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.
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:
Access loans up to 70% of your property's market value.
The option of flexible repayment plans and competitive interest rates helps you get loan terms tailored to your financial goals.
A high Loan-to-Value (LTV) ratio for residential and commercial properties ensures optimal value to meet any personal or business requirement.
Guaranteed transparency and effectiveness.
Hassle-free documentation and prompt fund disbursal through our intuitive online application process to ensure a smooth journey from application to acquiring the loan.
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. |
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 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.
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.
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.
Applying for an online LAP in Jalandhar offers several advantages, including,
To ensure a lower interest rate on your LAP, here are some things to consider:
Additionally, your relationship with the lending institution can help you avail of advantageous loan terms.
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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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