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 credit needs to complement your dreams and desires. We’ve eliminated all hurdles between you and finance and have optimised 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 a easy criteria and require only basic paperwork to approve a loan.

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Eligibility Criteria For Loan Against Property

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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 Net monthly take-home salary should be Rs.25,000 Gross annual income should be a minimum of Rs.3 lakh Annual turnover should be a minimum of Rs.10 lakh
Experience / vintage 3 year of total experience and 1 year with current employer. Should be in the same business / profession for last 3 years Business stability / vintage of minimum 3 years in the same business.
Citizenship Individuals with Indian citizenship Individuals with Indian citizenship Proprietor / partners / directors with Indian citizenship
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Documents Required For A Loan Against Property

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Salaried Individuals Self-Employed Individuals Firm / Company
Identity Documents PAN Card, Aadhaar Card PAN Card, Aadhaar Card
  • Firm/Company PAN Card, GST Registration Certificate (If applicable) and Other Applicable Registration
  • KYC of Partners / Directors PAN Card and Aadhaar Card
Address Proof
  • Electricity bill for owned premises
  • Rent agreement for Rented premises
  • Passport
  • Electricity bill for owned premises
  • Rent agreement for Rented premises
  • Passport
  • 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 latest 2 years
  • Income Tax Returns along with computation for the latest 2 years
  • Profit/Loss statement and balance sheet for the latest 2 years
  • GST Returns
Bank Account Statement Salary credit bank account statement of latest 12 months Operative bank account statement for the latest 12 months Operative bank account statement for the latest 12 months
Property Documents If already finalised 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 mortgage loan?
Yes. All applicants must submit bank statements as part of the financial mortgage loan documents. 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.

How do I submit loan against property documents?
The paperwork needed to process the loan must be submitted during the application. If you apply at a branch, you will need to submit it then or you can upload it digitally when applying online.

Do firms and companies need to show income proof?
Yes. The income documents required for a LAP loan for a firm or company include ITR for the last 2 years, GST returns, P&L statement, and the balance sheet of the past 2 years.

Can I avail the Poonawalla Fincorp Loan Against Property as a senior citizen?
Yes. However, do note that the age criterion states that you are eligible for a loan only if you are 75 years of age at loan maturity. What’s more, 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
  • Maintain steady income
  • Have an excellent credit score
  • Ensure to have all the property-related paperwork in order

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