Famously dubbed the "Orange City" for its vast orange orchards, Nagpur, Maharashtra, is a bustling commercial and political hub in central India. With an enviable cultural legacy, this city boasts renowned landmarks such as the sacred Deekshabhoomi stupa and the bustling Futala Lake. Thriving markets, ancient forts, and lively festivals only add to the vibrant and engaging tapestry of Nagpur's cultural scene. The famous Tadoba Wildlife Sanctuary is only a few hours away from this bustling city.
Read more to find out about Loan Against Property (LAP) with SMFG India Credit. You can use this as a guide to understand the benefits, eligibility criteria and application process involved in an LAP. This will help you make informed decisions and leverage your property for a brighter financial future.
You can enjoy various benefits while applying for a Loan Against Property in Nagpur with SMFG:
At SMFG India Credit, we understand the importance of trust in the lending process. That's why we prioritize a streamlined and transparent application journey for those seeking a Loan Against Property.
Our offerings are carefully curated to meet your unique financial needs and individual profile, providing you with the most appropriate solution.
We simplify the process by accepting digital copies of required documents.
With our Loan Against Property, you can unlock up to 70%* of your property's market value to fulfill various financial objectives.
Take advantage of our range of repayment options and competitive interest rates to help you ensure the best possible loan terms.
Nagur applicants must fulfill the criteria listed below to qualify for 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 |
Works in
|
Self-employed individual with a steady income source. |
– |
|
Geography |
Resident Indian citizen. |
Resident Indian citizen. |
Indian SME |
|
CIBIL score |
700 and above. |
700 and above. |
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 |
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 |
1% of the loan amount sanctioned (SME loans/Loan Against Property & LRD) |
|
Charges for switching of loans from floating to fixed rate and vice versa |
2% of the outstanding loan amount |
|
Processing Fees |
Up to 3% of the loan amount |
|
Loan Cancellation Charges (Loan Cancelled Before 1st EMI) |
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 |
INR 500/- per instance shall also be payable for every instance of dishonour of Cheque/ECS/ACH Direct Debit. |
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.
A quick guide to applying for Loan Against Property online is as follows:
Step 1: To get started, head to the homepage and locate the "Apply Now" button in the upper right corner.
Step 2: From there, select "Loan Against Property" as your desired option. Ensure accuracy as you enter your personal information, including your name and contact details.
Step 3: To verify your identity, you will receive a six-digit OTP on your mobile number.
Step 4: Next, provide information about your employment and bank accounts.
Step 5: Upload any required documents according to the on-screen instructions.
Step 6: Once completed, click on "Submit" to finalize your application.
Step 7: You will receive timely updates on the status of your loan application.
Step 8: If any further formalities are required, the customer support team will reach out to guide you through the process.
However, these steps are general guidelines. The formalities may vary depending on the loan type, employment status, property valuation, etc.
SMFG India Credit's Loan Against Property option is a reliable and flexible solution that has emerged as a trusted choice. This option optimises property value for various financial needs With smooth and efficient procedures, competitive rates, generous borrowing limits, and a transparent and customer-first approach, let us be your trusted partner in this journey. Visit SMFG India Credit and get started with your application now.
* 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.
Numerous aspects impact your eligibility for a Loan Against Property in Nagpur. These include:
With SMFG India Credit’s 24/7 paperless application, you can now easily access up to 70% of your property's value without worrying about lengthy delays. Our top priority is providing prompt approvals, flexible repayment options, and a strong commitment to transparency, security, and exceptional customer service. We are dedicated to offering a confidential and seamless borrowing experience that caters to your specific needs.
You can take some key actions if you want to obtain a more favourable loan interest rate. The first step is to ensure a strong CIBIL score, preferably over 700. Next, carefully select reputable lenders. Aiming for a lower loan-to-value ratio and obtaining a credible valuation of your property is also beneficial. Lastly, always make timely payments to avoid any overdue payments.
Branch Address 1
Ground Floor, Plot No. 15, Gandhi Grain Market, Near Chappru Nagar Square, Opp. HDFC Bank, Central Avenue, Nagpur 440008, Maharashtra
Branch Address 2
Plot No. 181, Trimurty Nagar, NIT Layput, Nagpur - 440022, Maharashtra
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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