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Loan Against Property

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Loan Against Property

A Loan Against Property (LAP) is a secured loan or a property-backed loan that gives you a financial cushion by borrowing funds on your residential or commercial or industrial property that you pledge as collateral. You have the flexibility of using the funds for any purpose. If you want to apply for a mortgage loan in India, SMFG Grihashakti adds tremendous value in fulfilling your financial goals by offering the best solutions. We offer a smooth process, flexible repayment tenures, and attractive interest rates onLoan Against Property or mortgage loans.

An Overview of LAP & Mortgage Loan
Benefits of SMFG Grihashakti Loan Against Property
Documentation for Mortgage Loan Products
Charges on Loan Against Property
Features of SMFG Grihashakti’s Loan Against Property
Current Loan Against Property Interest Rates from SMFG Grihashakti

An Overview of LAP & Mortgage Loan

With asset-based loans like Loan Against Property, you can borrow funds by pledging your residential or commercial property as security. This type of property-backed financing offers flexibility in the use of funds, such as for business expansion, medical emergencies, or education. LAPs are often referred to as mortgage loans as the process involves mortgaging your property in exchange for funds.

Key Benefits of Applying for Mortgage Loans in India:

Lower interest rates compared to unsecured loans.
Flexible repayment tenure, typically up to 15-20 years.
Larger loan amounts depending on the property's market value.

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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.

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Loan Against Property

BEGINNERS GUIDE TO Loan Against Property (LAP)

When you avail a loan by keeping your property as collateral then it is called Loan Against Property (LAP). Now this property can be a commercial as well as residential property. LAP is the most secured term of the loan for the bank, ...

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HOW TO PLAN YOUR FINANCES BEFORE APPLYING FOR A HOME LOAN

Loan Against Property

HOW TO PLAN YOUR FINANCES BEFORE APPLYING FOR A HOME LOAN

Buying a home loan without financial planning is like shooting in the dark. You would end up feeling overwhelmed with all the expenses that you didn’t take into account, along with home loan EMI payments....

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Happy Owners

Happy Homes

Mr. & Mrs. Vijaya Bhaskar Besta, Secunderabad

Mr. & Mrs. Chandrashekhar Shashtrimath, Karnataka

Mr. & Mrs. Kaithepalli Harishkumar, Vishakhapatnam

Mr. &Mrs. Rakoti Simhachala, Vishakhapatnam

“Owning a home brings in a sense of satisfaction and pride. The representative from SMFG Grihashakti has delivered good service and made our walkthrough in loan process easy. My favourite part in the entire home is the living room, which I have decorated well with special care.”

Mr. & Mrs. Vijaya Bhaskar Besta, Secunderabad

“Nothing compares to the happiness, which you get on moving to a home of your own. We are thankful to SMFG Grihashakti for helping us to achieve this happiness – they delivered excellent services in all aspects. Ever since we have moved to our home, our business has been booming!”

Pujan N. Maniar Family, Ahmedabad

“We are really happy to shift to our own place. Thanks to SMFG Grihashakti team, who helped us with their good service. The new home is very lucky for us because after we shifted here, I started my own business.”

Mr. & Mrs. Chandrashekhar Shashtrimath, Karnataka

“Having a house of your own gives you a sense of security and fulfilment. Kudos to the SMFG Grihashakti team – they are very prompt in their services! Our home is very special to us as we bond together as a family and also spend quality time with friends.”

Rupam Das Family, Kolkata

“We were looking for a home of happiness and peace. Thanks to the SMFG Grihashakti team, who helped us to realise this dream of ours. Our home has been very lucky for us – ever since we have shifted to our new home, prosperity followed!”

Mr. & Mrs. Kaithepalli Harishkumar, Vishakhapatnam

“I was very excited when I moved to my first home. Along with purchase of my new home, I also needed some funds to renovate my home. SMFG Grihashakti has been very cooperative and made my loan process very smooth. I love the balcony of my house, where I see birds chirping every morning."

Mr. R Sarvanakumar, Chennai

“Our new house is very special to me as it was the first house after our daughter was born. With SMFG Grihashakti we completed the loan process very smoothly. I love the hall of my house, where I can watch my daughter play.”

N. Durga family, Chennai

“The best part of our new home is its locality! Situated near a children’s park, now our children get to play during evenings. Service from SMFG Grihashakti has been wonderful with speedy and hassle-free loan process.”

P. Vasanthakumari family, Chennai

“Having a home is a special feeling and we experienced this when we moved from our rented accommodation to our own home. We feel fortunate to come across Grihashakti, who made the entire loan journey so simple and fast. My favourite place in the home is the living room, where I can relax with my wife after a day’s work."

Mr. &Mrs. Rakoti Simhachala, Vishakhapatnam

“It was a great feeling to own my first home. I am thankful to SMFG Grihashakti for their assistance throughout the loan process. Now my home being closer to my workplace, I can spend a quality time with my family”

Mr.Hemant Chandramani, Rajkot

“Staying in a home of your own has its own comforts. And if it is your first home, the feeling becomes more special. Thanks to SMFG Grihashakti as they helped us to realise our dream. The entire home is very special to us as we build sweet memories every day.”

Y. Sai Kumari Family, Vishakhapatnam

“A home of your own makes you feel independent. My mother was so happy when I shifted her to my own home. SMFG Grihashakti has been really helpful in making the entire loan process smooth and hassle-free. The favourite place at my home is the living room where I can spend quality time with my mother.”

Ms.Reema Chandiramani, Bhopal

Our home being the first home of our own is very special to me. It has also been a symbol of security for us. SMFG Grihashakti has been really quick in their processes and helped us through the entire loan process. Every corner of our home reflects a part of us – happiness and peace!"

Mr. & Mrs. Dinesh Sharman, Bhopal

I really feel proud to own my first home. I am thankful to Grihashakti, as the employees were so cooperative that I didn’t have to visit the branch repeatedly. My favourite in the home is balcony, from where I can see the vast sky."

Ms.Anju Saini, Kishangarh

Disclaimer: *Please note that loans are disbursed at the sole discretion of SMFG Grihashakti. Final approval, loan terms, and disbursal process will be subject to SMFG Grihashakti’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.