Property LoanMake your dream come true.
Let your property be a shelter to your dreams. SHUMANGALAM NIDHI LTD’s Loan Against Property is a multi- purpose loan that can be used for your business or personal needs. Anyone who is the member OF SHUMANGALAM NIDHI LTD and owns Residential/Commercial property can apply for LAP.
✓ Loan against fully constructed, freehold residential and commercial properties.
✓ Purpose: For meeting personal needs like, acquiring asset, education needs, marriage, personal travel, etc against the mortgage of residential property/ plot acceptable to us.
✓ Min and Max Loan Size: Every Member can avail loan from Rs. 1,000 to a maximum of Rs. 7.5 Lakhs.
✓ Tenure: Loan tenure of upto 7 years
✓ Interest rates are levied on a daily reducing balance method.
✓ Lowest processing charges.
✓ Quick Processing with Easy and hassle-free documentation.
✓ Simple repayments through monthly instalments.
✓ No prepayment penalties. You can have surplus funds at any time thereby conveniently reducing your loan liability and interest burden.
Eligibility Criteria for Loan Against Property
1. Property Value
2. Repayment Capacity
6. Legal & Technical Clearance of Property Title
The above criteria are subject to change from time to time at the sole discretion OF SHUMANGALAM NIDHI LTD.
|Loan Slab||Interest Rates (% p.a.)|
|Residential Properties||10.50 to 15.50|
|Commercial Properties||14.50 to 19.50|
Terms and Conditions:
➢ Security of the loan is a first mortgage of property against which the loan is being advanced and / or any other collateral / interim security as may be required by SHUMANGALAM NIDHI LTD.
➢ Loan under LAP should be liquidated before eldest borrower attains the age of 60 years.
➢ For detailed information about SHUMANGALAM NIDHI LTD’s products and services kindly visit the nearest SHUMANGALAM NIDHI LTD branch.