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Jalandhar is a vibrant city in Punjab known for its dynamic culture, rich history, and significant contributions to industries and sports. Fondly referred to as the "Sports City of India," Jalandhar is famous for producing top-quality sports goods. The city is a fusion of traditional and modern elements, as seen in its lively markets, iconic landmarks like the Devi Talab Mandir and the Wonderland Theme Park, and its high enthusiasm for sports, especially hockey. With its diverse heritage, thriving economy, and strong passion for sports, Jalandhar is the go-to destination that offers a glimpse into the soul of Punjab.
Whether expanding a business, covering education expenses, or consolidating debts, LAP offers larger loan amounts at lower interest rates than many other loans. But before diving in, it's essential to grasp the basics. Let’s explore the nitty-gritty of Loan Against Property, highlighting its benefits, considerations, and how to make the most of this financial option.
Features And Benefits Of Loan Against Property In Jalandhar
SMFG India Credit offers specialised loan offerings and expert customer service for swift fund disbursement, minimal paperwork, and flexible repayment periods. Here are the advantages of opting for a Loan Against Property in Jalandhar:
Substantial Loan Limits:
Access loans up to 70% of your property's market value.
Tailored Solutions:
The option of flexible repayment plans and competitive interest rates helps you get loan terms tailored to your financial goals.
High Loan-to-Value:
A high Loan-to-Value (LTV) ratio for residential and commercial properties ensures optimal value to meet any personal or business requirement.
Confidentiality:
Guaranteed transparency and effectiveness.
Seamless Application Process:
Hassle-free documentation and prompt fund disbursal through our intuitive online application process to ensure a smooth journey from application to acquiring the loan.
Eligibility Criteria For Loan Against Property In Jalandhar
To determine your eligibility for a Loan Against Property (LAP), here are some criteria lending institutions factor in:
|
Factor |
Salaried |
Self-employed |
SME |
|
Age |
Between 21 and 60 years. |
Between 25 and 65 years. |
Minimum 2 years old. |
|
Nature of work |
An employee of,
|
Self-employed individual with a steady source of income |
- |
|
Geography |
Resident Indian citizen |
Resident Indian citizen |
Indian SME |
|
CIBIL score |
700 and above is desirable. |
700 and above is desirable. |
Steady source of profits over the past two years, audited by a CA. |
Documents Required To Apply For A Loan Against Property In Jalandhar
Here is a list of the essential documents to be prepared with while applying for an LAP in Jalandhar:
|
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 |
You can also refer to our document page or contact our customer service executives for more details.
Interest Rates On Loan Against Property in Jalandhar
SMFG India Credit's Loan Against Property provides great financial value with competitive interest rates and flexible repayment plans that suit your needs. Your income, job stability, existing commitments, and the type of LAP product you choose determine the lowest interest rate.
This overview highlights the baseline interest rate and other charges to help you understand our expenses comprehensively.
|
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 |
|
Late Payment Charges |
2% plus GST charged monthly (24% per annum) on the overdue amount calculated on day-to-day basis. |
How To Apply For A Loan Against Property In Jalandhar?
Here are the steps you can follow to apply for a Loan Against Property (LAP):
Step 1: Press "Apply Now" at the top right side of the homepage.
Step 2: Select the "Loan Against Property" option.
Step 3: Remember to add your personal details accurately, including your name, contact details, etc.
Step 4: An OTP of 6 digits will be sent to your mobile number for verification.
Step 5: Provide your banking information and employment details.
Step 6: Upload the requisite documents as displayed on the screen.
Step 7: Click "Submit" to complete the application.
Step 8: After submission, you will get notified promptly about your loan status.
Conclusion:
To conclude, a Loan Against Property is a convenient and reliable means of helping take care of their financial needs by leveraging their property as collateral. SMFG India Credit offers streamlined procedures, competitive interest rates, and adaptable repayment plans as a tailored financial solution for individuals and businesses in the city. It enables residents and enterprises to access funds efficiently, with minimal documentation and a robust customer support service.
* 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.
FAQs
How is my loan against property in Jalandhar eligibility calculated?
Your eligibility for a Loan Against Property (LAP) in Jalandhar is determined based on factors such as age, income, past credit behaviour, property value, and employment status. These criteria help negotiate advantageous loan terms and interest rates.
What are the advantages of applying for an online loan against property in Jalandhar?
Applying for an online LAP in Jalandhar offers several advantages, including,
- Convenience of applying.
- Fast processing;
- Hassle-free paperwork;
- Competitive rates of interest;
- Accessible remote tracking facility for updates on the application status.
- Time-saving.
How do I get a lower interest rate on my loan against property in Jalandhar?
To ensure a lower interest rate on your LAP, here are some things to consider:
- For better interest rates, keep your credit scores towards the higher end, preferably 700 or above.
- A low Loan-to-Value Ratio (LTV) indicates a smaller debt to the asset's value securing the loan. This translates to low risk for the lender, which can ultimately help you negotiate better interest rates.
- Have relevant proof of a steady source(s) of income.
- Demonstrate a steady employment history.
- Compare rates of interest with different lending institutions before proceeding.
Additionally, your relationship with the lending institution can help you avail of advantageous loan terms.
Contact Us
Address:
First floor, SCO 47, Opp. District Courts, Jalandhar - 144001
Note: Call on (Toll free number) 1800 103 6001 for more information.Timings: 9:30 AM to 6:30 PM (except 1st Saturday and Sundays and public holidays).
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