Visakhapatnam or Vizag beautifully blends modern urban life with its natural charm. It is known for attractions like the Yarada and Ramakrishna beaches, the ancient Borra Caves, and the lush Araku Valley.
The city is also home to the oldest shipyard in India and the Eastern Naval Command headquarters. Residing in a city with a rich cultural heritage and thriving modern industries from IT and apparel to oil and petrochemicals, your business and personal aspirations often need considerable funds.
Your property has great potential and if you're looking to tap into that, a loan against property in Visakhapatnam can be beneficial. A LAP can serve you in many ways. Starting from business expansion, education, or managing emergency expenses, a secured loan in Visakhapatnam helps you make the most of the property.
Let us see some of the many features that make SMFG India Credit one of the best loan against property providers in Visakhapatnam.
Here’s a breakdown of our Vishakhapatnam loan against property eligibility requirements for salaried, self-employed, and SME applicants:
|
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 criteria for a loan against property in Vishakhapatnam. 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.
Applying for a loan against property with SMFG India Credit is simple and straightforward. Follow these steps:
For a quicker property loan application process in Visakhapatnam, ensure that you upload all the required and error-free documents.
A loan against property in Visakhapatnam offers a flexible, reliable way to access funds using your property as collateral. With competitive interest rates, quick disbursal, and minimal documentation, this option is ideal for those in need of significant funding without the high cost. Make the most of your property’s value today and secure the financial support you need with SMFG India Credit. Use our loan-to-value calculator to estimate the maximum loan amount you may be able to borrow.
Apply now or get in touch with us for more 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.
Your eligibility for a LAP or property mortgage loan in Visakhapatnam is determined several by factors such as your credit score, income, employment status, and the nature of your work.
Applying online allows for a faster process, minimal paperwork, and the convenience of applying from anywhere. Offline applications may also require more time for loan processing and approval.
Responsible financial habits such as maintaining a healthy credit score and stable income, paying all bills and EMIs on time, and making larger down payments if possible can help you secure lower interest rates.
The amount you can get for a mortgage loan in Visakhapatnam depends upon several factors including the value of your property, your age, income, credit score, and so on.
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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.
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.
