Loan Against Property in Mumbai

Mumbai is one of the most dynamic cities in the world and is commonly known as the city of dreams. Over the years, this city has offered life-changing opportunities to millions of individuals. If you own a residential or commercial property in this city, you can consider a loan against property in Mumbai to tide over any expenses.

You may require funds for a variety of reasons such as starting a business, pursuing education abroad, for managing wedding expenses or for medical emergencies. SMFG India Credit understands the importance of arranging for funds quickly in such situations and hence provides loan against property in Mumbai. By availing a loan against property in Mumbai, you can easily manage these huge expenses.

Here are the features and benefits of loan against property in Mumbai:

1) Eligibility Criteria:

Loan against property eligibility is extremely easy. You are eligible for loan against property in Mumbai as a salaried resident or a self-employed resident or a SME.

If you are a Salaried Applicant, Then

• You need to be an Indian resident between 21 and 60 years
• You need to be a salaried employee in an MNC, private company or the public sector
• Your CIBIL score needs to be 700+  

If you are a Self-Employed Applicant, Then

• You need to be an Indian resident between 25 and 65 years
• You need to be self-employed with a source of regular income
• Your CIBIL score needs to be 700+  

If you are Applying as a SME, Then

• Your Indian SME needs to be at least 2 years old
• Financial statements should display steady profits over last 2 years and must be audited by a CA 
• You need to be the owner of residential or commercial property in order to be eligible for loan against property.  

You can also use the maximum loan eligibility calculator to estimate the maximum loan amount that you can receive. You will need to enter the market value of the property, nature of property, monthly income, existing monthly obligations, interest rate and tenure.

However, there are a few other factors that are considered in determining eligibility. These include the applicant’s eligibility and the policies followed by SMFG India Credit during the loan application process.

2) Simple Documentation:

The list documents required for loan against property for both self-employed and salaried include income tax returns for the last two years

• KYC documents
• Form 16
• Bank statements for the last 6 months
• Documentation of the property which would be offered as collateral.

For SMEs, the list of documents include

• KYC documents
• Form 16
• Bank statements for the last 6 months
• Income tax returns for the last 2 years with a snapshot of audited income
• Documentation of the property which would be offered as collateral.

It is important that a percentage of your cash flow should support the loan amount.

3) EMI Calculator

Before applying for a loan against property in Mumbai, you can use the EMI calculator to calculate your EMI. Most lenders offer this calculator on their website. For example, SMFG India Credit’s website has an easy-to-use EMI calculator that helps you to calculate your EMI and plan your monthly budget.

You need to enter repayment tenure, interest rate, and loan amount. The maximum repayment tenure is 15 years and your age of 65 years. The interest rate on loan against property are very affordable and minimal. While choosing values in the EMI calculator remember that you can get a maximum loan value depending on the LTV that is currently being offered by SMFG India Credit.

4) Interest Rates, Fees and Charges

Usually interest rates on loan against property in Mumbai begin from 9% onwards. However, before applying it is recommended that loan applicants go through the fees and charges offered by the lender. SMFG India Credit is transparent about the loan against property fees and charges and has published them. It is recommended that loan applicants go through these details before applying for a loan against property in Mumbai.

5) Speedy Disbursal

Since the loan applicant would require a substantial amount within a short period of time, it is important that the loan application be processed quickly. SMFG India Credit recognises the importance of making funds available within a short period. We aspire to provide a seamless and convenient experience to our loan applicant.

If you are planning to apply for a loan against property in Mumbai, you have to click on the “Apply Now” button, and then select “Loan Against Property”. After this step, you have to fill up the requisite form with a few details related to your profile, employment, etc. Thereafter, you will immediately receive a confirmation from SMFG India Credit, and a customer care representative will get in touch with you to assist further.

Apply for Loan Against Property