rs 50 lakhs, you can avail a maximum loan of Rs 30 lakhs and if your commercial property is valued at Rs 50 lakhs, you can avail a maximum loan of Rs 35 lakhs. However, the actual loan amount can depend on various other factors too. Some of these include the valuation of the property and the availability of documents. We assess your repayment potential based on factors such as your income, age, nature of work, other fixed obligations and your credit history. Read on for details loan against property eligibility criteria.

Factor	Salaried	Self-employed	SME
Age	Between 21 and 60 years	Between 25 and 65 years	At least two years old
Nature of work	Salaried employee in an MNC, a private company or the public sector	Self-employed individual with a steady source of income	-
Geography	Resident citizen of India	Resident citizen of India	Indian SME
CIBIL Score	700+	700+	Financials should show a steady source of profits over the past 2 years and should be audited by a chartered accountant.
Documents needed	Income Tax Returns for the latest 2 years KYC Documents Form 16 Bank statements for the last 6 months and salary slips Documentation pertaining to the property offered as collateral.	Income Tax Returns for the latest 2 years KYC Documents Form 16 Bank statements for the last 6 months. Documentation pertaining to the property offered as collateral.	KYC Documents Form 16 Bank statements for the last 6 months and income statements Income tax returns for the last 2 years with a summary of audited income. A percentage of your cashflow must support the loan amount. Documentation pertaining to the property offered as collateral.

How is Loan Against Property Eligibility calculated?

We offer simple and transparent procedures to find your eligibility for a loan against property. Your repayment potential can be assessed based on factors such as your income, your net monthly obligations, location, CIBIL score, qualifications/job profile, etc. The loan amount will also depend on the valuation of the property you are pledging, and the availability of required documentation for the same. If you are looking for a loan against property, just go through the table above to understand your eligibility for the same.

To get an estimate of the maximum property loan amount you can get, please check our free online loan against property LTV calculator. This tool gives you an estimate based on the nature & value of your property as well as your net disposable income.

How to Apply for Loan against Property

You can apply for a Loan against Property with SMFG India Credit by following these steps:

Click on the “Apply now” button on this page.

Select “Loan against Property”

Select “Salaried”, “Self Employed” or “SME” as applicable.

Enter your details as requested in the form. Please ensure that all the information is correct.

Enter your mobile number and email address correctly. Please remember, that all future communication will be at the details provided by you, and hence we advise you to provide a number and email ID that you are currently using.

Go through the “Terms and Conditions” carefully before clicking on “Submit”.

Our representative will get in touch with you to take the process further.

The loan against property eligibility depends on whether you are a salaried individual, self-employed or an SME. Your repayment potential is assessed based on factors such as your income, age, nature of work, other fixed obligations and your credit history. Towards this, along with the loan application, you will have to submit the documents required for loan against property. These include:

Application form with a recent photograph

Proof of Identity (Passport Copy /Voter ID card /Driving License /PAN Card)

Address Proof (Ration card /Telephone Bill /Electricity Bill /Rental agreement /Passport copy /Bank Passbook or Statement /Driving License)

Age proof (PAN Card /Passport /any other certificate from a statutory authority)

Bank Statements (Bank statement /Bank Passbook for the last 6 months) OR Last 6 months salary slips

Form 16

Income Tax Returns for the last 3 years

Processing fee cheque

Documentation pertaining to the property offered as collateral

DISCLAIMER: Please note that the above criteria are indicative, and by no means should be considered a substitute for professional advice. Actual eligibility criteria will depend on a variety of factors, including SMFG India Credit’s policies at the time of loan application. For more details, please Apply now or speak with a customer care representative.

FAQs

Is CIBIL score required for loan against property?

A minimum CIBIL score of 700 is must to avail a loan against property.

What is the interest rate for a loan against property?

The interest rate on loan against property varies between 9% to 24% per annum based on factors like net income, employment or business stability, existing monthly obligations, type of LAP product, etc.