Are you located in Noida and are looking for funds to finance big-ticket expenses? Property owners can rejoice since the hidden value of your property can help you avail of the funds required to give wings to your dreams.
We at SMFG India Credit are glad to partner with you in helping you achieve your dreams. We haven’t laid down barriers on the reasons for which the funds can be used with the exception that the funds cannot be used for any illegitimate purpose. If you are a salaried, self-employed professional or SME considering a loan to finance your expenses, this is why a loan against property in Noida might be an ideal option:
Our basic eligibility criteria are simple and straightforward to ensure a smooth customer experience. The basic criteria are as described below:
Please note that other factors such as the nature and value of your property, your monthly income, existing obligations, credit history and other factors including SMFG India Credit’s policy at the time of loan approval will also be considered to determine mortgage loan eligibility. In case of multiple applicants, the same criteria for all applicants will be considered.
Here are some of the documents required to apply for a Loan Against Property:
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Type of Document |
Salaried |
Self-Employed / SMEs |
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PAN Card |
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Proof of Identity And Proof of Address (any one) |
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Age Proof (any one) |
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Bank Statements |
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Income Documents (with CA certification wherever applicable) |
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Property Documents |
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Other Essential Documents |
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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 |
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Interest Rate |
9.25% - 18.5% per annum 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.) |
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Rate of Interest Conversion Fee |
An amount not exceeding 1% of the Principal Outstanding as on date of change request |
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Charges for switching of loans from floating to fixed rate and vice versa |
2% of the outstanding loan amount |
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Processing Fees |
Up to 2% + GST |
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Loan Cancellation Charges (Loan Cancelled Before 1st EMI) |
INR 5,000 plus GST if the loan is cancelled at the request of the borrower after disbursement of the loan but before 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. |
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Repayment Instrument/ECS/ACH/Direct Debit Dishonor Charges |
INR 500/- |
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IMD Charges |
Up to INR 4,500 plus GST for loan amounts from INR 5 lakh to INR 50 lakh; up to INR 5,500 plus GST for loan amounts above INR 50 lakh and up to INR 40 crore; and up to INR 6,500 plus GST for loan amounts above INR 40 crore |
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.
* 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.
You can obtain finance of up to INR 40 crore* or up to 65%* of the market value of your residential/commercial property in Noida.
Because of the extensive verification process involved, it can take up to 15 to 30 days* to receive the funds.
We have simplified the loan application process for the convenience of our customers. After your application, our customer service representatives will contact you to understand your requirements and disburse the loan as soon as possible.
Yes, salaried individuals in Noida availing of LAP can get tax deductions of up to INR 2 lakh on the interest paid on LAP in a particular financial year under Section 24 (B).
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Insurance disclaimer SMICC is registered with the Insurance Regulatory and Development Authority of India (IRDAI) as a Corporate Agent. IRDAI Registration No.: [CA0098] CIN No. U65191TN1994PLC079235. The insurance policy is a contract between the customer and the insurance company, and policy is underwritten by insurance companies. SMICC acts only as the distributor and is not responsible for any risk, policy issuance, claim settlement/repudiation etc. Insurance is the subject matter of solicitation. Purchase of insurance is voluntary and subject to insurer underwriting and policy terms and conditions. Customers are advised to read the policy terms and conditions, benefits, exclusions, claim settlement carefully before purchase. Kindly note that “Insurance Products” are not mandatory for the purpose of the application and disbursement of loan. It shall be the sole discretion of the customer, by providing explicit consent, to avail such insurance along with the Loan.
Beware of Spurious calls/ Fraud phone calls IRDAI is not involved in activities like selling Insurance policies, announcing bonus or investment of premium. Public receiving such phone calls are requested to lodge a police complaint.
