Loan Against Property

Why Choose SMFG India Credit for Loan Against Property?

Our Loan Against Property can get you going within minutes to achieve your life goals!

Our unmatched loan against property products and experienced team ensure quick loan disbursals, hassle-free documentation and flexible tenures.

 

Loan Against Property up to `5 crores* - Our mortgage products offer loan amounts up to 70% of your property's market value. With loans up to `5 crores*, you can fulfil your business and personal needs with ease.

Easy interest rates - Get the very best interest rates on loan against property in the market with our loan against property and maximise your benefits. We offer flexible repayment tenures so that you can plan your finances according to your needs.

High LTV on market value of both commercial and residential properties - You can get the best value with our mortgage loan product against your residential or commercial properties. Your funds can be used to fulfill any business or personal need.

Convenient and transparent process - Our mortgage loan products and services promise maximum speed and transparency. Our team is available via phone and email to help you find the best loan options and interest rates.

Personalised products to suit your individual needs - We offer different types of Loan Against Property products to suit all your needs at different life stages.

Hassle-free documentation and quick disbursal -Our seamless process makes sure that you have the smoothest experience from start to finish. With our online application process, you can get a loan against property with absolute ease.

*Terms and Conditions Apply

Features & Benefits of Loan Against Property

Loan Against Property is a secured loan where property, be it residential or commercial, is pledged as collateral.

• High Loan Amounts: LAP offers substantial loan amounts based on the property's value*.
• Flexible Repayment Terms: Borrowers can repay the loan between 12 and 180 months, choosing a repayment tenure as per their comfort.
• Multipurpose Use: Funds can be utilized for diverse purposes, including business expansion or debt consolidation.
• Property Ownership: The pledged property must be debt-free and must wholly belong to the applicant. In case the property is owned by more than 1 person, all co-owners must become co-applicants for the loan.

Documents Required to Avail Loan against property

• Proof of Identity: Aadhaar card, passport, or driving license.
• Proof of Address: Utility bills, rental agreement, or any valid document confirming the current residence.
• Income Proof: Salary slips, income tax returns, or business income statements.
• Property Documents Relevant documents related to the pledged property.
• Bank Statements: Last 6 month’s statements reflecting the borrower's financial transactions and stability.
• Other Specific Documents: Lenders may request additional documents based on their specific requirements and policies.

Loan Against Property Eligibility

The loan against property eligibility depends on whether you are a salaried individual, self-employed or an SME. Your repayment potential is assessed on factors such as your income, fixed obligations, credit history, etc. 

Loan Against Property Interest Rates

The interest charged on a loan against property depends on several factors. These include:

• Nature of employment
• Your age
• The type of property
• The current market value of the property
• Available documentation
• Your income
• Existing monthly obligations
• Your credit score and history

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.

Charges Associated with Loan Against Property

When availing a loan against property, borrowers may encounter several charges. These charges typically include interest rates, evaluation and CERSAI charges, processing fees, and so on. Interest rates are the cost of borrowing, while processing fees cover administrative costs. It's important to review the loan agreement and consult with the lender to understand the specific charges associated with a loan against property.

How Can Loan Against Property Be Used?

Loan Against Property (LAP) offers a versatile financial solution, providing borrowers with the flexibility to utilize the funds for various purposes. Commonly, LAP can be used for business expansion, funding higher education for one’s children, debt consolidation, meeting medical expenses, or even for home renovations. Borrowers can deploy the funds based on their specific needs, making LAP a comprehensive financing option. The substantial loan amounts, backed by the property's value, empower individuals to address diverse financial requirements and engage in purposeful financial endeavors.

How to Apply for Loan Against Property

• Click on the “Apply Now” button on our website. On the following page, select “Loan Against Property”. Select the appropriate option depending on whether you are salaried or self-employed or an SME.
• Next, you will be taken to an online form. 
• Enter the required details such as loan amount required, name, location, phone number, etc.
• Click “Submit”. 
• Our representatives will get in touch with you for the next steps.
• After evaluating your eligibility and verification of the property as well as documents, the loan may be sanctioned. You will then be required to sign a loan agreement, after which final approval will be provided and your loan will be disbursed.