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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.
Features And Benefits Of Loan Against Property In Nagpur
You can enjoy various benefits while applying for a Loan Against Property in Nagpur with SMFG:
Trust and Clarity:
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.
Tailored Solutions:
Our offerings are carefully curated to meet your unique financial needs and individual profile, providing you with the most appropriate solution.
Easy Documentation:
We simplify the process by accepting digital copies of required documents.
High Borrowing Capacity:
With our Loan Against Property, you can unlock up to 70%* of your property's market value to fulfill various financial objectives.
Competitive Interest Rates:
Take advantage of our range of repayment options and competitive interest rates to help you ensure the best possible loan terms.
Eligibility Criteria For Loan Against Property In Nagpur
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. |
Documents Required To Apply For A Loan Against Property In Nagpur
It is helpful to have both the original and copies of the essential documents required while applying for a loan against property in Nagpur:
|
Salaried |
Self-employed |
SME |
|
IT returns for the last 2 years |
IT returns for the last 2 years |
Proof of identity (Passport, Voter ID, PAN Card, Driver’s Licence) |
|
Proof of identity (Passport, Voter ID, PAN Card, Driver’s Licence) |
Proof of identity (Passport, Voter ID, PAN Card, Driver’s Licence) |
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. |
|
Records related to the property that was put up for collateral |
Records related to the property that was put up for collateral |
Records related to the property that was put up for collateral |
Our document page explains these requirements in more detail. Feel free to refer to them at your leisure.
Interest Rates On Loan Against Property in Nagpur
Different variables influence your interest rate, including your income, employment status, existing financial commitments, credit score, and so on. Here is a summary of the charges involved while availing of a loan against property:
|
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 Nagpur?
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.
Conclusion:
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.
FAQs
How is my loan against property in Nagpur eligibility calculated?
Numerous aspects impact your eligibility for a Loan Against Property in Nagpur. These include:
- Your income assessment.
- The type of LAP being opted.
- Evaluation of credit history.
- Review of past debts and pending payments.
- Your current employment status and income.
- Your location.
What are the advantages of applying for an online loan against property in Nagpur?
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.
How to get a lower interest rate on my loan against property in Nagpur?
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.
Contact Us
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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