Fullerton India Credit Co. Ltd. is Now SMFG India Credit Co. Ltd.
There are some things which the heart aspires to do at least once in a lifetime. Some examples are financing your child’s higher education overseas, organising a grand reception for your child’s wedding, expanding your business, and so on. At other times, you may find that you are feeling overwhelmed by unforeseen and unexpected expenses. We at SMFG India Credit understand and support all such aspirations and needs. We seek an opportunity to partner with you and help keep your financial worries at bay as we offer you loans against property customized and personalized for every dream, every wish and every need.
SMFG India Credit’s loan against property is the perfect product for all those dreams involving large funds. You can now leverage and utilize your commercial or residential property to furnish your current and prospective financial needs.
Don’t let financial problems get in the way of fulfilling your dreams or meeting financial commitments like financing your child’s higher education overseas or expanding your business, and so on. We at SMFG India Credit fully understand your needs and assist you in meeting all such aspirations and needs, so that none of your dreams remain unfulfilled. SMFG India Credit’s mortgage loan facility helps you in meeting all those large funding requirements with ease by leveraging the value of your commercial or residential property.
At SMFG India Credit, every customer matters.
You and your requirements are at the center of our focus. We reflect this belief in the customized mortgage loan products we offer to accommodate the distinct needs of our customers.
Loan amount upto INR 5 Crores*: We want to make every dream come true, every need fulfilled, and every goal accomplished, regardless of its extent or size. We offer loan against property up to INR 5 crores*, so no dream, no wish, no desire of yours may remain unfulfilled.
Repayment-friendly Interest Rates: Our loan against property interest rates are attractive and at the lowest among all.. We customise our offers depending on your eligibility to ensure that you get the best possible solution.
Hassle-free Documentation: Bid farewell to long lines, tedious paperwork, and taxing formalities. Now you can apply for a loan against property online at the comfort of your home/office with absolute ease.
Flexible Tenure: We offer flexible repayment tenures between 1 to 15 years so that you can repay your loan easily
High Loan to Value Ratio: Our mortgage loan products offer up to 70% of your property’s market value, which enables you to enjoy and avail the maximum benefit.
You may already own a property that can be pledged as collateral or security to any lender in exchange for a loan. This type of loan is commonly referred to as a mortgage loan. This is an all-purpose loan where the borrower has the flexibility to meet the funding for any personal or business related needs with the help of the mortgage loan.
Before you put forward an application, make sure that you fulfil all of these mortgage loan eligibility criteria:
As per SMFG India Credit’s mortgage loan eligibility requirements, salaried individuals are required to show proof of employment with either a listed public limited company or government service, a private limited company, or a multinational company.
Furthermore, eligibility for a mortgage loan involves self-employed professionals and business owners presenting documentary evidence of their professional or business operations.
Our motive is to ensure the smooth process of documentation and verification, to provide you with maximum convenience during the entire process from start to finish.
After all documents have been submitted, and all the verification processes have been completed, decisioning will take place. Post loan approval; the loan amount will be disbursed directly to your bank account
The list of mortgage loan documents provided on the website is indicative. More mortgage loan documents may be requested depending on the employment type, the type of mortgage loan applied, and SMFG India Credit's policies at the time of application.
A mortgage loan is a secured loan in which the borrower needs to pay some kind of collateral as security against the loan amount. The collateral can generally be in the form of any immovable asset that the borrower owns like a residential home or a commercial building etc.. To know more, please contact us.
At SMFG India Credit, the processing fees for mortgage loans are up to 3% of the loan amount.
We offer a wide variety of products to satisfy the insatiable appetite of a growing India. So, it doesn’t matter whether you’re working in a job, self-employed, or you require a mortgage loan for your business entity. If you have a financial need, we have a loan
The mortgage loan eligibility is classified initially based on the type of employment:
Salaried, Self-Employed, and SME. Further, mortgage loan eligibility is usually determined based on the repayment potential of the borrower. To know more details, please contact us today.
Yes, you can foreclose your mortgage loan. Please note that foreclosure charges may be applied. For more details, please visit our loan fees and changes page.
The loan amount sanctioned from a mortgaged loan can be invested anywhere as per the borrowers’ need. It can be used for fulfilling personal requirements like paying for the child’s higher education, organising a wedding ceremony, buying a plot etc. It can also be invested in business needs like an upgrade in machinery, buying new tools, expanding a current business or even kicking off a start-up business. Since it is a secured loan, the fund is sanctioned based on the mortgaged asset and the borrower’s repayment capability and not based on where the capital is being invested.
There is a need to provide collateral or security for mortgage loans. It is a secured loan and hence is sanctioned only after the individual pledges a valid immovable asset as collateral against the loan amount. The maximum loan amount approved also depends on the net value of the borrower’s asset that he or she pledges as collateral. The mortgage is used as a security against the loan amount so that the lender can cover for his losses in case the borrower fails to repay the loan or does not adhere to the terms specified.
There are six types of mortgage loans available in India as listed below.
The immovable asset is simply mortgaged personally by the borrower to avail the loan. The property may be forfeited if the borrower fails to repay, sticking to the terms.
Personal accountability is established on the borrower and the mortgaged property can be recovered from the lender on successful repayment of the loan.
The mortgaged property is sold to the lender by the borrower with terms that it will be established if the borrower fails to repay but will turn void on successful repayment of the loan.
The title deed of the property to be mortgaged is handed over to the lender.
The property’s ownership is transferred to the lender who can get profits from it without generating any personal accountability on the borrower.
It is a type that does not fall under any of the above-mentioned categories.
A processing fee is the fee charged by financial institutions while processing your mortgage loan application which consists of fundamental administrative costs, credit checks, property evaluation and such similar costs incurred by the financial institution. At SMFG India Credit, we charge a processing fee of upto 3% of the loan amount. For more details, please visit our Loan Against property interest rates page.
Foreclosing mortgage loan or prepayment of the rest of the loan amount before the tenure ends is a viable option that you can opt for. This option can help you to complete your debt obligations sooner. Please note however, that foreclosure charges are applicable in such cases. To know more about SMFG India Credit's foreclosure charges, please visit our Loan Charges page.
The mortgage loan amount depends on the value of the property you are willing to pledge as collateral. For residential property, a maximum of 70% of property value can be disbursed as a loan, whereas, for commercial property, up to 60% of property value would be disbursed. At SMFG India Credit, mortgage loans are offered from INR 1.5 lakhs upto INR 5 crores. To get a better estimate, use our free LTV calculator. Please note that the actual LTV percentage will depend on a number of factors including your eligibility and our SMFG India Credit policy at the time of loan application.
No, the chances of hurting your credit score is limited, if you are servicing the loan as per the agreed terms and within the timeline.
For mortgage loan, only residential and commercial property are accepted as collateral by SMFG India Credit. The property should have clean ownership documents and should be clear from any type of legal dispute. In case the property is owned by more than one person, the other owners must be made a co-applicant for the mortgage loan, and their eligibility will also be evaluated.
Make the most of your property to meet any expenses you have. Reach out to SMFG India Credit’s support team to get customized property loans depending on your requirement.
* Terms and conditions apply
** Subject to foreclosure charges. Terms and conditions applicable.