Loan Against Property (LAP)
- Avail loan by mortgaging your residential property.
- Get loan of upto Rs 25 lakhs with maximum tenure of 15 years.
- Loans available fo the purpose of business, children's education, wedding or any other personal use.
Eligibity & Documentation
We at SMHFC understand that every customer has varied needs, sources of income and documentation availability. We provide tailor-made solutions based on customer requirements. The final eligibility of a customer is decided on a number of factors including, but not restricted to income stability, repayment capacity, past credit record, and positive verification.
Rate & Charges
Loan Terms Loan Amount Minimum Rs. 1 Lakh & Maximum Rs 25 lakhs. Higher amounts can be considered on exception basis. Tenor Maximum 15 Years. Interest Rate 14 p.a.onwards.
(SMHFC's PLR is 13%)
Processing Fee 2%+ GST of the loan amount. Prepayment Charges Nil. Loan to Value Maximum 50%. Security Equitable Mortgage (by deposit of title deeds) on the property being financed. A registered mortgage may be insisted upon wherever necessary. Repayment Through customer's electronic standing instruction (NACH) for all Equated Monthly Installments (EMIs). Other Conditions SMHFC will facilitate customers to take a mortgage redemption policy through SMHFC's tie up with HDFC Life. The exact insurance amount will depend on the age, loan amount & loan tenor. To read document retrieval and other charges, Click HereSwipe Table
What is a Loan Against Property (LAP)?
It is a loan which is taken by mortgaging your self owned residential property. You can use this loan for any of your personal or business use. Existing Loan Against Property (LAP) from other banks or financial institutions can also be transferred to SMHFC.
- What is a Loan Against Property (LAP)?
Planning to take Loan Against Property?
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“I am the only earning member of my family. I always dreamt of my home but never thought it would be possible owing to income constraints and lack of family support.Read more
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Ravindra Kumar Sen
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