Vadodara, also known as Baroda, is a vibrant city in Gujarat, known for its rich cultural heritage and industrial growth. The city’s thriving petrochemical, engineering, and pharmaceutical sectors make it an ideal destination for budding entrepreneurs. Modern infrastructure and growing industrialisation also contribute to a booming real estate market.
If you’re looking to leverage your property to expand your business or meet personal financial needs, a loan against property in Vadodara from SMFG India Credit can be the perfect option. We offer tailored mortgage loan solutions to meet the unique needs of the city’s diverse population, making us one of the best loan against property providers in Vadodara.
A mortgage loan in Vadodara from SMFG India Credit comes with a host of features and benefits tailored to meet your financial needs.
Before applying for a LAP loan in Vadodara, it's essential to understand the eligibility criteria. Below are the key eligibility requirements you need to meet at SMFG India Credit:
|
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 Vadodara 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:
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Type of Document |
Salaried |
Self-Employed / SMEs |
|
PAN Card |
|
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Proof of Identity And Proof of Address (any one) |
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Age Proof (any one) |
|
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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.
Here’s how you can easily apply for a Vadodara property mortgage loan:
Step 1: You can initiate your Vadodara property loan application here. Choose ‘Loan Against Property’.
Step 2: Specify your employment type from 3 options - salaried, self-employed, and SME.
Step 3: Enter your mobile number in the following online form before verifying the same with a 6-digit OTP.
Step 4: Proceed to enter your personal, employment, and bank account-related information.
Step 5: Upload the scanned copies of the required documents. Ensure they are error-free to avoid any unnecessary delays.
Step 6: Click ‘Submit’ once you have filled all the necessary details.
Step 7: In a short time, you will get to know the approval status of your Vadodara secured loan application.
Step 8: We will verify your eligibility, documents, and the property. Our representative may get in touch with you for additional information.
Step 9: The loan will be sanctioned after the verification is satisfactorily completed. Sign the loan agreement, after which the final loan approval and funds disbursement will take place.
Realise the full potential of your property with a loan against property in Vadodara from SMFG India Credit. Whether you're looking to fund business expansion, manage personal expenses, or meet other financial needs, SMFG India Credit offers a comprehensive solution tailored to your unique needs. Flexible repayment terms and competitive interest rates keep borrowing affordable and make loan management easier. To make financial planning simpler, you can use our free tools such as the LAP EMI calculator and the loan-to-value calculator.
Apply today to take the first step towards achieving your financial goals in Vadodara.
* 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.
SMFG India Credit evaluates several factors to determine your loan eligibility. These include:
Applying online provides a seamless experience with faster processing, minimal paperwork, and the convenience of completing the application from anywhere at any time.
To secure a lower interest rate, maintain a strong credit score, try to go for a shorter repayment tenure, and ensure accurate property valuation. Additionally, practice responsible financial practices like limiting credit utilisation to 30% of the available amount and always paying EMIs on time.
At SMFG India Credit, you can get loans of up to 70%* of the current market value of residential properties and 60%* of the current market value of commercial properties.
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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.
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