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

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.

Features And Benefits Of Loan Against Property In Coimbatore

You can enjoy various benefits while applying for a Loan Against Property in Coimbatore with SMFG India Credit:

Transparency and Trust:

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.

Tailored to Your Needs:

Our Loan Against Property packages are customizable according to your specific requirements and financial profile.

Simplified Paperwork:

Just provide digital copies of the required documents, and we will swiftly verify and disburse funds.

Generous Loan Limits:

You can borrow up to 70% of your property's market value (up to INR 5 crores*) for various financial purposes.

Competitive Interest Rates:

Our interest rates are highly competitive, and we offer a range of repayment options to ensure you get the most favourable terms.

Maximise Property Value:

With our help, you can leverage the full worth of your properties to fulfil your financial needs.

Eligibility Criteria For Loan Against Property In Coimbatore

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. 

Documents Required To Apply For A Loan Against Property In Coimbatore

Remember to have both the original and copies of the essential documents required while applying for a loan against property in Coimbatore:

Salaried  

Self-employed  

SME 

Income tax returns for the latest 2 years 

Income tax returns for the latest 2 years 

KYC documents 

KYC documents 

KYC documents 

Form 16 

Form 16 

Form 16 

Bank statements for the last 6 months and income statements 

Bank statements for the last 6 months and salary slips 

Bank statements for the last 6 months 

ITR for the last two years with a summary of audited income. 

Documentation pertaining to the property offered as collateral 

Documentation pertaining to the property offered as collateral 

Documentation pertaining to the property offered as collateral 

Our document page explains these requirements in more detail. Feel free to refer them at your leisure.

Interest Rates On Loan Against Property in Coimbatore

Understanding the factors determining the best interest rate when taking a loan against property is important. Different variables influence your LAP interest rate, including LAP type, income, employment status, and financial obligations. Our summary outlines the base interest rate and other charges for your understanding.

Aspect 

Details 

Loan Amount 

Up to INR 5 crore* 

Loan Tenure 

Up to 180 months 

Lowest EMI Per Month 

It starts at INR 5,071 for a 180-month period 

Cheque Dishonoured Charges 

INR 300 

Proceeding Fees 

Up to 3% of the Loan Amount 

Customer Type 

Salaried / Self-Employed / SMEs 

Delayed EMI Payment Interest 

24% per annum on outstanding balances overdue, calculated on a day-to-day basis. 

How To Apply For A Loan Against Property In Coimbatore?

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.  

Conclusion:

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.

Apply for Loan Against Property

FAQs

How is my loan against property in Coimbatore eligibility calculated?

Several factors are considered while deciding your eligibility for a Loan Against Property. These include:

  • Your income;
  • Type of LAP;
  • Credit history;
  • History of debts and outstanding payments;
  • Your employment status;
  • Location.

What are the advantages of applying for an online loan against property in Coimbatore?

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.

How to get a lower interest rate on my loan against property in Coimbatore?

To maximise your chances of securing lower interest rates on your loan against property, aim for the following:

  • Ensure you have a CIBIL score of 700 or higher credit score.
  • Demonstrate responsible credit behaviour at all times.
  • Remember to clear all outstanding debts.
  • Try to maintain a low loan-to-value ratio.
  • A comfortable LAP type and tenure reduce the stress on your finances.

    Contact Us

    Address:

    Bathija Blossom, First Floor No.229/2 & 3, Thiruvenkatawamy Road, R S Puram East, Coimbatore-641002, Tamil Nadu

    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).

    Knowledge Center

    Here are some articles which could help you understand us and our products better.


    Have a Query? Read FAQs
    Transfer of Property Act: Meaning, Definition & Key Elements
    Loan Against Property

    Transfer of Property Act: Meaning, Definition & Key Elements

    The Transfer of Property Act is a pivotal legal framework that governs property transactions in…

    Encumbrance Certificate: Meaning, Importance & Significance In Property Purchase
    Loan Against Property

    Encumbrance Certificate: Meaning, Importance & Significance In Property Purchase

    In the realm of property transactions, an encumbrance certificate plays a pivotal role, offering…

    CERSAI: Full Form, Meaning, Login, Charges, Registration & Fees
    Loan Against Property

    CERSAI: Full Form, Meaning, Login, Charges, Registration & Fees

    CERSAI, or the Central Registry of Securitization Asset Reconstruction and Security Interest of…