Benefits of SMFG Grihashakti Loan Against Property:
1) Apply Online
You can apply for a Loan Against Property online seamlessly. You need to start with clicking on the “Apply now” button on the banner of this page and then enter some basic details followed by uploading the documents. Our representatives will then get in touch with you to take the process ahead. Once your application is accepted, you will receive a unique tracking ID. You can track the status of your mortgage-backed loan with this ID. On approval, the loan is disbursed to you.
2) EMI Calculator
SMFG Grihashakti offers an easy-to-use EMI calculator that gives you complete transparency in your monthly outflow. This helps you plan your finances more efficiently by understanding your future monthly financial outflow. All you need to do is enter your repayment tenure, interest rate, and loan amount to get your monthly EMI amount within seconds. Please note that your actual EMI amount may vary slightly, depending on other charges such as insurance, etc. as per your agreement.
Documentation for Mortgage Loan Products:
Documents required for a Loan Against Property are easy and straightforward. Following are the requirements for salaried and self-employed borrowers:
| Document type
|
Salaried
|
Self-employed
|
| Proof of Identity
|
PAN Card
Voter ID
Driving Licence
Employee Card
|
PAN Card
Voters ID
Driving Licence
|
| Proof of Income
|
Last 3 months’ salary slips
2 years’ Form 16
6 months’ bank statements with salary credit
|
Last 2 years’ ITR with computation
CA-audited financials, wherever applicable
6 months primary bank statement
|
| Proof of Residence
|
Aadhaar Card*
Latest electricity bill/piped gas monthly bill
Ration Card
Property tax/water bill
|
Aadhaar Card*
Latest electricity bill/piped gas monthly bill
Ration Card
Property tax/water bill
|
Documents pertaining to the property you want to pledge will also be requested.
*Terms and conditions applicable. Real estate loans are sanctioned at the discretion of Grihashakti. Please note that Aadhaar numbers should be masked before submission as per regulatory guidelines.
Charges on Loan Against Property:
Here are the basic charges you can expect when you apply for a mortgage loan:
- The processing fee for a loan against property is up to 3%* of the loan amount.
- Application fees of INR 2,500 for a loan amount less than or equal to INR 10 lakhs, INR 3,500 for a loan amount between INR 10 lakhs and INR 25 lakhs, INR 4,500 for a loan amount between INR 25 lakhs and INR 50 lakhs, and INR 6,000 for a loan amount above INR 50 lakhs.
- Documentation fees of INR 1,500 for loan amounts less than INR 25 lakhs and INR 3,000 for loan amounts above INR 25 lakhs are also levied.
- Stamping fees are as per state laws.
Features of SMFG Grihashakti’s Loan Against Property
Let us take a look at the major features that make our mortgage loan products stand out:
1) Speedy Processing
SMFG Grihashakti has a transparent and speedy process of loan approval and disbursal. The online application steps are extremely easy to follow. SMFG Grihashakti guides you right till the final step of the transaction.
2) No Foreclosure Charges
If you come into any extra income at some point during the loan tenure, you can always use the extra funds to pre-pay your loan at no charge (except for loans borrowed for business purposes).
3) Affordable EMIs
Interest rates on a Loan Against Property are an important factor when deciding on your loan. We provide attractive interest rates on loans against property, which makes this form of property financing reasonable and preferable.
Eligibility criteria for Loans Against Property
You are eligible for a Loan Against Property from SMFG Grihashakti as a salaried and self-employed resident. We have listed down the types of employers for both below:
|
Salaried Applicants
|
Self-Eemployed Applicants
|
| MNCs/Listed Public Limited Companies/Government Organisations.
|
Self-Employed Individual Businessmen/ Sole Proprietorship
|
| Private Limited Companiestd Cos / 'Closely-H held or Uunlisted Ccompanies / PpPartnerships /Pproprietorship Ffirms
|
Self-Employed Professional - Doctors /Architect's / CAs
|
|
|
Partnership Firms
|
|
|
Private Limited Companies/ Closely- Hheld or / Unlisted Companies
|
Current Loan Against Property Interest Rates from SMFG Grihashakti
At SMFG Grihashakti, our interest rates forLoan Against Property are reasonably priced, depending on the eligibility and other applicable criteria of the borrower.
| Loan Slab |
Loan Against Property Interest Rates (p.a.) |
| Salaried Applicants |
13.00% Onwards* |
| Self-Employed Applicants |
13.50% Onwards* |
*The final offered rate will depend on the income level and property being offered as security
The table below is an example for your understanding
|
Loan Amount
|
INR 1,00,000
|
|
Loan Against Property Interest Rate
|
13.00% per annum
|
|
Maximum Tenure
|
30 years
|
|
Your Monthly EMI per Lakh
|
INR 1,106
|
Please note that apart from this, your eligibility will also depend on the nature of your employment, your monthly income, your net monthly obligations, credit score and history, repayment capacity, nature & value of the property, etc. as per SMFG Grihashakti’s policy at the time of property collateral loan application.