Can I get a loan against property without income proof?

It's difficult to secure a loan against property without income proof, as it helps financial institutions assess creditworthiness and the borrower's financial status.

How long can the repayment tenure for a loan against property be?

The repayment tenure for a loan against property can extend up to 180 months*.

What can be kept as security for a mortgage loan?

Both commercial and residential properties can be used as collateral for a mortgage loan.

Does a Loan Against Property Offer Tax Benefits?

Yes, for salaried individuals, if the borrowed funds are used to purchase another residential property, tax benefits of up to INR 2 lakhs can be claimed under Section 24(B), provided a link between the loan amount and end use is established.

Can an NRI avail LAP?

No, loan against property (LAP) is typically available only to resident citizens of India. NRIs may not be eligible.

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Loan Against Property For Salaried

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Your property can be a blessing in ways more than one. For one, it can be utilised financially as a means to attain financial assistance, especially through a loan. The loan against property is an ideal credit instrument that will assist you in utilising and leveraging your property to its full potential. Whether you want to furnish your business financially, sponsor your child’s education or marriage or even use finances for any other personal requirements, SMFG India Credit’s loan against property will offer you the ideal financial solution to make your dreams come true.

SMFG India Credit loan offers the ideal loans against property through a convenient loan application process. Our scope of loans against property includes both residential property and commercial property loan, along with the best of loan against property interest rates and a flexible repayment tenure. We reassure you that you will enjoy nothing but the best customer care that ensures a sensitive handling of your property documents and loan disbursal.

* 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.

FAQs

Can a salaried person get a loan against property?

Yes, a salaried person can obtain a loan against property (LAP) with the following eligibility criteria: age between 21-60 years, employed by an MNC, private company, or public sector, Indian resident citizen, and a CIBIL score of 700+.