Pune, the seat of the Peshwas, is famously hailed as the "Oxford of the East" and is the best representation of Marathi culture. Esteemed for its prestigious academic institutions, the city brims with intellect, innovation, and multiculturalism. From the magnificent Shaniwar Wada to the imposing Sinhagad Fort, Pune's rich past coexists harmoniously with its modern amenities and lively nocturnal scene. Nestled near scenic hill stations and showcasing an appreciation for fine arts, music, and literature, Pune is truly an urban paradise.
Are you seeking finances for medical needs, expanding your business or financing your child’s education? A loan against property (LAP) can help you do so by offering substantial loan amounts at competitive interest rates and convenient repayment tenures. But before proceeding, let’s understand the nitty-gritty of SMFG India Credit’s loan against property.
SMFG India Credit provides quick loan disbursement with minimal paperwork, and flexible repayment periods, with customised loan plans. Here are the advantages of opting for a Loan Against Property in Pune:
We believe in maintaining transparency and customer trust at all times with our simplified loan application process. Your confidence in us is our priority.
Flexible and customisable, our Loan Against Property packages are designed to cater to your specific financial needs and preferences.
Submit digital copies of necessary documents and say goodbye to the hassle of paperwork. This is followed by quick verification and efficient fund disbursements.
Being a secured loan, you can avail of loans up to almost 70%* of your property's market value.
Get the best out of your LAP with our multiple repayment options and competitive interest rates.
Let us help you unlock your property's full potential and provide the best value.
To decide your eligibility for a Loan Against Property (LAP) in Pune, here are some criteria applicants must fulfil:
|
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 an MNC, a private company, or the public sector |
Self-employed individual with a steady source of income |
– |
|
Geography |
Resident citizen of India |
Resident citizen of India |
Indian SME |
|
CIBIL score |
700+ |
700+ |
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 |
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.) |
|
Rate of Interest Conversion Fee |
An amount not exceeding 1% of the Principal Outstanding as on date of change request |
|
Charges for switching of loans from floating to fixed rate and vice versa |
2% of the outstanding loan amount |
|
Processing Fees |
Up to 2% + GST |
|
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. |
|
Repayment Instrument/ECS/ACH/Direct Debit Dishonor Charges |
INR 500/- |
|
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.
Here is a step-by-step approach to applying for a Loan Against Property (LAP):
Step 1: Go to the homepage and press on the "Apply Now" button located in the upper right corner.
Step 2: The "Loan Against Property" option will be visible. Select and proceed.
Step 3: Add your name and contact details. Entering your personal information is accurate.
Step 4: An OTP will be displayed on your mobile number. Typing it in will verify your contact details.
Step 5: Add details about your employment and bank account.
Step 6: Upload the necessary documents as instructed on the screen.
Step 7: “Submit” and your application process is complete.
Step 8: You can keep track of your loan status using the web portal or the online application.
Step 9: The customer care team will assist you in completing any remaining formalities.
Opting for SMFG India Credit's Loan Against Property program in Pune offers a beneficial, client-centric, and seamless approach to obtaining significant funds. Be it a wedding, medical emergency, or expanding your business, an LAP can readily help you secure your funds by pledging your property as collateral.
Whether you are a salaried, self-employed or SME owner, this loan can be applied for with minimal documentation and a robust customer support service. Apply now to maximise your property's potential.
* 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.
Many online tools are available today to help you get clarity on your suitability for a personal loan. Lenders in Pune consider the factors listed below to determine your creditworthiness:
These criteria help negotiate advantageous loan terms and interest rates.
Applying for an online LAP in Pune offers several advantages, including,
Some approaches you can use to ensure a lower interest rate on your LAP in Pune:
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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.
