Udaipur is a city in the northwestern Indian state of Rajasthan, known for its stately palaces, magnificent temples, and sparkling lakes. Also referred to as the ‘Venice of the East’, it was dubbed as the ‘most romantic spot on the continent of India’ by British administrator James Tod.
The economy of this gorgeous city is driven primarily by tourism. Additionally, Udaipur is home to several manufacturing and handicraft industries. A mortgage or a loan against property in Udaipur has become a popular option among the city’s residents and business owners for funding a wide variety of aspirations.
SMFG India Credit provides LAP loans in Udaipur with competitive interest rates and flexible repayment terms to help you meet your financial goals.
Our loans against property in Udaipur offer the following advantages:
The criteria for eligibility for a loan against property in Udaipur have been detailed in the table below:
|
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 Udaipur 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 |
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.
The loan against property process in Udaipur requires the following easy steps at SMFG India Credit:
SMFG India Credit provides loans against property in Udaipur at competitive interest rates, flexible repayment options and a high loan-to-value ratio. Our loan against property solutions caters to both business and personal requirements. Whether you're looking to expand your business, renovate your home, or invest in real estate, our mortgage loans provide the financial support you require.
Apply for a loan against property in Udaipur at SMFG India Credit today. Feel free to contact us via phone or email or visit your nearest branch for further information.
* 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.
Mortgage rates in Udaipur vary from lender to lender. They are determined based on several factors such as your income, existing financial obligations, age, and creditworthiness.
At SMFG India Credit you can get up to INR 40 crores* or up to 70%* of the estate’s market value for loans against residential property in Udaipur. Loans for commercial properties in Udaipur can go up to 60%* of the property’s market value.
Yes, you can use the LAP amount for renovating your property. However, it is important to communicate your renovation plans to the lender. This is in case any loan terms need to be adjusted or if they have specific rules for renovation.
Yes, it is possible to prepay your LAP in Udaipur. Depending on the loan terms and lender policies, prepayment charges may apply. Feel free to reach out for more details on SMFG India Credit’s LAP prepayment terms.
Here are some articles which could help you understand us and our products better.
Section 54 of the Income Tax Act: Capital Gains Exemption Explained
When you sell a residential property, it can result in a significant tax liability if you earn a…
Loan Against Securities vs Loan Against Property
When you need funds without selling your assets, Loan Against Securities and Loan Against…
Reverse Mortgage Loan: Eligibility, Benefits, Interest Rates & Process
A reverse mortgage loan can provide an additional source of monthly income during retirement…
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.
