One of India's most adored union territories, Chandigarh, is the capital of Punjab and Haryana. Planned and executed beautifully by the renowned French architect Le Corbusier, this city is known for its greenery, artistic dwellings, and streamlined management. Chandigarh forms a tri-city region with Panchkula (Haryana) and Mohali (Punjab).
Being a city with among the highest per capita incomes in the country, Chandigarh indeed boasts good standards and quality of living. Using the Loan Against Property Chandigarh residents (individuals or businesses) can avail of the necessary finances. Being a secured loan, getting an LAP from SMFG India Credit can help you meet any urgent financial expenses by leveraging your property as collateral.
Here's how applying for a Loan Against Property in Chandigarh can benefit you:
Avail our mortgage loans for a quick, transparent process. Our customer service team is available via phone or email to assist you with tailored loan options and competitive rates.
Our Loan Against Property products are designed to match different individual needs and requirements efficiently.
Experience hassle-free documentation and rapid fund disbursal through our user-friendly online application, ensuring a seamless end-to-end process.
You can access loans up to 40 crores* (70% of the property's market value) for various business or personal needs with our mortgage products.
Enjoy competitive interest rates and flexible repayment options without stressing your finances.
Maximize the value against your residential or commercial properties for diverse financial requirements.
Here is a list of the basic eligibility criteria an applicant must fulfil to avail of the Loan Against Property (LAP) eligibility criteria in Chandigarh:
|
Factor |
Salaried |
Self-employed |
SME |
|
Age |
Between 21 and 60 years. |
Between 25 and 65 years. |
At least 2 years old. |
|
Nature of work |
Must be working 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+ |
Consistent source of profits over the past two years, audited by a CA. |
Fulfilling these criteria can significantly enhance the likelihood of obtaining a Loan Against Property in Chandigarh.
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) |
|
|
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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 Essential Documents |
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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 |
|
Late Payment Charges (applicable for payment default) |
2% charged monthly (24% per annum) on the overdue amount, calculated on a day-to-day basis, payable from the relevant due date till the date of actual payment |
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.
Step 1: Use our loan against property EMI calculator to project monthly EMIs based on diverse loan amounts, interest rates, and tenure options.
Step 2: Visit our official portal and select "Apply Now."
Step 3: Choose the appropriate "Loan Against Property" option aligned with your employment status: salaried, self-employed, or SME.
Step 4: Begin filling out the online form after verifying your contact details via OTP.
Step 5: Enter personal information as prompted and proceed by clicking "Next."
Step 6: Add your employment specifics to the form as requested.
Step 7: Provide accurate banking details as required.
Step 8: Upload the necessary documents digitally in PDF, JPEG, PNG, or DOC formats.
Step 9: Finalise your application by clicking "Submit." You will instantly receive a notification upon submission.
Step 10: You can expect a follow-up from our customer care team for additional details during the application review process.
Explore the hidden financial potential of your property with SMFG India Credit. Our team of experts provides easy and efficient assistance to help you secure a hassle-free Loan Against Property. Don't let the value of your real estate holdings go untapped. SMFG India Credit will help you get the most out of your property to achieve your financial goals. Apply now and discover how we can proceed further.
* 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.
First, an online loan eligibility guide can help you determine your suitability for a loan against property. Your location, income, property valuation, outstanding debts, previous credit behaviour, and credit score are the factors lenders use to determine your creditworthiness.
Applying for an LAP online is simple, quick, and convenient. You can apply from the comfort of your home. These loans are available at attractive interest rates and require minimal documentation. After a quick verification, the lending institution can disburse the loan in no time.
Consider the following techniques for obtaining a reduced loan interest rate: maintain a good CIBIL score (at least 700), choose trustworthy lenders, decrease your loan-to-value ratio, enlist property valuation services for added credibility, and ensure timely payment of all debts to avoid late accounts.
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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.
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