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Loan Against Property Eligibility Calculator

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Loan Against Property Eligibility Calculator

When you apply for a loan against property, you need to consider all parameters. You need to check how much loan amount you need and how much the lender may be able to give you. This is where loan calculators come in and help you get more comfortable and confident about what you are committing to. Loan calculators are extremely useful tools. They provide complete clarity in where you are headed and thereby immensely help in financial planning. SMFG Grihashakti offers a free loan against property eligibility calculator, which lets you find out how much loan you can take.

SMFG Grihashakti loan against property eligibility calculator

Monthly Income

Net monthly obligations

Market Value of property you wish to purchase / construct

Nature of Property

Occupancy status

Interest Rate

Loan Tenure

Your Results

Maximum loan amount You can get

EMI on Loan

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Disclaimer: Please note that these values are an estimate for demonstrative purposes only. Actual eligibility will depend on a number of factors, including SMFG Grihashakti policy at the time of loan application. Please contact us or apply now to know more

How to check eligibility for loan against property?

Here are the basic eligibility criteria for a LAP from SMFG Grihashakti

Age should be between 21 & 65 years
Both salaried and self employed can apply
Salaried: Minimum salary of INR 25,000 (residents of Mumbai and Delhi) or INR 20,000 (non-metro cities) with a work experience of at least 1 year
Self employed; Should meet the criteria for minimum yearly income
Minimum credit score of 700 with a good credit history

Please note that final eligibility will also depend on various other factors including our policy at the time of loan application.

How to use LAP Eligibility Calculator

Here is how you can use the SMFG Grihashakti LAP eligibility calculator to plan your loan better:

Enter the value of property.
Select whether it is a commercial property or residential.
Select whether the property is self occupied, rented or vacant
Mention your monthly income (net, after taxes).
Enter the total of your existing EMIs
Select interest rate and tenure.

You will be able to see the maximum loan amount you may be eligible for on the right hand side. The most useful part of the calculator is that you can vary the interest rate and tenure to improve your estimates. . Please note that your final eligibility will depend on many other factors, including your CIBIL score, creditworthiness, property assessment, nature of employment, repayment capacity, etc.

FAQ's

What is a loan against property eligibility calculator?

SMFG Grihashakti offers an easy-to-use online tool called loan against property eligibility calculator. LAP eligibility calculator allows you to estimate the maximum loan amount you may be able to get by pledging your property based on a few details. This increases the transparency in your overall loan understanding thereby leading to financial efficiency.

How does a loan against property calculator work?

LAP eligibility calculator works based on a formula, which factors your details like income, property, existing debt, and loan details. It shows your results onto your screen in no time.

What is loan eligibility?

Loan eligibility refers to whether or not an applicant will be considered by the lender, based on various criteria; as well as the maximum loan amount one may be able to borrow. . This differs from person to person. Your eligibility mainly depends on your CIBIL score, credit history, income, property details, availability of all documents, and current financial commitments.

Why should I use the loan against a property calculator?

SMFG Grihashakti loan against property calculator has many benefits such as:

Estimating the maximum amount you may be able to borrow before applying for a loan against property. Thus, if you need a higher amount, you can add a close family member with an excellent credit score and stable income as a co-applicant so as to boost your repayment capacity and thereby eligibility.
2. It can help you estimate the bare minimum amount of debts you need to settle so as to get the desired loan amount
It enables you to compare the offers between lenders

What are the documents required for LAP eligibility calculator?

Your documentation depends on whether you are applying as a salaried individual or a self-employed individual. As a salaried borrower and self-employed borrower, you need to submit proof of identity, proof of income, and proof of residence. You also need to note that a co-applicant is mandatory.

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.

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