An industrial city in Tamil Nadu, Hosur is home to several sectors such as automobiles, manufacturing, granite processing, and minerals. With a high influx of tech and EV-related industries, Hosur is a popular investment destination. Located a mere 40 kilometres from Bengaluru, the city is set to soon become a major economic zone with a new international airport. A mortgage loan in Hosur or a loan against property can be a strategic move to monetise on the booming economy by capitalising on your existing property.
Let us see how you can benefit from SMFG India Credit’s comprehensive solutions for a loan against property in Hosur.
The following are some of the many features and benefits that make us one of the best loan against property providers in Hosur:
At SMFG India Credit, the LAP eligibility requirements are straightforward and easy to meet for accessible financing:
|
Criterion |
Salaried |
Self-employed |
SMEs |
|
Age |
Between 21 and 60 years. |
Between 25 and 65 years. |
At least 2 years old. |
|
Nature of work |
A salaried employee in an MNC, a private company or the public sector |
Self-employed individual with a steady source of income |
- |
|
Location |
Resident citizen of India |
Resident citizen of India |
Indian SME |
|
CIBIL score |
700+ |
700+ |
Financials should show a steady source of profits over the past 2 years and be audited by a chartered accountant. |
*Please note that this is only the basic Hosur loan against property eligibility. The final eligibility will depend on several factors including SMFG India Credit’s policy at the time of loan application.
Here are some of the documents required to apply for a Loan Against Property:
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Type of Document |
Salaried |
Self-Employed / SMEs |
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PAN Card |
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Proof of Identity And Proof of Address (any one) |
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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/- |
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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.
The loan against property process in Hosur becomes easier with SMFG India Credit’s simple guidelines:
As Hosur continues to thrive as a major industrial and economic hub, property owners have a unique opportunity to capitalise on the city’s rapid growth. Leveraging your property through a loan against property in Hosur can be a strategic financial move whether you are a salaried individual, a business owner, or an SME.
SMFG India Credit offers tailored LAP solutions with competitive interest rates, high loan-to-value ratios, and flexible repayment options to meet your financial goals. Take advantage of our customised financial solutions and apply for a mortgage loan in Hosur today.
* 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.
Factors such as your employment status, income stability, location, property valuation, and previous credit history are involved in determining your eligibility for mortgage loan in Hosur.
Online applications are a quick way of applying from anywhere as opposed to visiting a physical office and filling out paperwork. As the process involves minimal documentation and quicker approvals (subject to eligibility and documents), it makes for a smooth experience.
Some ways to get a low-interest rate loan against property in Hosur are:
For a LAP in Hosur at SMFG India Credit, you can borrow up to INR 40 crores* or up to 70%* of your property’s current market value.
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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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