Loan against property (LAP) uses your property as collateral to secure funding. One of the core benefits of LAP is that there are no restrictions on the end use of the loan amount.
You can use it to pay off high-interest debts, expand your business, renovate your home, cover any medical emergencies, or any other business/personal expenses.
If you're looking to avail of a loan against property or mortgage loan in Rajkot to fund your aspirations, now is the right time.
SMFG India Credit stands as one of the best loan-against-property providers in Rajkot by offering loans of up to INR 40 crores* or up to 70%* of the property’s market value at competitive interest rates. Let us further explore what makes our LAP products the ideal solution for you.
Our LAP in Rajkot comes with the following advantages for borrowers:
When applying for a loan against property in Rajkot, applicants must meet specific eligibility requirements depending on their employment status:
|
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 eligibility for a loan against property in Rajkot. The final eligibility will depend on several factors including SMFG India Credit’s policy at the time of loan application.
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 |
|
|
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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 |
|
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 |
|
Late Payment Charges (applicable for payment default) |
2% charged monthly (24% per annum) on the overdue amount, calculated on a day-to-day basis, payable from the relevant due date till the date of actual payment |
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.
Applying for a loan against commercial or residential property in Rajkot with SMFG India Credit is a straightforward process designed to be quick and hassle-free.
The loan amount and tenure details for our secured loans in Rajkot are as follows:
Property mortgage loans in Rajkot usually come with the following EMI payment options:
It is best to check with your specific lender for the available payment options.
A loan against property in Rajkot is a smart financial tool that helps you unlock the value of your property while maintaining ownership. With flexible options, competitive rates, and no end-use restrictions, SMFG India Credit is here to support your financial journey. To make your financial planning easier, we offer free online tools such as the loan-to-value calculator and the LAP EMI calculator. The former helps you estimate the highest loan amount you may get and the latter lets you check your potential EMIs.
Ready to make the most of your property? Apply today or get in touch with us for more details.
* 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.
Rajkot LAP loan eligibility is calculated based on several factors such as:
Applying online for home equity loans in Rajkot has the following advantages:
Some tips to get lower Rajkot loan against property interest rates are:
You can typically get up to 70% of the property’s market value or INR 40 crores*, subject to eligibility and document verification.
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