Fullerton India Credit Co. Ltd. is Now SMFG India Credit Co. Ltd.

Get a Loan Against Property Online

Loan against property allows you to borrow funds against your existing residential or commercial property to meet any expenses you may have. While the loan amount depends on a number of factors including the value of your property, individual borrowers are free to use the funds as they see fit. Your property acts as collateral for the loan, but you can continue to use it as before.

At SMFG India Credit, we provide customized property loan depending on your requirement. Thus, you may be salaried, self-employed or an SME - rest assured, we have a product for you. Our streamlined process ensures a hassle-free experience for every customer.

You can reach out to our support team for answers to any queries you may have or information you need via phone, email, or chat. Apply for a Loan Against Property today, and make the most of a host of advantages as our valued customer.

How Much Property Loan Can I Get?

You can use the loan to value calculator below to get an estimate of the maximum loan amount you may be eligible for based on your income, monthly obligations and value / nature of your property.

* 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.

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Max Loan Amount

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As per your property value and monthly income & obligations, you may be eligible for a loan of upto INR 0.

Monthly EMI

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Your monthly EMI will be around INR 0 for the interest rate and tenure selected

Total Interest payable

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Interest payable over the loan tenure will be INR 0

Disclaimer Please note that this calculator is for demonstrative purposes, and only takes into account the n... Read More


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

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.
Page also available inहिन्दी - Hindi

* 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 Loan against Property?

Loan against property is an excellent and convenient way to raise money. As the name suggests, loans against property are sanctioned by financial institutions by accepting property as collateral. The borrower needs to pledge his or her property as a security against the loan amount. In case the borrower fails to repay the loan within the tenure, the property can be sold or auctioned by the lender to recover the loan amount sanctioned to the borrower.

What is the maximum loan amount that I can avail against the property?

You can get an amount of up to 70 percent* of the market value of the residential property or 60 percent* of the market value of the commercial premises. It is recommended that you speak with a customer service representative to know more about the maximum loan amount that you can avail against your mortgaged property.

For what purpose can I avail of a Loan against Property?

You can avail of a Loan against Property for any personal or business purposes including funding a dream wedding, expanding business premises, paying for medical emergencies, and more. The end use of the mortgage loan product should not be for any speculative or prohibitive activities.

When do I have to start repaying the loan amount?

The repayment period will commence in the month subsequent to the month in which the loan was disbursed. To know more about our flexible loan offerings, speak to a customer representative online or at the nearest SMFG India Credit branch today.

How do I repay the loan amount?

The security for the loan will be the first mortgage of the property to be financed - generally by way of deposit of Title Deeds and/ or such other collateral security. The title to the property has to be clear, marketable, and free from encumbrance. In other words, there should not be any existing mortgage, loan, or litigation, which is likely to affect the title to the property adversely.

What security do I need to provide to avail of the loan?

The security for the loan will be the first mortgage of the property to be financed - generally by way of deposit of Title Deeds and/ or such other collateral security. The title to the property has to be clear, marketable, and free from encumbrance. In other words, there should not be any existing mortgage, loan, or litigation, which is likely to affect the title to the property adversely.

How and when will the loan amount be disbursed?

The loan amount will be disbursed directly to your operating bank account - post approval from the company. The approval process includes a verification procedure for the loan agreement and other legal formalities. The loan amount is disbursed after the property has been technically and legally appraised.

What is the tenure of the Loan Against Property? Can I repay my loan before the due date?

The LAP can be availed for a maximum tenure of 15 years. You can take up the loan until a maximum age of 65 years (at the maturity of the loan). You can repay your loan amount at any time during the tenure.

Note: Loans are at the sole discretion of SMFG India Credit and are subject to guidelines of the Reserve Bank of India. SMFG India Credit may engage the services of marketing agents for sourcing loan assets in certain locations.

How will my loan eligibility be calculated?

The loan against property eligibility is usually calculated on the basis of the repayment capacity of the borrower. The repayment capacity will be ascertained based on factors such as your income, age, qualifications, spouse's income, and others. It is recommended that you speak with a customer service representative via phone and email or at the nearest branch to know more.

Who can take out a loan against property?

Loan against property is available to:

  1. Salaried residents of India between the ages 21 years and 60 years
  2. Self-employed residents of India between the ages 25 years and 65 years
  3. All Indian SMEs
  4. The applicant must own residential or commercial property.

You may visit our loan against property eligibility page for more details.

What is LTV?

LTV refers to the loan-to-value ratio offered to you. That is the percentage of loan amount offered to the market value of the property offered as collateral. SMFG India Credit offers a LTV of up to 60-70% on residential and commercial properties.

How much loan can I get against property?

The loan against property that you can get depends on the LTV ratio offered by the financial institution. At SMFG India Credit, we offer up to 70% of the pledged property’s value in case of a mortgaged residential property and up to 60% in case of a mortgaged commercial property. . We offer mortgage loans upto a maximum of INR 12.5 Crores*. To know the exact value of the loan amount that you can raise out of your property, please contact us.

Are uninsured properties accepted to sanction a Loan against Property?

If you have an uninsured property, and would like to avail a loan against property with SMFG India Credit, you can apply online or contact us. Our representative will get in touch with you for a detailed discussion. However, it is a good practice to get your property insured before you can pledge it as collateral in a loan against property loan scheme. The insurance policy would cover for any damages that may happen to the pledged property and will be valid throughout the loan tenure.

Is loan against property taxable?

You do not get any tax deduction for a loan against property. Also, GST will be charged as applicable on your loan against property as per the regulations. To know more, please visit our policies page.

Can I get a loan against the plot?

At the moment, we offer loans only against residential or commercial properties but not plots.

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Get in Touch

Have a query? You can contact us through any of the channels listed below.

 
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Phone
1800 103 6001 Timings: 9:00 AM to 7:00 PM (Monday to Saturday excluding public holidays & fourth Saturday of every month).
 

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