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:
|
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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|
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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 |
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 |
1% of the loan amount sanctioned (SME loans/Loan Against Property & LRD) |
|
Charges for switching of loans from floating to fixed rate and vice versa |
2% of the outstanding loan amount |
|
Processing Fees |
Up to 3% of the loan amount |
|
Loan Cancellation Charges (Loan Cancelled Before 1st EMI) |
INR 5,000/- if the loan is cancelled at the request of the Borrower after disbursement of the Loan, but before the 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. |
|
Cheque/ECS/ACH Direct Debit Dishonour Charges |
INR 500/- per instance shall also be payable for every instance of dishonour of Cheque/ECS/ACH Direct Debit. |
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 5 crores* or up to 70%* of your property’s current market value.
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