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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.
Loans Against Property in Udaipur: Features and Benefits
Our loans against property in Udaipur offer the following advantages:
- Ample Amount of Funds: You can meet diverse business or personal requirements with a property loan in Udaipur of up to INR 5 crores*.
- High Loan to Value: A secured loan in Udaipur with SMFG India Credit comes with a high loan-to-value ratio and provides optimal value for your property.
- Reasonable Interest Rates: Udaipur loans against property interest rates at SMFG India Credit are determined to best suit your individual needs and repayment capacity.
- Tailored Solutions: SMFG India Credit offers customised solutions for your LAP loan in Udaipur to meet the diverse needs of the salaried, the self-employed, and the SMEs.
- Hassle-Free Application Process: Our loan against property application in Udaipur involves easy online procedure requiring minimal documentation. Loan processing is also swift, subject to eligibility and document accuracy.
- Property Ownership: LAP loans in Udaipur let you retain property ownership so that you can continue using the property without any bother during the repayment period.
Eligibility Criteria for Mortgage Loans in Udaipur
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.
Documents Required to Apply for a Loan Against Property in Udaipur
The table below details the required documents for a loan against property in Udaipur:
|
Type of Document |
Salaried |
Self-employed |
SMEs |
|
Basic Documents |
|
|
|
|
Proof of Identity |
|
|
|
|
Proof of Address |
|
|
|
|
Proof of Age |
|
|
|
|
Proof of Income |
|
|
|
|
Property Documents |
|
|
|
*Please note that additional documents may be requested depending on your individual profile and SMFG India Credit’s policy at the time of loan application.
Interest Rates on Mortgage Loans in Udaipur
What makes SMFG India Credit one of the best loans against property providers in Udaipur are our competitive interest rates.
Interest rates for property mortgage loans in Udaipur are calculated based on factors such as your age, income, employment history, credit score, type of property, existing debts, etc.
You can get a clear idea of our associated LAP fees and charges with the help of the table below:
|
Factor |
Rates/Charges |
|
Interest Rate |
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 loan amount sanctioned (SME loans/Loan Against Property & LRD) |
|
Processing Fees |
Up to 3% of the loan amount |
|
Loan Cancellation Charges (Loan Cancelled Before 1st EMI) |
An amount not exceeding 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 |
An amount not exceeding INR 300/- per instance shall also be payable for every instance of dishonour of Cheque/ECS/ACH Direct Debit. |
How to Apply for a Loan Against Property in Udaipur?
The loan against property process in Udaipur requires the following easy steps at SMFG India Credit:
1. Verify Contact Number
- Go to the application page here and click on ‘Loan Against Property’.
- Choose your employment status, whether you’re a salaried employee, self-employed or an SME.
- In the subsequent online form page, enter your mobile number and submit the OTP received to validate your contact information.
2. Enter the Requested Details
- Provide the requested information such as your personal details, employment information, and bank details.
- Upload scanned copies of the necessary documents for a loan against property in Udaipur.
3. Submit and Sign the Loan Agreement on Approval
- Click ‘Submit’ and complete your loan application.
- You will be informed shortly about your loan approval status.
- On approval, our representative may get in touch with you.
- Your eligibility, documents and property information will be verified.
- A loan agreement will be prepared. Review the terms and conditions carefully and complete your signature.
- After signing, you will receive the final approval for your loan and funds will be quickly disbursed.
Conclusion
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.
FAQs
What is the mortgage rate in Udaipur?
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.
How much loan can I get against property in Udaipur?
At SMFG India Credit you can get up to INR 5 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.
Can I use the LAP amount for renovating my property?
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.
Can I prepay the LAP in Udaipur? Are there any prepayment charges?
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.
Contact Us
Address:
Second Floor, Raj Towers, 222/21, Saheli Marg, Near UTI Circle, Udaipur, Rajasthan - 313 004
Note: Call on (Toll free number) 1800 103 6001 for more information.Timings: 9:30 AM to 6:30 PM (except 1st Saturday and Sundays and public holidays).
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