Loan Against Property (LAP-Residential)
- Loan Against Property (LAP-Residential) is applicable to the customers, who wish to avail loan mortgaging their residential property.
- The loan can be utilised for the purpose of business, children's education, wedding or any other personal use.
- Get loan of upto Rs. 25 lakh with maximum tenure of 15 years.
Eligibility & Documentation
As applicable, 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 Maximum Rs. 25 lakh. Tenure Maximum 15 years. Interest Rate 14.5% onwards
Processing Fee 2% - 3% (+GST) of the loan amount Prepayment Charges NIL Loan to Value 60%. 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 tenure. 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)?
Rate / terms could be subject to change at management's discretion
Planning to take Loan Against Property?
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