Loan Against Property

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 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. You will 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 documents required for salaried and self-employed borrowers:

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 to 25 lakhs, INR 4,500 for a loan amount between INR 25 to 50 lakhs, and INR 6,000 for a loan amount above INR 50 lakhs.
• Documentation fees of INR 1,500 for loan amount less than INR 25 lakhs and INR 3,000 for loan amount more than INR 25 lakhs.
• 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. Affordable interest rates on loans against property make this form of property financing reasonable and preferable.

Eligibility criteria for Loans Against Property:

Eligibility for a loan against property is quite simple. You are eligible for a loan against property from SMFG Grihashakti as a salaried resident and as a self-employed resident. We have listed down the types of employers for both.

Current Loan Against Property Interest Rates from SMFG Grihashakti

At SMFG Grihashakti, our interest rates for loans against property are reasonably priced, depending on the eligibility and other applicable criteria of the borrower.

*Final offered rate will depend on the income level and property being offered as security

The table below is an example for your understanding

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.