Micro LAP

Loan Against Property (LAP) is applicable to customers who wish to avail loan mortgaging their residential property. As the name suggests Micro LAP comes with a restricted loan amount and a short tenure.
Customers can utilize the loan for the purpose of business, children's education, or any other short term financial needs.
Get a loan up to Rs 7 lakh with a tenure of 7 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.

Loan Terms
Loan Amount	Maximum Rs 7 lakh.
Tenure	2 - 7 Years.
Interest Rate	19% Onwards
Processing Fee	2% - 3% (+GST) of the loan amount
Prepayment Charges	NIL
Loan to Value	60%. (Without OPE & Insurance)
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.
Delay Payment Charges	A maximum of 24% pa on the defaulted sum.
To read document retrieval and other charges, Click Here

Swipe Table

Client Selection & Approach For Gradation Of Risk

The decision to give a loan is assessed on a case-to-case basis, based on multiple parameters such as a borrower profile, borrower's repayment capacity, past repayment record, tenor of loan, occupation and stability of income, borrower's other financial commitments, product type, geography, property type, value of the property etc. Such information is collected based on a borrower’s input and field inspection by the company officials.
Calculators
FAQs
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.

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Rate / terms could be subject to change at management's discretion

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Customer Speak

Pooja Kumari
Raipur, Chattisgarh.

“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.

Shubham Bahetwar
Yavatmal, Maharashtra.

“I always lived in a kuccha house. SMHFC helped me in financing the construction of a pucca house on my own plot of land.Owing to the informal nature of my work,

Ravindra Kumar Sen
Arang, Chhattisgarh.

“I have always lived in a joint family setup with 20 family members residing in a very small and congested house. I could never avail a home loan as I stay in the remote town of Arang in Chhattisgarh.

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