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
|Loan Amount||Minimum Rs. 1 Lakh & Maximum Rs 25 lakhs|
|Tenor||Maximum 15 Years|
|Interest Rate||14%* onwards|
|Processing Fee||2%+ GST of the loan amount|
|Cheque Bounce Charges||Rs. 500 + GST per event|
|Statement Charges||Rs. 500 + GST (In case of hard copy is requested)|
|Late Payment Charges||2 % per month on the amount due|
|Document Retrieval Charges||Rs. 500 per document or Rs. 1000 for all documents + GST|
|List of Documents (LOD) / Foreclosure Letter Charges||LOD - Rs. 500 + GST Foreclosure Letter - Rs. 500 + GST|
|Incidental Charges for recovery of delayed payments||At Actuals|
|Cheque Handling Charges||Rs. 150 + GST per transaction (only for overdue collections)|
|Cash Handling Charges||Rs. 300 + GST per transaction (only for overdue collections)|
|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.|
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.