Loan Against Property Balance Transfer Made Easier with Poonawalla Fincorp!
Poonawalla Fincorp’s Loan Against Property Balance Transfer feature can be used to transfer the balance of a loan from your existing lender to us, without any hassle. Additionally, you get to enjoy benefits like favourable interest rates, flexible loan tenure, a higher loan to value ratio on the asset’s market value, and best-in-class customer service. Apply now!
How to Transfer Your Existing Loan Against Property Balance to Poonawalla Fincorp?
With Poonawalla Fincorp, you can calculate and transfer your existing Loan Against Property (LAP) balance by following the below-mentioned steps:
- Visit the ‘Loan Against Property’ page on our official website.
- Click on ‘Apply Now’ and fill out the form with the required personal, professional, financial, and property details.
- Upload and submit all the necessary documents with the application.
For further processing, a representative from Poonawalla Fincorp will get in touch with you. Once your application is assessed and verified, your Loan Against Property balance transfer from the existing lender to Poonawalla Fincorp will be completed within a short time.
Calculate Monthly EMI for LAP Balance Transfer
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EMI Amount = *
LAP Balance Transfer – Schedule of Charges
| Interest Rate | 9.5% p.a. onwards |
| Loan Amount | From ₹51 Lakh to ₹25 Crore |
| Loan Processing Fees | Up to 2% |
| Lowest EMI per month | 1044* per Lakh for 180 months |
| Maximum Tenure | 3-15 years (12 years for Industrial/Warehouse) |
| Foreclosure/Prepayment Charges |
|
| Default Charges | 24% per annum |
| Repayment Instrument Dishonour Charges | ₹500 per bounce plus applicable taxes |
| Stamp Duty | At actuals (as per state) |
| No Other Hidden Charges | |
Note: Default Charges: Penalty will be charged for non payment of EMI amount and for non-compliance of material terms and conditions, as more particularly specified at Default Charges.
Apply for a Property Mortgage Loan Balance Transfer in 4 Easy Steps
Apply
Online
Apply Online
Click on ‘Apply Now’ and enter your personal, financial, and employment details.
Enter
Property
Details
Enter Property Details
Enter your property ownership details.
Enter
Occupation
Details
Enter Occupation Details
Enter your occupation and employment details.
Verification
Verification
Submit the application for verification and assessment. For further processing, a representative from Poonawalla Fincorp will get in touch with you.
Features and Benefits of Loan Against Property Balance Transfer
By opting for a Loan Against Property Balance Transfer with Poonawalla Fincorp, you can enjoy several features and benefits like:
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Minimum Documentation
-
Quick and Easy Loan Processing
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Competitive Interest Rate
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Flexible Loan Tenure
-
Higher Loan Amount
- Minimum Documentation - We have minimal documentation requirements that expedite the process of your Loan Against Property balance transfer.
- Quick and Easy Loan Processing - Our online loan application process ensures a seamless loan processing experience.
- Competitive Interest Rate - Poonawalla Fincorp’s rate of interest for LAP is offered at better interest rates, making it easier for you to manage your repayment.
- Flexible Loan Tenure - Our Loan Against Property comes with a flexible repayment period of up to 180 months.
- Higher Loan Amount - Our Loan Against Property comes with a high loan amount, ranging from ₹51 Lakh to ₹25 Crore.
Eligibility Criteria for Loan Against Property 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 work experience and 6 months of experience with the current employer | Must have been 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 criteria are indicative. Additional details may be required during loan processing by Poonawalla Fincorp.
Documents Required
| Description | Salaried Individuals | Self-Employed Individuals | Firm/Company | |
| Identity Documents | PAN Card/Aadhaar Card/Driving Licence/Voter ID/Passport | PAN Card/Aadhaar Card/Driving Licence/Voter ID/Passport | GST (Goods & Services Tax) Registration Certificate (If applicable) and Other Applicable Registrations, KYC of Partners /PAN Card/Aadhaar Card/Driving Licence/Voter ID/Passport | |
| 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 | Salary slips from the last 3 months | Income Tax Returns along with computation from the last 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 from the last 12 months | Operative bank account statement from the last 12 months | Operative bank account statement from the last 12 months | |
| Property Documents | Required if already finalized along with legal & technical clearance of the property | |||
Frequently Asked Questions About LAP Balance Transfer
A balance transfer loan allows a borrower to transfer the existing loan from one lender to another lender.
Our interest rate for a Loan Against Property balance transfer starts from 9.5% p.a. There are numerous factors that influence your balance transfer interest rate, such as property type and credit score.
Yes, you can transfer property loans once you meet the minimum Loan Against Property eligibility criteria for balance transfer, which is mentioned on our website.
For a Loan Against Property Balance Transfer, you need to submit income proof, identity proof, address proof, bank account statement, and property details.
The minimum balance transfer amount that you can avail with Poonawalla Fincorp’s Loan against Property is ₹51 Lakh.
*Terms & Conditions Apply
