Chennai is one of the fastest-growing industrial hubs encompassing key sectors like automobile, IT, manufacturing and healthcare. With so many growing sectors, businesses and individuals are in constant need of funds to finance projects, start-ups and even for personal use.
This has also given rise to a thriving financial district with several domestic and global banks & NBFCs extending mortgage loans in Chennai.
When you need to raise funds for high-value personal expenses or for business purposes, loans against property are generally sought when you need a significant amount of funds. For such high-value funds to be sanctioned by SMFG India Credit, we require collateral to approve a huge loan amount. Property security from the point of view of the financial institution is safe collateral where possibilities of value appreciation are high.
If you are looking for a property loan in Chennai, you have the option to approach a Non-banking Financial Institution like SMFG India Credit that offers more flexibility in terms of eligibility and documentation.
You can use the eligibility calculator on their website to check if you can meet what they request. That said, take a look at these eligibility criteria at SMFG India Credit.
With the eligibility check done, you also need to get the documents required for loan against property absolutely spot on. Check SMFG India Credit’s basic documentation list.
For a salaried individual to get a property loan in Chennai, you need to have a minimum salary of Rs. 20,000 per month. This is also applicable to residents of other cities and towns in India except for Mumbai and Delhi.
Residents of Delhi and Mumbai who wish to avail a loan from SMFG India Credit need to have a minimum salary of Rs. 25,000 per month.
SMFG India Credit’s offers loan against property in Chennai of up to Rs. 5 crores or 70% of the mortgage value as per the current market value of the property. The loan against property interest rates are extremely competitive. The factors that determine the interest rate are the type of property that you would like to mortgage, property documentation, net income, employment or business stability.
You will be liable to pay a processing fee which can be up to 3% of the loan amount sanctioned.
The application for your mortgage loan in Chennai can be made by visiting the nearest SMFG India Credit branch. Remember to carry all the originals of your documents and their photocopies for submission.
Alternatively, you can opt to proceed with the submission process completely online. The form needs to be filled and you can even upload softcopies of your documents via the SMFG India Credit website.If you are not confident about uploading your documents online, you can have them collected from your location of convenience. Simply call the customer service team on their toll-free number (1800 103 6001) or email to schedule an appointment.
The maximum loan amount is ₹5,00,00,000*, while the minimum is ₹5,00,000*.
The loan tenure is flexible and can be extended up to 15 years*.
Yes, you can apply for a loan against property online seamlessly. Start by clicking on the “Apply now” button on SMFG India Credit's website, entering some basic details, and uploading the documents. Our representatives will then contact you to move the process forward.
SMFG India Credit has a transparent and speedy process for loan approval and disbursal.
The processing fee for a loan against property is up to 3% of the loan amount.
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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