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

Looking for a reliable way to unlock the value of your Mysore property? A Loan Against Property in Mysore from SMFG India Credit is the perfect solution for residents and business owners in this culturally rich city. Known for its majestic palaces and vibrant markets, Mysore is also a growing economic hub with flourishing industries such as Information Technology, manufacturing, and tourism.

Whether you're a salaried individual or an entrepreneur, securing a property loan in Mysore allows you to tap into your property's value to meet personal or business financial needs. With attractive LAP interest rates and flexible options for a secured LAP loan in Mysore, SMFG India Credit offers comprehensive financial solutions to help you make the most of your property.

Loan Against Property in Mysore: Features and Benefits

The following are some of the many features that make SMFG India Credit one of the best mortgage loan providers in Mysore:

  • High Borrowing Limits: Borrow up to 70%* of your property's market value with our LAP loans in Mysore.
  • Competitive Interest Rates: We offer some of the most competitive rates in the market to ensure that your home equity loan in Mysore is affordable and easy to repay.
  • Easy Eligibility Criteria: Our Mysore loan against property eligibility is designed to be straightforward and accessible.
  • Quick and Hassle-Free Processing: With our efficient loan processing system, you can get your loan against property in Mysore approved quickly. We understand the importance of time, and our team works diligently to process your application promptly.
  • Flexible Repayment Options: We offer repayment tenures going up to 15 years for your loans against residential or commercial properties in Mysore, allowing you to choose a plan that fits your financial situation.
  • Minimal Documentation: We require minimal documents so that you can experience a quick and stress-free online application process.

Eligibility Criteria For Loan Against Property In Mysore

Knowing our LAP eligibility criteria will help you better prepare for your loan application:

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 Mysore mortgage loan 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 Mysore

You’ll need to provide the following documents when applying for a property mortgage loan in Mysore at SMFG India Credit. Please note the different requirements for the salaried, self-employed, and SME applicants.

Type of Document

Salaried

Self-employed

SMEs

Basic Documents

  • Application form with a recent photograph
  • Processing fee cheque
  • Application form with a recent photograph
  • Processing fee cheque
  • Application form with a recent photograph
  • Processing fee cheque

Proof of Identity

  • Passport copy
  • Voter ID card
  • Driving license
  • PAN card
  • Passport copy
  • Voter ID card
  • Driving license
  • PAN card
  • Passport copy
  • Voter ID card
  • Driving license
  • PAN card

Proof of Address

  • Ration card
  • Telephone bill
  • Electricity bill
  • Rental agreement
  • Passport copy
  • Bank passbook/statement
  • Driving license
  • Ration card
  • Telephone bill
  • Electricity bill
  • Rental agreement
  • Passport copy
  • Bank passbook/statement
  • Driving license
  • Ration card
  • Telephone bill
  • Electricity bill
  • Rental agreement
  • Passport copy
  • Bank passbook/statement
  • Driving license

Proof of Age

  • PAN card
  • Passport copy
  • Any other certificate from a statutory authority
  • PAN card
  • Passport copy
  • Any other certificate from a statutory authority
  • PAN card
  • Passport copy
  • Any other certificate from a statutory authority

Proof of Income

  • Bank statements (bank statements or bank passbook for the last 6 months) OR Salary slips for the last 6 months
  • Form 16
  • Income Tax Returns for the last 3 years
  • Bank statements (bank statements or bank passbook for the last 6 months)
  • Income Tax Returns for the last 3 years
  • Income statements and other financials for the past 2 years attested by a CA
  • Bank statements (bank statements or bank passbook for the last 6 months)
  • Income Tax Returns for the last 3 years
  • Audited financials for the last 2 years

Property Documents

  • Documentation pertaining to the property offered as collateral
  • Documentation pertaining to the property offered as collateral
  • Documentation pertaining to the property offered as collateral

*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 Mysore

Knowing the Mysore loan against property interest rates and associated charges, such as processing fees, will give you a better understanding of the overall loan cost.

Here is an overview of our LAP fees and charges:

Factor

Rates/Charges

Interest Rate

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 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
(Note: The Cheque/ECS/ACH Direct Debit Dishonour Charges as referred to above are not compensatory and/or to be construed as any form of consideration towards the act of dishonour and in no ways should the same be construed as fees recovered under this facility. It is abundantly clarified that SMFG India Credit does not tolerate dishonour of instruments and/or deposit of an invalid, fake, or unworthy instrument issued towards meeting payment obligations under this facility and any Charges collected thereof are not intended to compound such acts of dishonour. Notwithstanding any Charges collected hereof SMFG India Credit reserves its right to invoke the appropriate civil and criminal laws)

An amount not exceeding INR 300/- per instance shall also be payable for every instance of dishonour of Cheque/ECS/ACH Direct Debit.

How To Apply For a Loan Against Property In Mysore?

You can easily apply for a mortgage loan in Mysore at SMFG India Credit by following these steps:

1. Validate Contact Information

Begin your loan application here by selecting the option for “Loan Against Property”. Specify whether you are a salaried employee, self-employed, or an SME. Enter your mobile number correctly in the online form that follows. Validate the same with an OTP.

2. Fill Out the Application Form

Provide more information such as your personal details, employment information, and bank details. Next, upload the scanned copies of the required documents for a Loan Against Property. The documents should be error-free to avoid any undue delays due to discrepancies.

3. Wait for Approval

Submit the loan application, after which you’ll know about your loan approval status shortly. Our representative will reach out as we verify your eligibility, documents, and property. The loan can be sanctioned after satisfactory verification. Sign the loan agreement, after which you will receive the final loan approval and the funds will be disbursed.

Conclusion

A Loan Against Property in Mysore from SMFG India Credit is a smart way to unlock the value of your property and secure the funds you need for personal or business purposes. With competitive interest rates, flexible repayment options, and quick processing, our LAP in Mysore ensures that you have access to the financial support you need without any hassle.

We also provide free online tools such as a loan-to-value calculator and a LAP EMI calculator to ease your financial planning. Apply online today or contact us for more information. Our experts can help you select the best loan option and interest rates for your needs.

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 Mysore eligibility calculated?

Your eligibility for a mortgage loan in Mysore is determined based on various factors, including your property's current market value, your income, credit score, age, and repayment capacity.

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

Applying online allows you to check eligibility, fill out the application form, and submit the required documents without having to visit a physical branch. Loan processing is also typically faster than offline application, depending on your eligibility.

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

To secure a lower interest rate, maintain a good credit score, try to opt for a shorter loan tenure, and pay a higher down payment. Selecting a reputed lender is also important to ensure fair interest rates and terms.

How much loan can I get against my property in Mysore?

The loan amount you can get is typically up to 70%* of your property's market value, depending on the type of property and your eligibility.

Contact Us

Branch Address 1

1st Floor, No.305/356, T Narsipura Main Road, Nandini Layout, Above SBI Bank, Alanahalli, Mysore – 570028. Karnataka State

Branch Address 2

1st Floor, No.571, New Kantharaja URS Road, Kuvempu Nagar,Near Vijaya Bank Circle, Mysore - 570023, Karnataka

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).

Knowledge Center

Here are some articles which could help you understand us and our products better.


Have a Query? Read FAQs
Step By Step Loan Against Property Process Explained
Loan Against Property

Step By Step Loan Against Property Process Explained

Planning to expand your business, or dreaming of the perfect wedding? Maybe you are facing an…

All You Need to Know About Equitable Mortgage
Loan Against Property

All You Need to Know About Equitable Mortgage

Equitable mortgages are a flexible way for property owners to use their property equity or home…

Common Myths About Loan Against Property
Loan Against Property

Common Myths About Loan Against Property

Does taking a Loan Against Property (LAP) mean that you lose ownership? Is taking out a high-…