Coimbatore is a bustling metropolis known for its thriving industrial sector and prestigious education institutions. Fondly referred to as the "Manchester of the South," it is known for its flourishing textile industry, engineering firms, and manufacturing units.
The city perfectly balances urban development and natural beauty, surrounded by the breathtaking Western Ghats mountain range. In addition to its impressive industrial landscape, Coimbatore boasts lush botanical gardens, vibrant marketplaces, and a rich cultural heritage. With its vibrant combination of industry, education, and natural allure, Coimbatore honours its dynamic growth and deep cultural roots.
Do you need a reliable, straightforward solution to fulfil your financial responsibilities in Coimbatore? Consider a loan against property (LAP), as it can provide great benefits. Keep reading to discover more about its advantages, eligibility requirements, necessary documentation, and other valuable details to aid you in applying for an LAP.
You can enjoy various benefits while applying for a Loan Against Property in Coimbatore with SMFG India Credit:
Lending institutions value the trust applicants place in them when applying for an LAP. At SMFG India Credit, we strive to streamline the application process for your convenience.
Our Loan Against Property packages are customizable according to your specific requirements and financial profile.
Just provide digital copies of the required documents, and we will swiftly verify and disburse funds.
You can borrow up to 70% of your property's market value (up to INR 40 crores*) for various financial purposes.
Our interest rates are highly competitive, and we offer a range of repayment options to ensure you get the most favourable terms.
With our help, you can leverage the full worth of your properties to fulfil your financial needs.
To qualify for a loan against property in Coimbatore, applicants must fulfil the following eligibility criteria:
|
Factor |
Salaried |
Self-employed |
SME |
|
Age |
21 - 60 years |
25 - 65 years. |
At least 2 years old. |
|
Nature of work |
Employees engaged in private companies, MNCs, or the public sector |
Self-employed individual with a steady source of income |
- |
|
Geography |
Indian residents |
Indian residents |
Indian SME |
|
CIBIL score |
A CIBIL score of 700+ is advantageous. |
A CIBIL score of 700+ is advantageous. |
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 |
|
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.
Here is how you can simplify your loan against property application process:
Step 1: You can start with our loan against property EMI calculator to estimate the monthly EMI that suits your needs.
Step 2: Click on "Apply Now" on the official web portal.
Step 3: Select the "Loan Against Property" option along with your employment status.
Step 4: Provide your contact details, verify the received OTP, and complete the online form.
Step 5: Fill in your personal and contact details. Click on "Next."
Step 6: Add details regarding your employment status.
Step 7: Following this, add your banking details. Remember to ensure accuracy to avoid any transaction glitches.
Step 8: Provide digital copies of the requisite documents in the prescribed format (PDF/JPEG/PNG/DOC).
Step 9: Click "Submit".
Step 10: Once done, a customer care executive will contact you and help you proceed with the remaining formalities.
Step 11: After thoroughly verifying your documents, the loan will be disbursed in no time to your designated bank account.
However, these steps are general guidelines. The formalities may vary depending on the loan type, employment status, property valuation, etc.
Despite your best efforts, some financial expenses can come unannounced. That's why we at SMFG India Credit are here to help you navigate through the loan against property process in the most seamless way possible. Our team of experts will assist you with the estimation, documentation, and discussion of loan terms that suit your financial capacity. No matter your occupation - salaried, self-employed, or SME owner—you can reach out to us to empower your plans with SMFG India Credit's property-backed loans.
* 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.
Several factors are considered while deciding your eligibility for a Loan Against Property. These include:
We understand the importance of securing a loan against your property in Coimbatore, so our online process aims to make it hassle-free. Get up to 70% of your property's value, saving your precious time with a 24/7 paperless application. Experience prompt approvals, flexible repayment options, and our commitment to transparency, security, and dedicated customer support, ensuring a smooth and confidential experience tailored to your needs.
To maximise your chances of securing lower interest rates on your loan against property, aim for the following:
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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.
