Sikar in Rajasthan is known for its rich cultural heritage like forts and ‘havelis’, made before and during British rule. The city is fortified by walls with seven historic gates or ‘Pols’ as Shekhawat Rajputs once ruled the region. It is also popular for its Khatu Shyam Temple.
In addition to a strong cultural heritage, modern-day Sikar has emerged as a major hub for educational institutions and agricultural trade. Be it to fund higher education, expand trade, or meet other personal/business expenses, you can get a Loan Against Property (LAP) in Sikar with SMFG India Credit.
Keep reading to know everything about getting an LAP in Sikar - from its features and eligibility criteria to the interest rates and the application process.
Getting a mortgage loan in Sikar with SMFG India Credit comes with many features and benefits like:
The table below details the criteria for a loan against property eligibility in Sikar:
|
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 Sikar loan against property eligibility. 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 |
|
|
|
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.
With SMFG India Credit, the loan against property application process in Sikar is quite simple:
By leveraging the value of your Sikar property, you can access the capital required to drive a variety of business and personal aspirations. At SMFG India Credit, we offer loans against both commercial and residential properties in Sikar. Getting a property mortgage loan is made convenient with easy eligibility criteria, and minimal documentation. Additionally, our Sikar LAP loans come with attractive interest rates and flexible repayment terms.
Apply today or visit your nearest SMFG India Credit branch 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.
Your eligibility for a loan against property in Sikar for business or personal purposes depends on several factors. These include your age, income, existing debts, credit score, and employment history.
Applying for a loan against property online helps reduce its processing time and ensures transparency with easy status tracking. Moreover, it requires minimal documentation making the entire application process hassle-free.
To get a low-interest loan against property in Sikar, consider:
At SMFG India Credit, you can get a loan up to INR 5 crores* or 70%* of the current market value of your property.
Here are some articles which could help you understand us and our products better.
Reverse Mortgage Loan: Eligibility, Benefits, Interest Rates & Process
A reverse mortgage loan can provide an additional source of monthly income during retirement…
Form 26QB Guide: How to Download, Fill, and File TDS on Property Transactions
When purchasing an immovable property, the buyer may be required to deduct TDS on property…
Difference Between Pledge vs Hypothecation vs Mortgage
When you compare pledges, hypothecations, and mortgages, you are essentially looking at how…
