Located in Gujarat, the bustling metropolis of Ahmedabad boasts a dynamic culture and a significant past. It stands as a fusion of age-old traditions and contemporary developments. It boasts landmarks such as the Sabarmati Ashram and the amazing Adalaj Stepwell. Celebrated for its vibrant festivities, thriving textile industry, and delectable street food, Ahmedabad is a melting pot of diverse customs, drawing in history buffs and food enthusiasts alike.
Are you ready to turn your property into financial support? SMFG India Credit is here to assist you with a hassle-free Loan Against Property process!
Trust At SMFG India Credit, we uphold your trust and create a streamlined LAP application process to ensure a safe exchange of information on our platform.
Our LAP products are crafted to align with your unique financial needs.
Upload digital copies of your documents for prompt verification and loan disbursal.
Get up to 70% of your property's market value to cater to your financial necessities.
Our favourable loan terms are a product of competitive interest rates and flexible repayment options.
Leverage our high Loan-to-Value (LTV) approach to maximize the potential of your properties.
Our LAP program in Ahmedabad offers a seamless and accessible financial process to obtain funds using your property efficiently.
A high LTV will ensure the best value against your residential or commercial properties, be it for business or personal needs.
Here is a list of eligibility criteria for self-employed, salaried, and SME applicants:
|
Factor |
Salaried |
Self-employed |
SME |
|
Age |
Between 21 and 60 years. |
Between 25 and 65 years. |
At least 2 years old. |
|
Nature of work |
Working for a multinational corporation, a private enterprise, or the government. |
Independent contractor with a reliable source of income. |
– |
|
Geography |
Indian citizens are eligible to apply. |
Indian citizens are eligible to apply. |
Indian SME |
|
CIBIL score |
700+ |
700+ |
Steady source of profits over the past two years, audited by a CA. |
Here are some of the documents required to apply for a Loan Against Property:
|
Type of Document |
Salaried |
Self-Employed / SMEs |
|
PAN Card |
|
|
|
Proof of Identity And Proof of Address (any one) |
|
|
|
Age Proof (any one) |
|
|
|
Bank Statements |
|
|
|
Income Documents (with CA certification wherever applicable) |
|
|
|
Property Documents |
|
|
|
Other Essential Documents |
|
|
Please note that in case of co-applicants, basic documents such as PAN, KYC documents, etc., will also be required.
The above list is indicative. Depending on the specific loan product, your profile, and our policy at the time of loan application, additional documents may be requested.
Note:
The interest charged on a loan against property depends on several factors. These include:
|
Factor |
Rates/Charges |
|
Interest Rate |
9.25% - 18.5% per annum SMFG India Credit Retail Prime Lending Rate (RPLR) is 20.80% w.e.f 1st April, 2024. Lowest Interest Rate (depending on several factors including net income, employment or business stability, existing monthly obligations, type of LAP product, etc.) |
|
Rate of Interest Conversion Fee |
An amount not exceeding 1% of the Principal Outstanding as on date of change request |
|
Charges for switching of loans from floating to fixed rate and vice versa |
2% of the outstanding loan amount |
|
Processing Fees |
Up to 2% + GST |
|
Loan Cancellation Charges (Loan Cancelled Before 1st EMI) |
INR 5,000 plus GST if the loan is cancelled at the request of the borrower after disbursement of the loan but before encashment of the loan disbursal cheque. If cancellation of the loan is requested after encashment of the loan amount, prepayment conditions as specified herein shall apply. |
|
Repayment Instrument/ECS/ACH/Direct Debit Dishonor Charges |
INR 500/- |
|
IMD Charges |
Up to INR 4,500 plus GST for loan amounts from INR 5 lakh to INR 50 lakh; up to INR 5,500 plus GST for loan amounts above INR 50 lakh and up to INR 40 crore; and up to INR 6,500 plus GST for loan amounts above INR 40 crore |
The interest rates on mortgage loans offered to borrowers by SMFG India Credit depend on a number of factors, including SMFG India Credit’s policy at the time of loan application. To know more, please visit our loan against property interest rates page.
Here's a quick guide to simplifying your LAP application process. The listed steps are general guidelines and may vary with individual circumstances.
Step 1: To begin, head over to the official web portal and click on the "Apply Now" button.
Step 2: Next, select the option that best reflects your employment status, whether it be salaried, self-employed, or a small business owner.
Step 3: Once that's done, you can start filling out the online application form. First, provide your contact information and verify the OTP that you will receive.
Step 4: Then, add all the necessary personal details and click "Next" to move on to the next step.
Step 5: In the following step, make sure to accurately fill in your employment status information.
Step 6: Afterwards, enter your banking details as requested, ensuring their accuracy.
Step 7: To complete your application, upload digital copies of important documents in the required format (PDF, JPEG, PNG, or DOC).
Step 8: When everything is ready, hit the "Submit" button. Almost immediately, you will receive an update on your application.
A loan against property can serve different financial needs. It is a safe and secure means of leveraging your real-estate assets for access to urgent funds. We understand that financial needs can be overwhelming. Our team of experts at SMFG India Credit provides robust assistance to help you secure a hassle-free loan against property. With competitive rates of interest, we aim to personalise your LAP without stressing your finances. Get in touch with us now and let us help you unlock the true potential of your property to achieve your goals.
* 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.
The eligibility to avail of a loan against property (LAP) in Ahmedabad is decided based on:
With more and more customers preferring the Internet, applying for a LAP online is beneficial in several ways:
It takes simple steps to boost your eligibility for an LAP in Ahmedabad. Maintain a good CIBIL score (at least 700), choose trustworthy lenders, decrease your debt-to-income ratio, adopt property valuation services, and always ensure healthy credit behaviour.
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Insurance disclaimer SMICC is registered with the Insurance Regulatory and Development Authority of India (IRDAI) as a Corporate Agent. IRDAI Registration No.: [CA0098] CIN No. U65191TN1994PLC079235. The insurance policy is a contract between the customer and the insurance company, and policy is underwritten by insurance companies. SMICC acts only as the distributor and is not responsible for any risk, policy issuance, claim settlement/repudiation etc. Insurance is the subject matter of solicitation. Purchase of insurance is voluntary and subject to insurer underwriting and policy terms and conditions. Customers are advised to read the policy terms and conditions, benefits, exclusions, claim settlement carefully before purchase. Kindly note that “Insurance Products” are not mandatory for the purpose of the application and disbursement of loan. It shall be the sole discretion of the customer, by providing explicit consent, to avail such insurance along with the Loan.
Beware of Spurious calls/ Fraud phone calls IRDAI is not involved in activities like selling Insurance policies, announcing bonus or investment of premium. Public receiving such phone calls are requested to lodge a police complaint.
