SMFG India Loan Against Property

Features and Benefits of SMFG India Loan Against Property Interest Rates

If you’re planning to apply for SMFG India Loan Against Property, check below some of its major features and benefits:

• The application of a Loan Against Property in SMFG India is a convenient and transparent process.
• You get an attractive interest rate starting at 9% p.a.
• FICCL offers a long repayment tenure of up to 15 years.
• The organisation offers Loan Against Property Rs. 5 Crore. 
• SMFG India accepts residential as well as commercial properties as collateral.
• FICCL offers personalised products to match individual needs.

Eligibility Criteria and Factors Affecting SMFG India Loan Against Property Eligibility

There are some basic parameters SMFG India follows while offering a loan against property. Check below the SMFG India Loan Against Property eligibility criteria:

SMFG India Loan Against Property Fees and Charges

Check below the table for fees and charges to have a clear understanding of the same:

SMFG India Loan Against Property Interest Rates

Mortgaging a property might seem a daunting task but it is a safe and secured option to take a loan. You will get maximum value with reasonable interest rates, flexible repayment options and tenures. Interest rates for Loan Against Property in SMFG India depend on various factors and you have a range of mortgage loan products to choose from as per your needs. FICCL has tailored solutions for everyone – be it salaried, self-employed or a business entity.

Moreover, a loan against property depends on multiple factors such as type of property, its current market value, your income, available documentation and more.

SMFG India Loan Against Property Interest rates vary from 9% to 24% depending on factors like employment or business stability, net income, repayment capacity, credit history, existing monthly obligations and LAP product type.

Factors Affecting SMFG India Loan Against Property Interest Rates

Here are several factors that affect SMFG India Loan Against Property Interest Rates:

• Your nature of work
• Type of property
• The current market value of the property
• Your income
• Credit history
• Available documentation

There are some of the major SMFG India loans against property requirements.

Documents Required for SMFG India Loan Against Property

Here is the list of documents required for SMFG India loan against property:

• Duly filled and signed SMFG Loan Against Property Application form 
• Passport Size Photographs
• Identity Proof (Voter ID / Passport Copy / Driving Licence / PAN Card)
• Residence Proof (Ration Card / Electricity Bill / Telephone Bill / Passport Copy / Rental Agreement / Driving Licence / Bank Passbook or Statement)
• Age Proof (Passport / PAN Card / any other certificate from a statutory authority)
• Bank Statements (for the last 6 months) OR Last 6 months salary slips
• Processing Fee Cheque
• Form 16
• Income Tax Returns for the last 3 years
• Documentation about the property offered as collateral

Additional Documents for Self-Employed and SMEs

• For Self Employed: Income statements and other financials for the last 2 years attested by a Chartered Accountant
• For SMEs: Audited financials for the last 2 years

How Does the EMI Calculation Work for SMFG India’s Loan Against Property?

SMFG India’s Loan Against Property EMI Calculator helps you know the approximate value of the instalments of the loan that you need to pay monthly for servicing your loan against property. Check below the easy steps that help you determine your EMI amount in seconds:

• First, select the loan amount. You can select up to Rs. 5 Crore.
• The next step is to choose the tenure for the loan. You can select a repayment tenure of up to 15 years for a Loan Against Property.
• Go to the “Rate of Interest” tab to select a rate of up to 24%

You can see the EMI amount on the right-hand side of the screen. And in case you find EMI on the higher side, you can change the tenure and amount to make adjustments to the result. 

For instance: If you require a loan against property for Rs. 50 lakh with a 5-year repayment tenure, go to the “Loan Amount” section and set the slider at Rs. 50 Lakh. Now go to the “Loan Tenure” section and choose “5” years. Then, choose the rate of interest in the “Rate of Interest” box. Remember, you can use the EMI calculator as many times as you wish to reach your best option. 

How Does SMFG India Compare with Other Lenders?

You can avail several benefits while applying for a loan against property from SMFG India. Check below the comparison of SMFG India Loan Against Property with SBI Loan Against Property and HDFC Loan Against Property: