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Karnal, Haryana, is known for its agricultural production and major export of crops like rice and wheat. The city's industrial scene is rapidly evolving, with flourishing manufacturing companies specialising in hardware, equipment, and machinery.
The booming economy presents abundant opportunities for both businesses and individuals. Property mortgage loans in Karnal can help access financial funding which can be used for a variety of purposes like business expansion, funding education, investing in opportunities, medical expenses, and so on.
SMFG India Credit provides loans against property in Karnal for business or personal aspirations with several attractive benefits that we’ll explore in detail.
Loan Against Property in Karnal: Features and Benefits
Let us see the features and benefits that make SMFG India Credit one of the best loan against property providers in Karnal:
- Substantial Loan Amounts - Being secured, borrowers can access higher loan amounts than unsecured loans. SMFG India Credit provides a loan against property in Karnal up to INR 5 crores* or up to 70%* of the property’s market value.
- Lower Interest Rates - Due to the presence of collateral, interest rates are generally lower than unsecured loans, keeping the cost of borrowing optimal.
- Long Repayment Tenure - Repayment tenures ranging up to 15 years are available for our LAP loans in Karnal. Longer tenures help reduce the EMI, making the repayment more manageable. However, they may lead to higher interest costs.
- Best Value: A high LTV (loan-to-value) makes sure that you get the best value for your residential or commercial estate with our secured loans in Karnal.
- Retained Ownership - The ownership of the property is maintained by the borrower during the entire repayment period. Hence, you can continue using the property without any disruption.
Eligibility Criteria for Loan Against Property in Karnal
Self-employed and salaried individuals, as well as Indian SMEs, can apply for loans against property in Karnal. The eligibility criteria for all 3 categories are as follows:
|
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 Karnal loan against property eligibility. The final eligibility will depend on several factors including SMFG India Credit’s policy at the time of loan application.
Documents Required to Apply for a Loan Against Property in Karnal
Here is a detailed list of the required Karnal loan against property documents at SMFG India Credit:
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Type of Document |
Salaried |
Self-employed |
SMEs |
|
Basic Documents |
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Proof of Identity |
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Proof of Address |
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Proof of Age |
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Proof of Income |
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Property Documents |
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*Please note that additional documents may be requested depending on your individual profile and SMFG India Credit’s policy at the time of loan application.
Interest Rates on Loan Against Property in Karnal
Karnal loan against property interest rates for each applicant are determined based on several factors such as their net income, employment or business stability, existing debts, and so on.
Here is a quick overview of other fees and charges you can expect:
|
Factor |
Rates/Charges |
|
Rate of Interest Conversion Fee |
An amount not exceeding 1% of the loan amount sanctioned (SME loans/Loan Against Property & LRD) |
|
Processing Fees |
Up to 3% of the loan amount |
|
Loan Cancellation Charges (Loan Cancelled Before 1st EMI) |
An amount not exceeding 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 |
An amount not exceeding INR 300/- per instance shall also be payable for every instance of dishonour of Cheque/ECS/ACH Direct Debit. |
Contact us for more information on our interest rates for home equity loans in Karnal.
How to Apply for a Loan Against Property in Karnal?
SMFG India Credit provides a simple online application method for an online Karnal property loan application:
- Begin your application journey here. Select the loan type as ‘Loan Against Property’.
- Choose your employment type from the categories available - “Salaried”, “Self-employed”, and “SMEs”.
- Carefully fill out the application form with personal details. Make sure to enter valid contact details because they will be used for further contact.
- Complete the authentication process using your contact number by following the given instructions.
- Enter and review all the personal, employment, and financial details.
- Submit the necessary documents and ensure they are accurately uploaded to ensure quicker loan processing.
- Click “Submit” to complete the loan application process.
Within a short time, you will receive the approval status of your application. A representative will get in touch with you as your application undergoes various stages of verification. Post successful verification, the loan will be sanctioned. The final approval and funds disbursement will proceed once you have signed the loan agreement.
Purposes of Loan Against Property in Karnal
One of the best advantages of an LAP in Karnal is that they are not restricted to a single purpose. You can use the funds acquired for several projects or expenses such as business expansion, debt consolidation, higher education, medical emergencies, and so on. Memorable events of a larger scale, such as weddings, can also be supported with a loan against property in Karnal.
Conclusion
Karnal is a city famous for its agricultural exports and the success of manufacturing companies. It is a thriving industrial scene with business and personal growth opportunities.
A loan against property is a viable option for financing your aspirations by making the most of your residential or commercial estate. SMFG India Credit offers LAP solutions in Karnal with competitive interest rates and flexible repayment options to help manage repayments with ease. Apply now to secure the funding you need to fulfil your financial goals. Our free loan-to-value calculator will give you an estimate of the maximum loan amount you may be able to borrow.
* 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 Karnal eligibility calculated?
Several factors including your age, previous credit behaviour, income, net monthly obligations, CIBIL score, and employment history affect the eligibility for a mortgage loan in Karnal.
What are the advantages of applying for an online loan against property in Karnal?
Applying for an online loan against property in Karnal has several advantages. The application process itself is quick, convenient, and can be completed from the comfort of your home. Loan processing is also faster, subject to eligibility and accuracy of the submitted documents.
How to get a lower interest rate on my loan against property in Karnal?
There are multiple ways to get a lower interest rate on a loan against property in Karnal such as improving your credit score, opting for a shorter loan tenure, or making a higher down payment.
How much loan can I get against my property in Karnal?
At SMFG India Credit, the maximum loan against residential property in Karnal is up to 70%* of the property’s market value. A loan against commercial property goes up to 60%* of the property’s market value.
Contact Us
Branch Address 1
Ground Floor and Basement, SCO-12/8, Sector-8, HUDA Market, Karnal - 132001, Haryana
Branch Address 2
Ground Floor, Plot No.7, Daniyalpur Road, Near Kunj Pura Road, Karnal, Haryana - 132001
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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