eligibility criteria and documents required for loan against property

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Loan Against Property: Eligibility & Documents Required

In a fast-paced world, access to easy credit is an obstacle you need to cross to complement your dreams and desires. We’ve eliminated all those hurdles for you and have optimized our loan processing protocols to offer you a quick and easy experience. Qualifying for the Poonawalla Fincorp Loan Against Property is easy as we have an easy eligibility criterion and require only basic paperwork to approve a loan.

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Eligibility Criteria For Loan Against Property

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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 must be a minimum of 18 years at the time of loan application and should be a maximum of 60 years at loan maturity Applicant must be a minimum of 18 years at the time of loan application and should be 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 should be 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 with the current employer Should be in the same business/profession 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 Proprietor/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.

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Documents Required for a Loan Against Property

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Description Salaried Individuals Self-Employed Individuals Firm / Company
Identity Documents KYC documents KYC documents GST Registration Certificate (If applicable) and Other Applicable Registrations, KYC of Partners / Directors PAN Card and Aadhaar Card
Address Proof The Electricity bill for owned premises, Rent agreement for Rented premises, Passport
  • The Electricity bill for owned premises, Rent agreement for Rented premises
  • Passport
The Electricity bill for owned premises, Rent agreement for Rented premises, Passport for 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

*The above-mentioned Loan Against Property documents list is indicative, and additional documents may be required during loan processing.

Are there any financial documents required for a Loan Against Property loan?

Yes. All applicants must submit bank statements as part of the financial documents proof for loan against property. Salaried individuals must submit bank statements for the last 3 months, whereas self-employed persons and firms/companies, must submit bank account statements for the last 6 months. An indicative list of documents that are required is provided above. Please contact Poonawalla Fincorp or visit the branch for further queries.

How do I submit a Loan Against Property documents?

The paperwork needed to process the loan must be submitted during the application. Apply with your basic details online and wait for a representative to contact you to proceed with your application.

Do firms and companies need to show income proof for getting a Loan Against Property?

Yes. The income documents required for a firm or company include ITR for the last 2 years, GST returns, P&L statement, and the balance sheet for the past 2 years. An indicative list of documents that are required to show income proof is provided above. Please contact Poonawalla Fincorp or visit the branch for further queries.

Can I avail the Poonawalla Fincorp Loan Against Property as a senior citizen?

Yes. The age criterion states that you are eligible for a loan only if you are 75 years of age at loan maturity under certain conditions. However, to be eligible, you must meet the other eligibility criteria for a Loan Against Property as well.

How can I improve my Loan Against Property eligibility?

There are a few reliable ways to improve your mortgage loan eligibility, and they are as follows:

  • Pledge a high-value collateral (property)
  • Maintain a steady revenue or income
  • Have an excellent credit score
  • Ensure to have all the property-related paperwork in order

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