Check Eligibility Criteria for Loan Against Property & Paperwork Needed
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.
LAP Eligibility Criteria
| Description | Salaried Individuals | Self-Employed Individuals | Firm / Company |
| Eligible Borrowers | Salaried individuals working with LLP / Private Limited / Public Limited companies |
|
Partnership or Private Limited companies engaged in manufacturing, servicing, or trading |
| Age | Applicant must be a minimum of 21 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 |
| 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.
Documents Required For LAP
| Description | Salaried Individuals | Self-Employed Individuals | Firm / Company |
| Identity Documents | PAN Card/Aadhaar Card/Driving License/Voter ID/Passport | PAN Card/Aadhaar Card/Driving License/Voter ID/Passport | GST Registration Certificate (If applicable) and Other Applicable Registrations, KYC of Partners / PAN Card/Aadhaar Card/Driving Licence/Voter ID/Passport |
| 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 for Partner / Directors |
| Income Documents | 3-month salary slips |
|
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 6 months | Operative bank account statement for the last 12 months | Operative bank account statement for the last 12 months |
| Property Documents | If already finalised, along with legal & technical clearance of the property | ||
*The above-mentioned documents list is indicative, and additional documents may be required during loan processing.
Frequently Asked Questions
Yes. All applicants must submit bank statements as part of the financial documents proof. Salaried individuals must submit bank statements for the last 3 months, whereas self-employed individual 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.
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.
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.
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 LAP eligibility criteria as well.
There are a few reliable ways to improve your property 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
*Terms & Conditions Apply
