Everything you need to know about a Business Loan Against Property

Planning to start a new business or expand your current business? For either of these requirements, you would need funds. There are multiple ways to arrange for funds, however, if you own a property then you could consider taking a business loan against property. There are several benefits of taking a business loan against property such as access to a large amount of capital, attractive interest rates, easy eligibility etc.

Here is everything that you need to know about taking a business loan against property

1) Attractive interest rate
The rate of interest is a very important factor in the mortgage business. The interest rate determines the EMI, which in turn, determines your monthly outflow. SMFG Grihashakti provides attractive interest rates on loan against property Affordable interest rates on loans against property can affect your financial planning for business growth in a very positive manner. We at SMFG Grihashakti understand and respect your dreams, and hence, we strive to offer a competitive rate of interest best suited to your individual profile.

2) Higher loan amount
In a loan against property, your property is the collateral and hence the loan amount can be higher, unlike unsecured loans. A borrower can get upto 75% of the property’s value (subject to eligibility and other parameters as per SMFG Grihashakti’s policy).

3) Flexible repayment tenure
You can choose a repayment tenure between 12 to 180 months (up to 15 years), and thereby comfortably ensure that the monthly EMI is well within your budget. Having a lower EMI can help you direct the funds towards your business and minimize your monthly impact, thereby making your business more efficient.

4) Easy eligibility
The eligibility criteria for getting a loan against property from SMFG Grihashakti is quite simple. Your eligibility depends on various factors including the nature of your employment, net monthly income, monthly expenses, credit score, and credit history, etc. . The nature and value of the property you pledge is an important factor too. Here are some of the basic loan against property eligibility criteria in a snapshot:

In addition, please note that your eligibility will also depend on:

• Sufficient repayment capacity
• Minimum monthly income
• Credit score should be at least 700, and so on.

5) Convenience of online application

• You can apply for a loan against property from Grihahshakti online  from the comfort of your home.
• Click on the “Apply now” button on this page and select “Loan against Property”.
• Enter basic details
• Upload your documents.
• Our representatives will get in touch with you to take the process forward.
• As soon as your application is accepted, you will receive a tracking ID. Thereafter, upon approval, the loan is disbursed into your bank account.

6) Easy-to-use EMI Calculator
SMFG Grihashakti’s free EMI calculator gives an opportunity to calculate your future EMI so that you can plan your monthly outflow. You just need to enter your repayment tenure, interest rate, and loan amount to get the EMI amount within seconds.

SMFG Grihashakti offers loans against property (for residential and commercial properties) to help business owners realise their dreams. Apply today to know more

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