Fullerton India Credit Co. Ltd. is Now SMFG India Credit Co. Ltd.

In the serene town of Kumbakonam in Tamil Nadu, the practice of obtaining a "Loan Against Property" has emerged as a crucial financial recourse for locals aiming to capitalize on their immovable assets. Renowned for its temples, cultural heritage, and historical significance, Kumbakonam has witnessed a growing demand for financial assistance through property-backed loans.

This avenue offers individuals and enterprises the means to unlock their property's latent value while addressing various financial needs, whether personal, professional, or entrepreneurial. Amidst the town's continuous progress, the concept of Loan Against Property stands as a robust support system, enabling residents to leverage their property's value for diverse aspirations and endeavors. As Kumbakonam continues to flourish, this financial solution remains a cornerstone, providing the community with the opportunity to utilize its properties judiciously for a spectrum of financial objectives.

Features And Benefits Of Loan Against Property In Kumbakonam

Under the loan against property in Kumbakonam's features and benefits, here's what you gain:

Property Value Loans:

Secure loans of up to 70% of your property's market value, effortlessly meeting personal and business needs.

High Loan-to-Value (LTV) Ratios:

Attain a high loan-to-value (LTV) ratio for both residential and commercial properties, ensuring optimal value for diverse personal or business requirements.

Efficient Mortgage Services:

Our streamlined mortgage loan services ensure efficiency and transparency. Contact us by phone or email to discover the best loan options and rates.

Tailored Solutions for Life Stages:

Discover tailored Loan Against Property products catering to individual needs at different life stages.

Seamless Application Journey:

Experience hassle-free documentation and swift fund disbursal through our user-friendly online application process, from applying to acquiring the loan.

Eligibility Criteria For Loan Against Property In Kumbakonam

Here are some common eligibility criteria for obtaining a loan against property:

Factor

Salaried

Self-employed

SME

Age

Between 21 and 60 years.

Between 25 and 65 years.

At least 2 years old.

Nature of work

Working for a multinational corporation, a private enterprise, or the government.

Independent contractor with a reliable source of income.

Geography

Indian citizens are eligible to apply.

Indian citizens are eligible to apply.

Indian SME

CIBIL score

700+

700+

Steady source of profits over the past two years, audited by a CA.

Documents Required To Apply For A Loan Against Property In Kumbakonam

You will need to have the following documents handy to apply for SMFG India Credit's loan against property:

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

   

A percentage of your cash flow must support the loan amount

For more details, we encourage you to explore our document page or contact our dedicated customer service representatives.

Interest Rates On Loan Against Property in Kumbakonam

Interest rates for a loan against property are contingent on various factors. Our range of mortgage loan products caters to diverse needs, accommodating salaried individuals, self-employed individuals, and businesses alike with tailored solutions.

The details provided below serve as a guideline to estimate your applicable interest rates.

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 Kumbakonam?

Before moving forward, kindly utilize our Loan Against Property EMI calculator to assess your monthly payments based on the loan amount, interest rate, and tenure. Ensure that the calculated EMI aligns appropriately with your financial capacity.

Outlined below is the formal step-by-step application process:

Step 1: Click the "Apply Now" button on the website.

Step 2: Choose "Loan Against Property" on the subsequent page.

Step 3: Select the option based on employment status (salaried, self-employed, SME).

Step 4: Enter the mobile number and OTP received.

Step 5: Fill in personal details on the online form, then click "Next".

Step 6: Input employment details in the following section.

Step 7: Enter bank details in the subsequent step.

Step 8: Upload scanned documents.

Step 9: Click "Submit".

Step 10: Receive an instant eligibility notification.

Step 11: If eligible, expect contact from customer care for further steps.

Conclusion:

A loan against property in Kumbakonam offers a promising financial avenue, leveraging property assets for diverse needs. Nestled in the vibrant cultural expanse of Kumbakonam, this financing option caters to diverse purposes, be it expanding businesses, investing in personal ventures, or addressing significant financial requirements.

At SMFG India Credit, our dedication lies in tailoring personalized solutions to assist you in reaching your financial goals. Contact us today to unleash your property's full potential and achieve your aspirations.

Apply for Loan Against Property

* 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 Kumbakonam eligibility calculated?

Lenders calculate Loan Against Property (LAP) eligibility in Kumbakonam based on property value, income, credit history, and age. Property evaluation determines its worth, while income, creditworthiness, and age influence the loan amount and tenure.

What are the advantages of applying for an online loan against property in Kumbakonam?

Applying for an online Loan Against Property (LAP) in Kumbakonam brings convenience and speed. It allows remote application, streamlined procedures, quicker approvals, and easy comparison of loan options. With minimal paperwork and faster fund disbursal, it ensures a hassle-free experience, making it efficient for borrowers.

How to get a lower interest rate on my loan against property in Kumbakonam?

To attain a reduced interest rate on your Loan Against Property (LAP) in Kumbakonam, prioritize maintaining a favorable credit score, demonstrating consistent income, and aiming for a lower ratio of debt to income.

Contact Us

Address:

Ground & First Floor, New No:-10-11 & Old No:-13-14, Periyathambi Nagar, 1st Cross Extension, Kumbakonam, Thanjavur District - 612 001, Tamil Nadu

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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