Is It Mandatory To Have A Co-Applicant For Availing LAP?
Yes. You can only apply for our Loan Against Property with a co-applicant. In case you are applying for a loan against joint property, the co-owner can be a co-applicant in your loan application.
Both applicants will have to fulfil the eligibility criteria to get a Loan Against Property from Poonawalla Fincorp. The eligibility criteria for Loan Against Property is mentioned below.
| Description | Salaried Individuals | Self-employed Individuals | Firm / Company |
| Eligible Borrowers | Salaries individuals that are employed with LLP Private Limited/ Public Limited companies |
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Partnership or Private Limited companies engaged in servicing, manufacturing, or trading. |
| Age | Borrowers must be a minimum of 18 years at the time of loan application and should be a maximum of 60 years old at the time of loan maturity | Borrowers must be a minimum of 18 years at the time of loan application and should be a maximum of 75 years old at the time of loan maturity | Proprietor/ key partner/ key director should be a minimum of 18 years of age at the time of loan application and 75 years old at the time of loan maturity |
| Income | Gross monthly income should be a minimum of ₹50,000 | Gross annual turnover should be a minimum of ₹3 Lakh | Gross annual turnover of a minimum of ₹10 Lakh |
| Experience / Vintage | 3 years of total experience and 6 months stable employment with the current employer | Should be in the same business/profession for the last 5 years | Business vintage of at least 5 years in the same business |
| Citizenship | Borrowers must have Indian citizenship | Borrowers must have Indian citizenship | Borrowers must have Indian citizenship |
