Fullerton India Credit Co. Ltd. is Now SMFG India Credit Co. Ltd.

A loan against property is a loan taken by pledging one’s property as collateral. Such a property can be residential or commercial. A loan against property is a secured loan, which allows the loan providers to offer loans against property at competitive interest rates. Loan against property typically is a long-term commitment with tenures going as long as 20 years. The biggest benefit loan against property provides is that funds can be utilized for a variety of needs.

There are several benefits provided by mortgage loan offers in Bangalore. Bangalore is known as ‘the silicon valley of India’, ‘the startup capital of India’, ‘the technology hub’, to name a few. Most of the fortune 500 companies have a base in Bangalore and all types of businesses have an abundance of potential in Bangalore. SMFG India Credit is a mortgage loan provider in Bangalore and provides property loans at attractive interest rates with minimal documentation ensuring a seamless process.

Features and Benefits of Loan Against Property in Bangalore: 

1) Simple Eligibility: 

As a salaried resident, you have to be between 21 years and 60 years of age. As a self-employed resident, you have to be between 25 years and 65 years of age. The eligibility criteria for a loan against property is simple: you must own residential or commercial property. Other factors like income, fixed expenses, current credit history, nature and value of the property being pledged, etc. are important in determining eligibility.

2) Documentation List: 

The documents list for applying loan against property is simple and includes the following:

  1. Identity proof
  2. Address Proof
  3. Age proof
  4. Bank Statements (for the last 6 months)
  5. Salary slips (for 6 months)
  6. Financial statements (for self-employed)
  7. Form 16
  8. Income Tax (for the last 3 years)
  9. Processing fee cheque 

3) EMI Calculator

SMFG India Credit’s EMI calculator gives total transparency so that you exactly know your monthly outflow. This helps you in planning your finances better. You need to enter the following details:

  1. Repayment Tenure: The maximum tenure is 15 years and your age of 65 years. And you can repay your loan amount at any time during the existing tenure.
  2. Rate of Interest: The rate of interest on mortgage loans starts from as low as 9%. It depends on factors like your work profile, property type, market value, income, credit score, and documentation.
  3. Loan Amount: You can get a mortgage loan up to 70% of your residential property value 60% of your commercial property value. This can vary from case to case. Your loan amount can be used for any purpose.

4) Quick Disbursal:

SMFG India Credit’s lucid process makes you enjoy the process of getting a loan against property. The process involves clicking on the “Apply Now” button, and then selecting “Loan Against Property”. After that, you need to fill-up the form with your profile details, employment details, bank details, and uploading documents. You will immediately receive a confirmation from SMFG India Credit and a customer care representative will get in touch with you to assist further.

The entire process of applying for a loan against property is hassle-free and convenient with SMFG India Credit. Therefore, if you need substantial funds quickly, rather than selling your property it makes sense to take a loan against it.

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FAQs

Can I sell the property during the loan tenure?

No, for an SMFG India Credit loan against property, the borrower must pledge non-movable property as collateral. The applicant must own this property.

What Property can be considered as collateral for LAP?

The eligibility criteria for a collateral for a loan against property is simple: you must own residential or commercial property.

What is the maximum loan I can get against my Property?

You can get a maximum mortgage loan of up to 70%* of your residential property value and 60%* of your commercial property value.

Is there any minimum Credit Score requirement?

Both salaried and self-employed applicants must have at least a 700 CIBIL score.

How to get the best mortgage loan at a low interest rate?

SMFG India Credit is a mortgage loan provider in Bangalore and provides property loans at attractive interest rates with minimal documentation, ensuring a seamless process.

How does a financial institution calculate the LAP amount that can be funded?

The loan-to-value ratio is calculated as follows: LTV ratio = (MA/APV) where APV = Appraised Property Value and MA = Mortgage Amount. The main factors that affect LTV ratios are the appraised value of a property, the nature of the property, and the lender’s risk policy.

Can I take a LAP against the rented property?

No, to avail of a LAP, the property pledged as collateral must be owned by the applicant.

What is the difference between a home loan and a LAP?

A home loan finances the purchase or construction of a new property, while a loan against property uses an existing property as collateral for various purposes.

For what purposes can you avail Loan Against Property?

A loan against property provides a secure financial option, allowing you to borrow funds using your pledged residential, commercial, or industrial property as collateral. These funds can be utilized for various purposes, whether personal or business-related.

How is my loan amount eligibility decided?

Your eligibility will depend on the nature of your employment, your monthly income, your net monthly obligations, good credit score and history, repayment capacity, nature & value of the property, etc., as per SMFG India Credit’s policy at the time of loan application.

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Contact Us

Branch Address 1

First Floor, Suraj Centre, No 235/12,27th Cross, 7th Block, Jayanagar, Bengaluru -560082, Karnataka

Branch Address 2

3rd Floor "Srinidhi Towers",No.17, Bannerghatta Road, JP Nagar 3rd Phase, Opp. Shoppers Stop, Bengaluru - 560078. Karnataka State.

Branch Address 3

1st Floor, No.50, Vinay Arcade, KH Road, Above Canara Bank, Bangalore, Karnataka -560027

Branch Address 4

Gopalan Innovation Mall’, No.22, Bannerghatta Road, J.P. Nagar 3rd Phase, and Bangalore 560076, Karnataka State

Note: Call on (Toll free number) 1800 103 6001 for more information.Timings: 9:00 AM to 7:00 PM (except Sundays and public holidays).

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