About Poonawalla’s Loan Against Property Balance Transfer
Poonawalla Fincorp’s Loan Against Property Balance Transfer can be used by the borrower to balance transfer loan from the existing lender to another lender. With Poonawalla Fincorp’s Loan Against Property, you will get exciting benefits such as lower interest rates, higher loan amounts, longer and more flexible loan tenure, higher LTV (Loan to Value) on the market value of the asset, and best-in-class customer service and query resolution.
How to transfer your Loan Against Property to Poonawalla Fincorp?
With Poonawalla Fincorp you can calculate your Loan Against Property Balance Transfer by following the below-mentioned steps:
- Visit the “Loan Against Property Page on Poonawalla Fincorp’s official website.
- Click on “Apply Now”.
- Fill out the form with the required personal, professional, and financial details.
- Submit all the necessary documents.
- For further processing, a representative from Poonawalla Fincorp will get in touch with you.
- You will receive a loan sanction, after your assessment and verification.
- The loan amount will be credited to your bank account.
Calculate your monthly EMI for Property Balance Transfer
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EMI Amount = *
Property Balance Transfer – Schedule of Charges & Other Features
| Loan Against Property Interest Rates | 9% p.a onwards |
| Loan Amount | From ₹25 Lakhs to ₹10 Cr |
| Loan Processing Fees | Up to 1% Plus applicable taxes |
| Lowest EMI per month | Starting from ₹25,357* per 25 Lakhs for 15 years |
| Loan Tenure | 3 - 15 years |
| Prepayment/Foreclosure Charges | 0%* If paid from own sources. 4% of the outstanding loan amount plus taxes if paid from other sources |
| Late Payment Charges | 2% per month |
| Cheque Bounce Charges | ₹1000 per bounce plus applicable taxes |
| IMD Charges - Initial application fee | ₹10,000 - Non Refundable |
| Stamp Duty | At actuals (as per state) |
| No Other Hidden Charges | |
Apply Property Balance Transfer within 5 Minutes in 4 Easy Steps
Apply
Online
Apply Online
Click on Apply Now and enter your contact details along with loan amount, tenure and property type
Enter
residence
details
Enter residence details
Enter your DOB and residentce ownership details
Enter
occupation
details
Enter occupation details
Enter your occupation and employment details
Verification
Verification
Application will then proceed for verification and assessment
Features and Benefits for Balance Transfer
With Poonawalla Fincorp’s Loan Against Property Balance Transfer, you can enjoy the below-mentioned features and benefits:
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Minimum Documentation
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Quick and Easy Loan Processing
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Competitive Interest Rate
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Long Loan Tenure
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Higher Loan Amount
- Minimum Documentation - For a Loan Against Property from Poonawalla Fincorp, you do not need to stress about providing a heavy list of documentation. We have an easy and simple-to-understand process that helps you to submit all the documents online.
- Quick and Easy Loan Processing - With the online loan application process, you have the privilege of submitting all the documents online. This ensures a seamless experience for the customers and reduces the time to process a loan. Also, our expert representatives will assist you at every step to facilitate a quick and easy loan processing experience.
- Competitive Interest Rate - Poonawalla Fincorp’s Loan Against Property offers an affordable rate of interest for our loyal customers. We understand our customers want an affordable rate of interest to help you repay pocket-friendly EMIs (Equated Monthly Installments). You can leverage your property by availing of funds at a competitive rate of interest.
- Long Loan Tenure - Poonawalla Fincorp’s Loan Against Property loan tenure ranges from 3 to 15 years. Our long loan tenure provides customers with the freedom to repay the loan at their own convenience.
- Higher Loan Amount - For Loan Against Property, we offer loan amounts ranging between ₹25 Lakh to ₹10 Crore. You can use a higher loan amount to fulfil any of our needs.
Eligibility Criteria for Balance Transfer
| Description | Salaried Individuals | Self-Employed Individuals | Firm / Company |
| Eligible Borrowers | Salaried individuals working with LLP / Private Limited / Public Limited companies | Proprietor / Partner / Director Self-employed professionals like Chartered Accountants, Company Secretaries, and Doctors | Partnership or Private Limited companies engaged in manufacturing, servicing, or trading |
| Age | Applicant should be a minimum of 18 years at the time of loan application and a maximum of 60 years at loan maturity | Applicant should be a minimum of 18 years at the time of loan application and a maximum of 75 years at loan maturity | Proprietor / key partner / key director should be a minimum of 18 years at the time of loan application and a maximum of 75 years at loan maturity |
| Income | The gross monthly take-home salary should be at least ₹50,000 | Gross annual income should be a minimum of ₹3 Lakh | Annual turnover should be a minimum of ₹10 Lakh |
| Experience / Vintage | 3 years of total experience and 6 months of experience with the current employer | Must be in the same business/profession continuously for the last 5 years | Business stability/vintage of minimum 5 years in the same business |
| Citizenship | Individuals must have Indian citizenship | Individuals must have Indian citizenship | Proprietors/partners/directors must have Indian citizenship |
Note: The above-mentioned eligibility list is indicative. Additional eligibility criteria may be required during loan processing by Poonawalla Fincorp.
Documents Required for Balance Transfer
| Description | Salaried Individuals | Self-Employed Individuals | Firm / Company | |
| Identity Documents | KYC documents | KYC documents | GST (Goods & Services Tax) Registration Certificate (If applicable) and Other Applicable Registrations, KYC of Partners / Directors PAN Card and Aadhaar Card | |
| Address Proof | Electricity bill for owned premises, a Rent agreement for Rented premises, and a Passport | The Electricity bill for owned premises, a Rent agreement for Rented premises, and a Passport | The Electricity bill for owned premises, a Rent agreement for Rented premises, a Passport of the Partner / Directors | |
| Income Documents | 3-month salary slips | Income Tax Returns along with computation for the latest 2 years Profit/Loss statement and balance sheet for the last 2 years | Income Tax Returns along with computation for the last 2 years, Profit/Loss statement and balance sheet for the last 2 years, GST Returns | |
| Bank Account Statement | Salary credit bank account statement for the last 12 months | Operative bank account statement for the last 12 months | Operative bank account statement for the last 12 months | |
| Property Documents | If already finalized along with legal & technical clearance of the property | |||
Frequently Asked Questions for Balance Transfer Loan
A balance transfer loan allows a borrower to transfer the existing loan from one lender to another lender.
Our interest rate for balance transfer starts from 9% p.a. There are numerous factors that influence your balance transfer interest rate such as credit score.
Yes, you can transfer property loans once you meet the minimum eligibility criteria mentioned on our website.
For Loan Against Property Balance Transfer, you need to submit income proof, identity proof, address proof, bank account statement, and property proof.
The minimum balance transfer amount that you can avail with Poonawalla Fincorp’s Loan against Property balance is ₹ 25 Lakh.
*Terms & Conditions Apply
